Reliance ready to serve

What was formerly the Barbados Media Cooperative Credit United Limited now has a new name and a new location.

However, president Gregory Browne has promised that the same principles and caring intent the movement was born out of was here to stay.

He was speaking as the Reliance Cooperative Credit Union Limited held its recent New Location & Renaming Ceremony at the Harold Hoyte & Fred Gollop Media Complex, Fontabelle, St Michael.

“We must hold true to our values of what defines us as cooperatives …. We must think of our members first, since the credit union belongs to the members. Unlike other institutions that may pull-out of this country when margins decline due to some foreign decision, we are here to stay. We are owned by our members, our decisions are based on our membership and their votes and we have a national responsibility, since this is our home, to stay here….,” he said.

Reliance’s Gregory Browne (left) and COB’s Adlai Stevenson at the signing of the MOU.

The occasion also saw the historic signing of a Memorandum of Understanding between Reliance and The City of Bridgetown Credit Union. The MOU outlines the conditions of a joint venture which will see Reliance offering more then $250 000 for mortgages.

“We have set out to respond to the external factors that are not of our making by venturing into other new and bold initiatives. Armed with the knowledge that our $250,000 cap on loans could not cover all types of mortgages, treasurer Roland Wilson sought a way to help members needing additional funds for mortgages,” Browne said.

He continued: “Consequently, a partnership with City of Bridgetown Co-operative Credit Union (COB) was brokered to assist those members. COB will supply liquidity above the threshold that would result from limitations placed on Reliance by the Financial Services Commission (FSC) regulations….”

In his feature address, Minister in the Ministry of Finance Ryan Straughn lauded the initiative and encouraged credit unions to share resources.

“We have a strong vibrant credit union movement that is capable of providing financial benefits for the people of Barbados. It is not going to be an easy task. It means changing the way we are doing things today in order to ensure we leapfrog to come up to scratch tomorrow…

“The more of this you do it means that the risk is spread much thinner. It means that from the perspective of the regulator they can see a collaborative approach with respect to the risk-based initiatives that credit unions are actively taking to protect their members. These kinds of collaborations will be critical to allowing credit unions to share resources but also to enhance the liquidity.”

The Minister added: “This is the kind of framework that I am happy to associate myself, because this is precisely what we need to be able to structure deals to support our small, medium enterprises in Barbados, deals that will allow for individual credit union members to benefit financially with the enhanced provision of financial services. I believe this sets the standard for how you can compete in an aggressive business environment and do so in a manner that is consistent with your values.”

Reliance Co-operative Credit Union Limited has 662 members and assets of just over $13 million.