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CU System
Jamaican finance minister lauds CUs for aiding small biz
KINGSTON, Jamaica (6/25/10)--Jamaica's Finance Minister praised credit unions for assisting small businesses with low interest rates and urged commercial banks to lower their rates to private sector investors, according to a report in a Jamaican newspaper. The comments by Finance Minister Audley Shaw were made during his keynote address as the 33rd Annual General Meeting and Awards Ceremony of the Hanover Cooperative CU Ltd. in Lucea, Hanover (Euclid Infotech---Banks and Financial Institutions News (June 22). He said he supports investment at lower interest rates and questioned why the country's interest rate on loans is as high as 20%-25%, when people all over the world are borrowing at 6% and 7%. He noted that "it cannot go [on] like that." Shaw added that he strongly believes in the credit union movement and what it offers to members, and lauded the Development Bank of Jamaica for its support for credit unions. The bank has been mandated to bring the credit union system under greater regulation while not stifling credit unions' initiative or enterprise, he said.
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