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CU System
Trinidad and Tobago CUs urge government to change rescue plan
PORT-OF-SPAIN, Trinidad and Tobago (9/17/10)--The Cooperative Credit Union League--the umbrella organization for credit unions in the Caribbean country of Trinidad and Tobago--is urging the government to change its financial rescue plan for Colonial Life Insurance Company (CLICO) so it won’t harm credit unions. Budget measures that will pay small CLICO depositors $75,000 each and provide larger depositors government IOUs over a 20-year period at 0% interest could “mash up” the credit union sector and adversely affect members, the league told Prime Minister Kamla Persad-Bissessar (Trinidad Express Sept. 15). CLICO, one of the largest companies in the country, collapsed and is being rescued by the government, the newspaper said. Also, Lincoln Beckles, president of the Association of Co-operative Credit Union Presidents of Trinidad and Tobago, sent a statement Tuesday to Persad-Bissessar, asking her to establish an oversight committee for CLICO investors and managers, the newspaper said. The committee would monitor CLICO’s daily operations and develop a plan for the 20-year repayment measure in the national budget.


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