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Democratic Labour Party Manifesto 2003
Manifestos » DLP Manifesto 2003» Credit Unions
Credit Union Development « previous | next »

Credit Unions have grown to the point where their contribution to the social and economic fabric is significant. A DLP Government will therefore ensure by prudent and creative policy initiatives, that Credit Unions can further develop for the benefit of their members and the country as a whole.

These key initiatives include:

  • The Cooperatives Societies Act will be amended to ensure that it is relevant to Credit Unions in an era of globalisation. In particular, the existing regulatory framework for Credit Unions will be modernized and will focus not only on protecting the assets of Credit Unions but will be flexible enough to allow for input from Credit Unions in ensuring that Government policy does not obstruct the pace of their development

  • Criteria will be established to allow for Credit Unions to further diversify their investment portfolio to maximize the benefits to their members. In particular, a DLP Government will establish guidelines for overseas investment by Credit Unions.

  • A framework for Cooperative banking will be established as a means of creating a new avenue by which Credit Unions can enhance their financial product and service offerings thereby permitting further development of their resources for the benefit of the people of Barbados.

  • Tax Exemptions for Credit Unions will be increased from $3,000 to $10,000.

  • Credit Unions will be included as part of the Social Partnership. There are over 90,000 Credit Union members, representative of approximately 50% of the working population, it is imperative that issues affecting them be represented at a higher level and that their voices be heard at the decision making stage.

  • Credit Union principles will be introduced as a course of study at the Secondary School level.

Understanding the dynamics of the Credit Union as an indigenous financial institution is important for us as a people. The Credit Union movement offers an avenue for thrift among our young people and the discipline and the tenets upon which it rests need to be a central part of our teaching.

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Bajan Free Party (2018). Retrieved from https://www.facebook.com/Bajan-Free-Party-BFP-HonAlex-MitchellEl-1767331239973521/
Barbados Integrity Movement (2018). Retrieved from https://www.facebook.com/barbdaosintegritymovement/?ref=py_c
Barbados Labour Party. (2018). Retrieved from https://www.blp.org.bb/
Coalition of United Party. (2018) Retrieved from https://www.facebook.com/alexmitchell.el/
Democratic Labour Party. (2018). Retrieved from http://dlpbarbados.org/site/
Solutions Barbados. (2018). Retrieved from https://solutionsbarbados.com/
United Progressive Party. (2018). Retrieved from https://uppbarbados.org/
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