Com­mis­sion­er of Co­op­er­a­tives Karyl Adams is look­ing in­to de­vel­op­ments at the First Na­tion­al Cred­it Union (FN­CU) fol­low­ing it evic­tion from its Point Fortin of­fice and com­plaints from share­hold­ers about its fail­ure to re­pay out­stand­ing monies. Gen­er­al Man­ag­er May­on Mur­ray said Adams is work­ing close­ly with the cred­it union which is draw­ing up a sched­ule for pay­ments to share­hold­ers.

Mur­ray said FN­CU ex­pe­ri­enced two un­sta­ble pe­ri­ods when there was high de­mand for re­pay­ment of shares. "The cred­it union had two runs–one in 2005 and the oth­er in 2008. In one in­stance it was caused by a levy with Ven­ture Cred­it Union Co­op­er­a­tive So­ci­ety Lim­it­ed. In 2005 there was a se­ries of ar­ti­cles in a news­pa­per which led to an­oth­er run," he said.

Mur­ray ex­plained that the cred­it union had a le­gal is­sue with Hous­ing De­vel­op­ment Cor­po­ra­tion dat­ing back to 2010, FN­CU made an un­suc­cess­ful bid to re­cov­er $9,588,411.96 plus in­ter­est from that agency and Doc's Home Ltd. He said de­tails of the trans­ac­tion can­not be pub­lished as the mat­ter is cur­rent­ly be­fore the Court of Ap­peal. He al­so said dis­cus­sions are on­go­ing with the land­lord at Techi­er Main Road with an aim of re­gain­ing ten­an­cy.

Mur­ray re­fused to say why FN­CU was evict­ed from the build­ing "We are hold­ing dis­cus­sions to get back the build­ing but if that fails we have an op­tion of go­ing to an­oth­er place," he said.