Letitia Telesford, President of the Central Finance Facility (CFF) is urging credit unions to work together for the benefit of the wider membership.
She emphasised that credit unions are about their members first and must commit to supporting affected members despite the assumption of increased costs, risks, workloads and responsibilities by so doing.
The CFF, the financial and developmental institution of the local cooperative movement, recently met via Zoom online meeting with 50 credit union leaders.
In a statement the CFF said the meeting was called to appraise members of CFF’s ongoing discussions with a Government Ministerial Team, the Association of Cooperative Credit Union Presidents of Trinidad and Tobago, and the Cooperative Credit Union League.
It was focussed on establishing a partnership arrangement with Government centred on alleviating the COVID-19’s negative impact on Credit Union members, staff and the vulnerable members of society.
Telesford described the $100 million Government’s Liquidity Support Fund as a further enabler to what the movement must do.
The CFF also addressed questions and concerns from credit union delegates about a draft Memorandum of Understanding (MOU) between Government and CFF and another between the CFF and its members. Arising from the discussions was the credit unions’ willingness to provide the support necessary to get their members through this very difficult time, via:
• Liquidity Support Loan facility to assist temporarily laid off members • Business Support Loans to members that assures adequate liquidity to mitigate employee layoffs and ensure the continuity of business operations during this period
Telesford also called on members to stand ready to take actions that would ensure the safety and security of their members’ lives.