By: Karen ‘Lioness’ Allen
Freelance Journalist
With thousands of dollars of vested interest in CLICO’s financial crisis and in lieu of the lack of response from Montserrat’s St. Patrick’s Credit Union, the Caribbean Conference of Credit Unions (CCCU) stepped up and provided advice to concerned investors.
An advisory released by the CCCU advises its cooperatives to be “cautious but decisive in implementing ‘common sense’ practices….”
Chief Executive Officer (Ag) of the CCCU, Mr. Peter Etienne, said, in the advisory, “What we had dreaded during the last four months was brought to reality…, where by the US (world) financial crisis was beginning to have a ripple effect upon our Caribbean financial system.”
According to the advisory, since the financial meltdown and fall out commenced in the United States, calls have been made.
After admitting that many credit unions have invested either directly or indirectly with CLICO and its associated conglomerate, it made 11 suggestions.
Some of those suggestions included, “…Expose and punish fraud and dishonesty, and reduce risk exposure to holding worthless mortgage an investment paper.”
As stated by the CCCU’s advisory, “It stands in solidarity with its affiliated brothers and sisters who in one way or another would be affected by this turmoil.”
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