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Changes rumored for Trinidad and Tobago

PORT OF SPAIN, Trinidad and Tobago - This country is two islands each with its own character. They are a paradise for tourists. However, for the credit union industry there, rumors are flying that their governing agency may change, according to Penelope A. Beckles, President of Eastern Credit Union Co-operative...

By Staff Writer | Updated on September 25, 2001

PORT OF SPAIN, Trinidad and Tobago – This country is two islands each with its own character. They are a paradise for tourists. However, for the credit union industry there, rumors are flying that their governing agency may change, according to Penelope A. Beckles, President of Eastern Credit Union Co-operative Society, the largest in the country. Parliament, which is set up like the English Parliament, is considering moving credit unions out from under the Minister of Co-operatives to the Minister of Finance who overseas all corporations. If this happens credit unions could be taxed. Out of a population of 1.2 million people, about 300,000 belong to 90 credit unions. Many are industry or trade union based. Oil, sugar cane are two of the major industries. The population has descended from indentured servants and are of African, East Indian roots. The multi-society mixes easily. Beckles herself is an attorney and a Member of Parliament. The credit unions are talking about how to mount an offensive against any action by Parliament that would have adverse effects on their operations.

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