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Contact: Claudia Monlouis

Thursday, April 10, 2003 - The Saint Lucia Civil Service Corporative Credit Union (CSA) has received the distinction of being the premiere credit union on the island. Honourable Velon John, Minister for Labour Relations, the Public Service and Cooperatives started the debate on the 2003-2004 Budget on Thursday, saying that despite perilous times, credit unions have remained successful.

“As Credit Unions continue to face demands for mortgages and business loans, many have increased their portfolio by introducing new financial products in order to mobilise additional funds for on lending to members. In this regard, special mention must be made of the five leading cooperatives under these different categories: savings, loans, capital, total assets and membership,” said Minister John.

According to Mr. John, “With a membership of approximately 6, 800 strong, the CSA topped all main categories including savings. “Savings $ 49,382,000, loans $50,952,000, capital 6, 075,000 – total assets $70,714,000 ($70.7 million). In an effort to assist members with their financial problems, a number of changes to their loan policy was approved and effectuated in very recent times.”

The top five credit unions, as stated by Minister John are the Saint Lucia Civil Service Corporative Credit Union, the Laborie Corporative Credit Union, the Saint Lucia Teachers’ Corporative Credit Union, the Choiseul Corporative Credit Union, and the Royal Police Corporative Credit Union.

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