The Board of Directors of the River Sallee Co-operative Credit Union finds it quite unfortunate and regrettable that during a period when our credit union faces extreme challenges and we as management are being called upon by our regulators, members and other stakeholders to use our best efforts to safeguard members funds, the union would engage in such drastic actions and attempt to paint an improper picture of the Board of Directors.
The situation currently facing our credit union is well known by our members and our staff who are well informed and have been part of the process of assisting with addressing those said challenges.
For the benefit of the general public and all our stakeholders, the Covid-19 pandemic compounded a number of management and governance issues faced by the credit union in recent times that significantly affected our financial performance and position but throughout this period we have kept all our staff employed, afforded them salary increases and other benefits including bonuses over the past two years, while we operated at a loss and from a negative capital position.
Further, it must be noted that while these benefits were afforded when we may have appeared to be in a much better position, there was never a signed agreement and neither could we pay our members a dividend.
While this Board has seen sight of a draft MOA, it must be noted that we have seen no evidence of any previous due process or approval to finalize an agreement.
Having identified this and other issues re a collective bargaining agreement for our staff, we have advised the union of the current regulatory restrictions that will prohibit us from engaging in any contractual arrangement at this time that can possibly place our members’ deposits at further risk.
Moreover, the regulator has commissioned an independent assessment of the credit union which is likely to determine our management’s direction going forward, which we have communicated to the union.
In fact, having communicated this position to the union, we have indicated that at the conclusion of the Regulator’s assessment the Board would be in a better position to determine the way forward.
Thankfully, with the support of other credit unions, national league and guidance from our regulators we have begun to turn the corner.
In the interim, our Sauteurs Office will remain closed indefinitely, while limited services will continue at our River Sallee Branch.
THE BOARD OF DIRECTORS & MANAGEMENT COMMITTEE MEMBERS APOLOGIZE TO OUR MEMBERS FOR THE INCONVENIENCES BEING EXPERIENCED.