stabilisation cooperative society and the central finance co - operative society ). i would imagine that there is need for a strong institution capable of providing liquidity and investment support as well as training and various forms of technical assistance to individual credit unions. moreover, in order to help the credit unions compete on broadly similar terms as the banks, for instance, one may also need to give thought to a deposit insurance and a complaints mechanism for the credit unions, similar to the deposit insurance corporation and the financial services ombudsman scheme. these are just some preliminary thoughts which would need to be developed in greater detail and refined. i am aware that there is ongoing work to strengthen the present co - operatives act. this is important and the new provisions should be complementary and not overlap with any new credit union legislation. to provide credibility to this regulatory approach there would need to be a process of intense dialogue between all the stakeholders – the ministries of finance and labour and co - operatives ; the credit union movement ; the credit union co - operative league ; and the central bank. the role of the ministry of labour vis - a - vis the credit unions in particular and the co - operative movement in general will need to be clearly defined. it is my view that the ministry could still have an important developmental role. there would also need to be a role for the credit union league in helping to prepare its membership for the new regulatory environment. i hope that these ideas contribute something to the ongoing debate about how to preserve the ideals of the credit union movement, help the movement adapt to and thrive in the rapidly changing financial environment, whilst we administer effective supervision to maintain a strong and robust financial system. i also want to underscore, contrary to the views that have been expressed in the media, the central bank recognizes the important contribution that credit unions have made to our society. the central bank also expects the credit union movement to continue to play a critical role in our diversified financial sector. we feel strongly, however, that to achieve this, more robust regulation and supervision are urgently needed. let me end by again thanking the eastern credit union for inviting me. i trust that with your commitment and team spirit you will continue to lead the way to positive change.

and a resource base of about $ 600 million. in terms of assets, eastern ranks as the third largest financial cooperative in trinidad and tobago. but your influence in the cooperative credit union movement has been greater than could be measured by your financials, as impressive as these are. eastern ’ s main contribution has been as an innovator ; stretching the boundaries of the cooperative movement, in an effort to better serve its membership. eastern was the first to move away from the traditional model of share savings and consumer credit to provide a range of product offerings more associated with commercial banks. eastern ’ s innovative loan programmes have helped its members construct homes, create and sustain small businesses, purchase land, and pay for advanced level education. among credit unions, eastern has been a pioneer in the introduction of certificates of deposits, loan protection and life savings programmes, and an atm service. reading through the pages of your various annual reports, i was struck not so much by how many of your members you helped to build homes, to buy cars, to start small businesses ( and i am not saying that these are not important achievements ). what struck me more, as i could read between the lines, was a certain passion for the fundamental principles of pooling, co - operation and mutual support. i could see this passion and pride in the many references to la joya, this jewel of a facility that so aptly represents your trail - blazing success. i could see this passion for community and mutual support in your education awards ; the credit union management courses ; the efforts to get youth involved in the movement ; and to get members to assist in reducing loan delinquency. i could see the passion for the co - operative spirit in your alliances with other credit unions to pursue joint activities, and in your strategic partnerships with credit unions in barbados, jamaica and grenada. that you could be true to your cooperative ideals even while you expand your range of financial services ; strengthen your business infrastructure to better compete with the rest of the financial sector ; all this, while striving to adhere to acceptable prudential and governance standards ; that you can accomplish all these things simultaneously, speaks volumes for the commitment of your management and staff, your current board of directors and indeed the entire leadership and membership that built this institution over the last thirty years. i am sure that there are a few other credit unions which have evolved in ways broadly similar to eastern and which can boast of their own successes. and i congratulate them