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Special Meeting Called By Concerned Group of Barbados Public Workers Cooperative Credit Union Ltd

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Dear  BPWCCUL (Barbados Public Workers’ Co-operative Credit Union) Limited members, some of you have expressed concern with the actions taken by the Board to acquire Capita, the apparent reluctance by the Board to be forthright with information regarding CAPITA’s operations and the manner in which decisions relating to Capita are being made.

It is possible that everything done by the Board is legitimate and that CAPITA is a good investment. However, it is not sensible for the members to blindly allow the Board to oversee almost $1 billion, without being fully transparent in and accountable for its actions.

It is suggested that the members demand a special general meeting to consider all matters relating to Capita, including its acquisition, operations and future direction. After considering all of the matters, the members can then make a decision to accept the Board’s actions regarding CAPITA or remove the Board and elect a new Board to execute the members’ wishes regarding CAPITA.

If you are in support of convening such a meeting, please print the attached Demand and have it signed by as many members as possible. You can periodically report here on the number of signatures collected. When fifty signatures have been secured, the members in possession of the signed forms can arrange to meet, copy and deliver the signed forms. If you sign the attached Demand, you need to be prepared for the possibility that the Board may resign. You should therefore give some thought to suitable replacements to lead BPWCCUL before the meeting is convened. If fifty signatures are not secured, you should consider this matter closed.

Please distribute the attached flyer to assist in disseminating this message to members of BPWCCUL.

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107 responses to “Special Meeting Called By Concerned Group of Barbados Public Workers Cooperative Credit Union Ltd”

  1. Rambling Rose Avatar
    Rambling Rose

    I t means that black people AINT to get money unless they tief

    500, 000 gone from the Treasury.

    Where is that money ???

  2. A. Freeman Avatar
    A. Freeman

    David | June 25, 2011 at 4:42 PM |
    A loss is allocated, in the same manner that income is allocated, to the then current members.

  3. just only asking Avatar
    just only asking

    @Rambling Rose

    More than that is misappropiated in your Union through devious means, so this is why you should pay interest in the debate and dont come with diatrite.

    Look at the fincial statement and see how much money was spent on advertising these are the things you should concern yourself with.

  4. Christopher Halsall Avatar
    Christopher Halsall

    @A. Freeman… Further to your above to David…

    And then the interest paid to savings accounts is lessoned, and the interest exacted for borrowing is increased, so the “non-profit” cooperative can come back to zero year-on-year.

    Just as an aside, can anyone tell us all what is the current “prime lending rate” is here in Barbados?

    Can anyone tell us what the interest rate credit union members enjoy for their savings? Bank clients?

    Can anyone tell us what the interest rate credit union members pay for their loans? Bank clients?

    A bonus question: what is the current rate of inflation here in Bim?

  5. Christopher Halsall Avatar
    Christopher Halsall

    @A. Freeman: “…the BPWCCUL had in excess of $48 million held as reserves last year – this is the number that I am getting at. Though withheld for capital purposes, to support the business, this amount should have been allocated, though withheld, over time, to ensure equitable distribution.

    Exactly.

    Short of retaining earnings to cover a couple of years of bad debts (which should not happen except in extreme circumstances) and required infrastructure maintenance for the credit union itself, all earnings should be returned to the members.

    A credit union is not a bank. It should not invest in (or prepare to invest in) anything not directly related to its members short term interests without its members approval to do so….

  6. Rambling Rose Avatar
    Rambling Rose

    Well I dont know how much is misappropriated but anytime I turn up at the credit union , I waqnt my money I dont want any foolishness , I will be very concerned.

    I cant be bothered with such things as you say . There are people who will fight on my behalf. I will fight other things , things that I know about but leave this one to the experts. If they want me to fight , I can go down in the trenches for them when they are ready but I will follow because I cant lead on this one, I know my place.–Just Rambling on

  7. just only asking Avatar
    just only asking

    @Rambling Rose

    Since you are willing to listen to those who can lead, then you have an obligation to support them by attending the meeting.

  8. Bush Tea Avatar
    Bush Tea

    @ Chris
    A credit union is not a bank. It should not invest in (or prepare to invest in) anything OUTSIDE OF ITS CORE BUSINESS without its members approval to do so….
    *********************************
    ..”anything not directly related to its members short term interests” is too much a matter of opinion.

    @ Freeman
    Your logic is wholly understandable and in the Bushman’s humble opinion very much in keeping with Co-operative principles.
    There is really no good reason why retained earnings cannot be held as member’s assets. In fact this is very much a policy decision. Boards prefer the flexibility of holding such reserves as retained earnings – often in the form of bank deposits – since these allow them the luxury of playing big businessmen by buying buildings, investing in businesses etc.
    Your position can be easily achieved if the credit union is forced to pay dividends when surpluses are realized and to definitely pay patronage refunds to members who would -by definition, have been overcharged interest paid during the period (to have realized the surplus of income over expenses).
    Some of these dividends can be paid into special reserve members shares.

    A block of these special members’ shares can then be held as the credit union’s special reserve to provide the needed stability in case of difficulty. Even if a member leaves, their special reserve shares can be held for a specific period to ensure that any liabilities are cleared, and then that member can be paid out.

    Are you aware that you can develop this as a proposed policy for your credit union – explain it to members and move it as a resolution at the next general meeting…. it would definitely get the bushman’s vote….

    Once that vote carries, this becomes the policy of the credit union. You have the power and the right.

  9. just only asking Avatar
    just only asking

    @Bush Tea

    I with you, it can be presented as a Speial General Meeting as well. Are you aware, that the more there is wasteful expenditure the less for the reserves.

  10. balance Avatar
    balance

    what democracy are you talking about just ony askin. is besmirching the character of persons on this forum democracy?

  11. David Avatar
    David

    @balance

    Why don’t you get specific. If Clico policyholders were willing to call people to account over their stewardship maybe the financial debacle now being experience might have been averted.

  12. Bush Tea Avatar
    Bush Tea

    LOL @ David

    There are a set of persons who somehow seem to think that they have a RIGHT, once elected in a Credit Union (or Government), to do as they wish with the people’s money and to be above questioning.

    ANYONE who allows themselves to be selected for such positions of SERVICE- and are not prepared to be open and transparent -are liabilities.

    ‘Just only Asking’ is a model of a good credit union member and citizen

  13. just only asking Avatar
    just only asking

    @Bush Tea

    Thank you for reposing confidence in me, I have no ill will to anyone on this site, but will respond agressively when i have to if appears that anyone wants to insult my intelligence.

    As I said before, i wish the meeting could have been called earlier, but a man has to do what a man has to do, The only time i dont attend meetins is if i am out of the island. For 34 years i have contributed to the growth of my credit union. I have joined up every family members and all my friends and even workkmates and never looked for anything in reiurn, unlike people like BALNCE WHO IS IN IT FOR THE RIDE.

    I have someone who will be entering the workforce from next month, but with the concerns that i have, i cant at this time advise her to join the credit union.

    BY the way MR/MS/MRS Balance i am more than twice an elite member you think carefully if you underdtand deductive reasoning. Thus, I have a lot to lose, while people like you, balance who i consider an opportunist and aprasite, has a lot to gain at our expense.

  14. just only asking Avatar
    just only asking

    @david

    I want to respond to the article by Dr. Chase, Can you create thread with it, I am sure that blogger like me would like to critcally analyse it.

  15. balance Avatar
    balance

    i totally agree that persons holding positions of trust must be held accountable for their actions and i am sure that within the the credit union, there is a forum for dissenting views not character assassination. congratulations to just only askin on his unselfish contribution to thecredit union. i am sure a person of his great intellect would be quite famaliar with the admonition to the pharisees- “he humbleth himself would be exalted and he who exalteth himself would be abased.

  16. David Avatar
    David

    Another troubling point about the CMFC now CAPITA acquisition is this:

    When CMFC was owned by the insurance company (CLICO) there was the opportunity to feed the mortgage company business. It was a good fit.

    In the case of CAPITA unless it intends to compete with BPW credit union it will have to enter the open market and compete in a tough market for business.

    Was a business plan for CAPITA presented to the members? One would think of BPW owns 100% of CAPITA the members deserve a say or do they?

  17. just only asking Avatar
    just only asking

    @balance

    i am not good at understanding bibical quotations so if you make it easier for me to undersand i woud be happy.

  18. just only asking Avatar
    just only asking

    @David

    I have given serious thought to your blog above. Where will capita gets its new client from? Will it now be competing with its owner for business. Do people now need to join the crdit union, since they can go to capita and get a competitive rate in light of the morgage market and would the credit union has to repond to the marketing challenge?.

    Can Balance answer the above questions?

    The more reason why i fear for the direction of my union and my money.

  19. Alien Avatar
    Alien

    Just only asking, you do not really seem to fear the direction of your union and your money. From what you wrote earlier, you personally know almost fifty members – what are you waiting for?

  20. just only asking Avatar
    just only asking

    @ALien

    you are a barbadain and not from another planet. A lot of people like you would have difficulty in sign in a petititon, you cant force anyone to sign anything. i can invite them if they have a concern.

    Try another one, that did not stick it bounced off and back to you.

    as I have said before, i started risk reduction and in september after interest is paid i will break the premire plan, do u havae a problem with me mitigating my risk.

    I MAKE decisions in my best interest and what about you?

  21. Alien Avatar
    Alien

    Just only asking, I did not mean to offend you – your earlier comments did imply that you knew several members.

  22. me Avatar
    me

    i too will sign and 3 others from my work place

  23. balance Avatar
    balance

    looking forward with bated breath to the successful cdonclusion of the petition which i intend to sign because i support discussion of credit union issues under the procedures provided within the credit union since washing dirty linen in public never solves problems but rather exacerbates the problems by turning off well intentioned members.

  24. just only asking Avatar
    just only asking

    @Balance

    R u sure you are interested in such? I get the disticnt impression you are not. Hope I am wrong. If the people in America had washed their dirty linen in publi, perhaps there would not have been so much sufferings today. Similarly clico plicyowners, I will never forget how Hilary Beckles forced the Mutual to transform/reform.

    At David, the concerned persons need to say where the signed petition can be dropped off. I have started asking people to sign, I will gurantee at least five signatures pro temp.

  25. David Avatar
    David

    At David, the concerned persons need to say where the signed petition can be dropped off. I have started asking people to sign, I will gurantee at least five signatures pro temp.

    A suggestion from BU is to walk with your signups to the meeting.

  26. just only asking Avatar
    just only asking

    @David

    As I said before. i might be out of the country. if the meeting comes off on the specifed date, in the next week of two I shall defintely know. I have a suggestion. I can leave mine with the receptinonist at NUPW in an envelope addressed concerend credit union members and some one form the group can collect it there, does that make sense?

  27. Doctor Avatar
    Doctor

    My wife and I will sign.

  28. Just Only Asking Avatar
    Just Only Asking

    @David

    I got 18 signatures, including mine. My target is now 25 instead of five.

  29. David Avatar
    David

    @just only asking

    Good for you, if you will not be at the meeting you should send a rep.

  30. just only asking Avatar
    just only asking

    To All

    I have in hand a sheet with 28 names and 28 signatures, will now aim for 35 and thats my quota and contribution to this effort. a lot of people seem to following the discussion on BU.

  31. just only asking Avatar
    just only asking

    Please note that my original target was 5, then 25, but i will stick at 35 and i expect others to contribute. Please ask persons to make their names legible so that there can no confusion and ensure that they sign, because I know the signatures will be compared against what is on records, If pepole remember their book number that will be helpful, although no body today could remember their book number..

  32. just only asking Avatar
    just only asking

    Gentlemen and Ladies

    I think you should be updating us on what progress is baing made in solicting signature for the special meeting. I have my signatures in hand and dont want my efforts to be in vain

    so please speak to the issue..

  33. David Avatar
    David

    Agree that those who have expressed concern need to become more active in the dialogue. BU will promote the meeting a little more aggressively next week appreciating that Bajans are last minute people.

    Has anyone seen the advertising which CAPITA has lauched?

    Remember the Treasurer Paul Maxwell told the AGM a couple weeks ago that commercial banks are swimming in money.

    Why then does CAPITA have to advertise at 3.75% up to 4.25% to attract time deposits?

    We need to keep watching this situation.

  34. just only asking Avatar
    just only asking

    Well Gentlemen and ladies

    I am now sure that i will not be able to attend the meeting, but i have my signattures and i will need to know where to deposit them, as i said before we need to inform one another how things are going with the signature drive.

  35. balance Avatar
    balance

    i am sure just only askin bevcause i have interests in the credit union too and my beef has been with the credit union’s expansionary measures at the expense of the immediate needs of the membership. i was very much concerned about the purchase of clico mortgage witout the consultation of membership. i sent a mail to brasstacks seehing discussion but mr marshall never read it presumably knowing his role in the matter as chairman or prospective chairman of the national insurance board.

  36. just only asking Avatar
    just only asking

    @David

    I am watching closely. I have been informed that the credit Union is no longer offering the Premiere Account in which I have most of my money, where in the last two years of the plan the interest is greater than the first two or three years. I would have to check my contract document.

    If the credit union is only giving you 2,25 or 2.5% on savings why would people continue making deposits with them. As I said, i stopped my savings element with it. I can as well put it on the baank and get the same rate, since i will not beefit any rebate of intetest or any dividends declared.

    Is the bank now competing with the credit union for depostis and is that why it has stopped accepting deposits at the union? It is even becoming clearer that it shold not have expanded into the banking market to compete with its owner in the same market. What foresght do we have? Lord have mercy, Caswell I dont always like to agree with you, but you like you can see into the future. It means that a marketing war will ensue among the banks and can this new player withstand the stretgies those esetblished bansk will embark on. Where is it going to get the money from to spend on its marketing strategy? would it then hide the amount it spend in a consolidated balance sheet?

    Can Capita mortgage portfolio sustain its viability through these recessioany times, does it have the ability to offer lower mortgate rate than the established instituitions to attract new customers and will the customers it attract at the expense of the Union, and if so what are the consequences for the union? can anyone tell me what % of the mortgate market the union had, bfefore the introduction of capita.

  37. just only asking Avatar
    just only asking

    Gentlemen and Ladies

    I have got the signatureasfrom Customs in Warrens no need to solicit signatures from there or officers in the Frank Watlcott Building(NIS) this information is to avoid duplication of signatures. I have 48 and will definitely be out of the country. I need to know who to hand them to.

  38. David Avatar
    David

    @just only asking

    Are you guys serious?

  39. jack spratt Avatar
    jack spratt

    Everyone else has gone, JOA. You are alone on the burning deck. David’s question deserves an answer…

  40. just only asking Avatar
    just only asking

    I have my signatures, and if i do not hear fram anyone else, the day before i leave they will be submitted to the union requesting a meetig, that will tell me if they are serious or not. I will have to get a few more than 50.

    Remember, i am not part of the concerned group as i dont know who the members are, i am assisting in the drive as i have a heavy interest to proteect.

  41. balance Avatar
    balance

    joa where can i sign

  42. David Avatar
    David

    Looks like this plan to meet is still born.

  43. just only asking Avatar
    just only asking

    @David

    That plan to meet might be still born, but I have my signature (48), did not get a chance to get the other 2, but when i reurn if no petition is presneted in my absence, i will get the other signatures and presnt the request.

  44. jack spratt Avatar
    jack spratt

    jack spratt | June 24, 2011 at 5:43 AM |
    I am watching this development with interest. My feeling? Bare pappyshow and ole talk!

    I told you so!

  45. me Avatar
    me

    mine would not print. it gave a message about the website, i will try again, but i trust that with Just Only Asking’s 48, then only 2 more would be needed, so i expect to see that the meeting will still take place.

  46. David Avatar
    David

    Very interesting to note both CAPITA and Public Workers Credit Union needing to advertise at this time for deposits when the market is said to be liquid by Governor of the Central Bank in his last review of the economy.

  47. anthony Avatar
    anthony

    well it understanding for capita as they are new buisness and need some more capital to have growth in mortgages their bread and butter. bpwcu on hand well who know maybe they want bigger piece of the pie than they already have. as there is no separation of account i really can’t distinguish between the long deposit held by bpwcu and capita. the prime share and call deposit where generally flat. the main increase came form term deposits as they have in past. a growth of 53 million compare to a growth of 34 million the year before. the bank efficeny rate has gone down 10 points but i guess that mainly due to the increase bad debt.

  48. David Avatar
    David

    @anthony

    The issue here is not about the deposit composition but questioning why must BPW credit union advertise in a market described as liquid.

  49. anthony Avatar
    anthony

    becuase it liquid doesn’t mean they will get their share. the credit union has prosper quite well under the itsa regime. it is after all just term deposit with tax allowance. Without this benefit will they received the same growth they had year before. They seem to think no and i would agree with that the think. the removal of the itsa could very well spell the end of growth we seen in movement so far. So they must advertise more to keep in line with the figures in previous years. Now with the integration of capita deposit into the organisation if is hard to see if the credit union actually experience an actual growth in deposit or was in the assets from capitia. A clear picture here would acutally be helpfully in determine the actual state of union so it is import and lead to answer why they must advertise.

  50. David Avatar
    David

    @anthony

    A look at BPW credit union balance sheet shows loans growing at a faster rate than deposits. Even if you are correct there is something call management i.e. slow lending.

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