In recent weeks there has been noise in the traditional and social media space triggered by concerns coming out of the largest credit union in Barbados. It is no secret the blogmaster in the not too recent past registered concerns about how some matters were being managed at Barbados Public Workers Cooperative Credit Union (BPWCCUL) and subsidiaries, specifically CAPITA Financial.
It says a lot about the current state of member relations at BPWCCUL a few vocal members felt driven to share concerns in the public space. The blogmaster must admit a lot of the concerns are steeped in ignorance. Several of the few voicing concerns readily admitted to not having attended AGMs or having read relevant laws and rules governing how members should interact with the credit union it owns. For the purpose of this intervention the blogmaster will ignore those prominent persons from other credit unions seeking to ‘exploit’.
See Related Links:
- Concerned Barbados Public Workers Cooperative Credit Union Members Speaking Out
- Barbados Public Workers’ Co-Operative Credit Union Limited In Expansionist Mode
- Special Meeting Called By Concerned Group of Barbados Public Workers Cooperative Credit Union Ltd
- On The Ides Of March – BPWCCUL Has 14 Days To Respond!
The BPWCCUL is not blameless to what is currently generating bad press and concerns from members. Having read BPWCCUL’s public statement on the matter and another by the Central Bank of Barbados, it is obvious the decision to refuse BPWCCUL’s subsidiary CAPITA an extension to filing 2022 financials and levying a fine of $18,000 could have been managed to achieve a better outcome. Was it reported the St. Lucia regulator approved an extension for the late submission of financials where CAPITA also operates?
The two local regulators in Barbados must be aware of a latent distrust by Barbadians of non bank financial institutions given the negative experience arising from Trade Confirmers, CLICO and a few others in recent decades. Why couldn’t the Central Bank of Barbados and Financial Services Commission approve the late submission conditional on providing an Action Plan to address issues that caused the problem by a specific date? As far as the blogmaster is aware this is the first time CAPITA missed the deadline for submission? Financial institutions are known to operate in a confidence sensitive environment and restoring confidence is not addressed by nicely worded public relations statements.
Not withstanding the above the blogmaster is concerned about the recycling of a few members from Board to Committees and Committees to Board who appear to control decision making at BPWCCUL and City of Bridgetown (COB). In fact it is a countrywide problem with members in ignorance ceding control of institutions AND country to a few who feed narrow interest.
To credit union members, you will get what you deserve if you ignore the opportunities provided in the governance process.
Babylon system is a vampire
White man’s heaven is a Black man’s hell
but there will be a place in hell for all of them on judgement day
This musing would have been better placed on a white blog
but their censorship is even heavier than a black blog which is still heavy
this righteous seed of thought has been planted in the mud which will grown into a beautiful lotus flower
Today’s Nation Editorial
This mantra clears the clouds of doubt and opens us to guidance and protection. It surrounds the aura with protective light, and strengthens your personal projection
Ad guray nameh
Jugaad guray nameh
Sat guray nameh
Siri gurudeveh nameh
[Break]
From the One
Came the beginning
This is the age
Of the True Guru
Sound of truth
I bow to you
Guide of my soul
From the beginning
Protect me
Open my heart
And I’ll be free
I’ll be free
Protect me
Open my heart
And I’ll be free
I’ll be free
Protect me
Open my heart
And I’ll be free
I’ll be free
Protect me
Open my heart
And I’ll be free
I’ll be free
Why couldn’t…..well, they could have. Yet $18,000 is a tap on the wrist. And next time it will be $250,000. Or we’ll end up with an NIS, where they don’t report and no consequence.
@Frank
The issue here has nothing to do with quantum.
Click here to see a web copy of this email
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“The Central Bank of Barbados (CBB) and the Financial Services Commission (FSC) today confirmed that the Barbados Public Workers’ Cooperative Credit Union Limited Group of Companies is solvent and condemned social media posts that suggested that CAPITA Financial Services Inc. had collapsed.
They warned that these alarmist statements could destabilise the financial system and encouraged individuals to be more responsible in their communications on such matters, whether to traditional media or social media outlets.” Jan 7, 2023 CBB website
Isn’t this the crux?
If you fail to get ahead of the messaging, it is 2023, and somebody else will.
connecting the dots to see the bigger picture..
it seems patrick king may lose his home and made bankrupt down the line
it seems patrick king may lose his home and made bankrupt down the line
~~~~~~~~~~~~~~~
Yet another example of how the credit union can be a public service
@Bush Tea
One has to assume him claims have some substance? If not he will die poor. You f he has information that is contrary to what the regulators have stated then he good.
David
Both King and the FSC should be sued by the Credit Union.
Public Workers is no model organisation, but by brassbados standards, it is a beacon.
Listening to Glyne Harrison on Brasstacks recently gave Bushie some hope that some glimmer of professionalism may yet exist in this place.
Even if there are some issues that can be bettered, where does these ‘plantation-watchman’ types get off jumping into the fray swinging wildly at one of the few glimmers of light in this shiite place?
The FSC in particular should be shamed!
A set of entitled parasites, who have been installed as ‘plantation type’ watchmen over the movement – with the apparent aim of bringing it to its knees with onerous shiite regulations and procedures (under the guise of AML) that are designed to hamstring credit unions….. while government and big business BLATANTLY do as they damn well like.
Have you EVER heard of them publicly going after any private or government entity for infractions?
It took the damn US government to deal with a crooked minister of our government and FSC is YET to say one shiite about that matter.
What have they said about the Vaccine scam?
…or the North-South (or is it EastWest?) scam executed by a senior minister?
Lotta shiite!! …and is the BB norm…
Steusss…
Patrick king is just looking for attention….
Bushie would convict him and fine him $10.00
LOL
@Bush Tee
Part of the problem at credit unions in Barbados is that executive management must be allowed to do their jobs without the day to day interference from Board members. Also there needs to be wider participation coming from the membership.
David
on January 9, 2023 at 4:59 PM said:
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Click here to see a web copy of this email
THE BPWCCUL GROUP IS SOUND
I personally want to reassure you of the soundness and financial status of the Barbados Public Workers’ Co-operative Credit Union Limited’s Group of Companies (The Group).
++++++++++++++++++++++++++++++++++++++++++++++++++
Ah boy, we just need the GOB to step in and assure the public to keep investing.
Shades of CLICO!!
Who is Bartlett Morgan?
David
on January 9, 2023 at 6:47 AM said:
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BPWCCU has key role
CREDIT UNIONS, “the penny banks of Barbados”, are expected by their members to follow the high ground consistently. This is a longstanding unwritten but respected rule.
++++++++++++++++++++++++++++++++
The “penny bank” concept started in Trinidad in 1914.
Cyril Lucius Duprey benefitted from the banking reforms in 1920 and went on to form the “Colonial Life Insurance Company”.
http://caribbeanhistoryarchives.blogspot.com/2011/09/cyril-duprey.html
It gained a foot hold in the Barbados in the 1930’s and 40’s.
Collapsed in the early 1960’s with numerous Barbadians losing their shirts.
George Lamming wrote about it!!
Linked to family dynasties whose descendants are or were politicians in Barbados.
John on July 9, 2019 at 11:33 AM said:
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John
September 16, 2017 11:41 AM
When I was looking at Carrington Village in Professor Marshall’s book I saw it figures in the Penny Bank Saga.
I always heard about it but never really looked at it in any detail.
He writes:
” However, the mid-1940’s brought disruption to the life of a vibrant community where co-operative institutions like friendly societies, had thrived. George Lamming depicting “Creighton Village” in his autobiographal nove, In the Castle of my Skin, has vividly described that disruption.
Land speculators in the shape of the Cooperative or Penny Bank bought the tenantry, offered the land for sale at rates most tenants could not afford, tripled the rent and evicted those who either fell into arrears with rental payments or were occupying spots for which purchasers presented themselves.
Christine Barrow in her doctoral thesis has pointed to the direct results.. Over 80 percent of the residents moved their residences: only about 15% bought the spots on which they lived and remained resident on the; and the Penny Bank collapsed in 1962, some of those who had contracted to buy their spots faced huge difficulties in acquiring legal title to those house-spots.”
http://www.creolelinks.com/barbados-penny-bank/barbados-progressive-co-operative-bank.html
Growing up I heard of some of the people, eg Stuart & Sampson was an old Roebuck Street(?) business.
There is even an Ashby involved, possibly a descendant of RCA.
I remember there was the “Ashby Medford” building in Roebuck Street just above ECAF.
… and then there was Joe Tudor, another with ties to Roebuck Street.
Where was Sir Grantley when all this was happening?
… and Errol Barrow in 1962 when it collapsed.
Reply ↓
Just going by the three links posted at 5:42 a.m.
Solvent or insolvent, the claims made by this one person could have created a run (people rushing to withdraw their money) and therefore do serious damage to the ‘organizations’ that were mentioned. If incorrect, the punishment must be severe.
Who would benefit on the collapse of these organizations?
Many are naïve and do not understand how baseless accusations may do significant damage. It is all about likes and growing inflated online egos.
@ David
It would not even be so disgusting if they ALSO highlighted the lotta shiite being done DAILY by OTHER sectors of our society – from the very TOP down…
But to giggle and snigger like little wimps at issues like the radical vaccines, the lotta shiite at the BWA, and at the VOLUMES of OFFICIAL accusations presented ANNUALLY by the Auditor General ….
and THEN to come with fines, public accusations, and imposing ‘observers’ on a top Credit Union Board – is the damn FINAL Straw.
Who are these FSC plantation yard boys anyway…?
Damn Plantation Watchman crabs in a shiite barrel….
Brassbowlery is the ONLY explanation for such self-destructive behavior…. and only a satanic CURSE can explain such folly.
Inserting a regular on the Board suggests on the surface there maybe concerns by the regulator. We will have to be vigilant.
You are the eternal optimist…!
What it suggest to stinking Bushie is petty jealousy from losers, who envy other Black people who are managing more money than they could even imagine.
Just like the old-time watchman putting a lash in a hungry little barefoot fella for trekking two corns from the massa field to roast…
..inserting that lash in the little donkey probably suggested concerns by the massa too….
…requiring the necessary vigilance.
Lotta shiite!
Why the hell they don’t insert a ‘board observer’ in ICB to see who other ministers taking bribes?
Or at BWA to vet those funny contracts?
Or in a certain Ministry to understand how Steal houses are structured?
Or to figure out Four Seasons and the Clear Water Scam that raided millions from the damn treasury?
Interesting how you seem to want to suspect the Credit Union – when their RESULTS ALL indicate outstanding performance, ABOVE average financial accounting AND performance…
AND a TOTALLY locally structure….
not to mention a hundred thousand PLUS satisfied members who have put their money on the line as the sign of confidence.
What would gain your confidence?
Putting M.A. Malmoney to run Public workers?
….or perhaps the mock professor who managed Four Seasons?
Steupsss…
Poverty is a state of Mind.
where one defines oneself as ‘worthless’ – EVEN when the results clearly demonstrate brilliance and regal lineage.
This is why Bob the Prophet insisted on the emancipation of the MIND as a prerequisite for ANY kind of enfranchisement.
Get with the program Boss…
@Bush Tea
You have to admit the decision to deny entry to members who didn’t attend the first meeting was asinine. Did the regulator have to intervene you think?
True indeed.
ANY ‘decision’ to deny entry to members at a General Meeting is not only asinine, ….but also illegal and ill-conceived.
This was clearly a case of some inexperienced official thinking of the logistics of 10,000 members turning up on Saturday to fill the 2000 seats available… LOL
Dat fuh lick dum!
The problem with defining cooperative success as ‘size’ comes when the large numbers decide to exercise their democratic RIGHTS.
Perhaps a cooperative should be limited to the numbers that can be adequately serviced, and then groups of these units can come together as secondary and tertiary level umbrella organisations.
‘One member one vote’ is key to cooperative success.
Although the Credit Union Cooperative Banks is not going insolvent as alleged, it’s customers would be at the bottom of the totem pole in the list of creditors if it were, which was the case for the crypto currency exchanges like FTX that collapsed and the many Investment Banks during the 2008 GFR.
John you know well that was a scam to rob Afrikan descants, who were extremely poor, all their money, the pennies they saved for their children and grands, and make sure they never own any land….,there are those still alive today who still talk about it…..
information has it that 5 million was stolen, the properties, plantation lands were given so it could be subdivided, and the descents would have land and can vote for a white government,,.in those times you could not vote if you had no property…and minority scum did not want a black government so they got a traitor to hook them up..,the Afriikan population still wanted no white trash ruling them even after that..
..the scammers descents who ripped off all the money, are in the parliament today still scamming Afrikan descents, they too will soon get their just desserts just like the undereducated, ignorant and disrespectful…dont blink..soon come.
Interesting.
https://www.nationnews.com/2011/05/24/capita-to-spread-wings/
Started in 1984 as CCT, Caribbean Commercial Bank, changed its name to CLICO Mortgage and Finance then was acquired by the Credit Union.
I agree with TheO that this is a very serious matter that could have serious ramifications for members. It would be calamitous for regular and poor folk if there was a run.
But is Patrick King the source of this “information”?
Steupse! I cannot move on the word of one man of questionable reliability!
My money is still on the credit union. There are no happy guarantees in life but one thing IS for sure – a run would guarantee the collapse.
And the credit union is really our only hope!
I will take the risk of staying calm and carrying on as usual and hope that others will refrain from panicking on the word of one attention-seeking source.
But I will be there for the meeting, for sure. If this prompts greater alertness on the part of members then maybe some good can be salvaged from what may simply be a jackass bray.
I suspect King Patrick’s fake news social media memes shenanigans manipulations will mean that the next meeting will be ram packed with media reporters and multitudes of mobs out of breath in a stressed out panic attack
Sometimes you have to get inside the criminal minded to understand their motive means and opportunity to commit the dirty deed.
“Patrick King” seems to be operating with the rather crude axiom of truth modus operandi that when you throw enough shit at the wall some of it is bound to stick eventually.
Idiom explanation broken down
If enough (perhaps false or reckless) accusations are made against a person (or organisation), their reputation will suffer, whether or not this is deserved.
Team Bu should update the new version of the site with a daily traffic count summary
Perhaps the “meeting” should be shown on Live TV or a Zoom meeting for all with voting rights to access. The purpose of these meetings is to vote various motions for action which does not need everyone to vote providing they are represented by proxies and they are happy with the result.
I will be attending the meeting via zoom. Details for registration were in the Sunday Sun.
Wow! I did not realise that some fool tried to deny members access! That person should be fired!
@Donna
Not to go the Patrick King route but could this be the reason some members are concerned about governance at our largest credit union? The flawed decision making that would question a member being blocked from a meeting albeit one that was adjourned?
David,
Indeed, it would cause concern that somebody in a position such as that would be so lacking in rational thought.
Even if the meeting was adjourned and this one is a continuation, it is the equivalent of somebody showing up late. Would a person showing up late be denied access?????
Also, a smart person would realise what impression would be created by such an action.
And that is not even taking into account the illegality of the action.
This is why I say that the idiot should be fired. I prefer my money to be in the hands of persons who are capable of rational thought.
It would be unbelievable Donna if it did not occur.
This is ridiculous, the petty squabbling in public. This credit union must do better, the members of this credit union must do better.
Source: Nation
Ridiculous!
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David,
I agree. They had better get a handle on this or de dog dead!
Most people (including myself) are not aware of normal rates for directors fees and these allegations would blow their minds.
But I am more interested in whether or not the directors are worth the money.
How is Capita doing?
This is serious business. One hundred thousand members!
@Donna
Fees would have been voted for by members. The fact many were not aware speaks to lack of participation by members.
Capita Financial seems to be having problems with quality of HR and management. Again an indictment on the quality of management at BPW and lack of vigilance by the FSC.
Do organisations openly admit they are struggling with problems and difficulties, or do spin news to cover them up
{Rhetorical}
What is this business of the FSC ‘vetting’ persons for eligibility to sit on the credit union’s committees?
Does this not effectively mean that they must take responsibility for the quality and the eventual performance of these persons?
These regulatory agencies seem to have the power to make organizational decisions and then to sit back as judge and jury when the fan is impacted.
If members are not free to select directors as they see fit for their own money then it is no wonder that so many are pissed now…
The blogmaster is very concerned given the quality of exchanges at the two meetings today.
@January 14, 2023 at 6:07 AM
Disgraceful behavior on the part of the credit union. It is this type of behavior that spawns and fuels rumors.
Interesting that in this day and age where the ‘internet’ has provided greater access to meetings, those in Barbados would develop ways to limit and control this access.
To enforce many of the technical restrictions, the credit union would have the capability to track/monitor e-attendance. Here we that technical expertise is being used to restrict the flow of information rather than increase it. It is this type of behavior that give rise to rumors.
“This is ridiculous, the petty squabbling in public.”
Nay! Nay! Nay!
What I see here is an organization that is determined to keep matters close to its chest and have a large portion of it members uninformed. Whilst I understand the need for confidentiality in some matters, it is in the interest of the members and of the corporation to have the public informed on some matters.
Yes, all matters are not confidential and increase transparency may benefit the organization. The days of a select few knowing everything and the remainder of the body being ignorant are (should be) over.
Source: Nation
Source: Nation
Source: Nation Newspaper