Dominica Cooperative Societies League Assets Continues To Grow

vlcsnap-2014-04-28-20h48m08s24The Dominica Cooperative Societies League’s assets continue to grow, as was indicated during the Organization’s 58th Annual General Meeting, held at the Garraway Hotel on Saturday April 26th 2014.

The President Mr. Dexter Ducreay, who was re-elected unopposed at the AGM, stated the Movement has grown from an asset base of $600.00 and 68 members from May 30th 1951 to over $574 million and 65,325 members in 2014.





He said notwithstanding the challenges faced from the loss of investment from the British American/Clico and the difficult macro-economic environment, the Movement has performed above all expectations.

Mr. Ducreay stated, the Credit Union’s management financial statements shows that the Movement’s performance for 2013 improved when compared to 2012, which was only possible through the commitment of valued members and the dedication of volunteers and staff.





For 2013, total assets increased by 7%, members equity increased by 15% and members’ Share Capital increased by 18%, as compared to 2012.

The President added, with the Organization of Eastern Caribbean States moving into a single economic space, it is imperative that the Movement entertains a discussion which should be held among Credit Unions as to how they will survive within that space, and or advantages that may be derived.

He went on to say that networking and collaborating with fellow coperatives within the region are vital for the survival of the Movement.

© 2012 SAT Telecommunications Ltd.

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