The Portsmouth Secondary School Emerges Winner in Kiwanis Club 5th Anniversary Debate
The Portsmouth Secondary School emerged winners with 257 points, while the Goodwill Secondary gained 229.5 points at the Kiwanis Club 5th Anniversary Debate.“Amalgamations of Credit Unions is the only way forward for the survival of the Credit Movement since individual Credit Unions are no longer viable.”
That was the topic of the debate, in collaboration with the Central Credit Union.
Jermina Matthew from the Goodwill Secondary School, is proposing this topic, and says that amalgamation has indeed been a success and the individual Credit Unions have been kept afloat.
Amalgamation has benefited the individual Credit Unions immensely, even when these Credit Unions merged they could not realize a sustainable profit.
She argues that there is now the ease, convenience and access to resources and services such as ATM machines, financial aid and increased business development.
Her opponent, Alicia Aaron of the Portsmouth Secondary School says the amalgamation of the Credit Unions is not the only way forward for the survival of the Credit Unions.
Despite the option of amalgamation, there are a number of disadvantages that come with this change. For one, the individual Credit Union will loose its identity with that change.
In order for a cooperative to be successful the community must cooperate.
How can they do this when what was so personal to them is now shared was her Alicia’s question to her opponent.
Jermina refuted that the merge is beneficial because now the cost of operation is measured against a larger asset base and income, and this allows them to now increase advertising, training and implement major capital expenses such as security access and an upgrade in Information Technology.
She is certain that amalgamation is the only remedy to prevent the demise of the Credit Union Movement and strengthen the viability of the individual Credit Union.
However Ms. Aaron reminded her opponent that in order to continue a successful organization, it can incur huge costs and this may be more of a liability that if they had not gone through with the merger in the first place