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St. Martin’s Credit Union satisfied with Central Bank Print E-mail
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Written by Administrator   
Thursday, 08 June 2017 00:00

The St. Martin’s Credit Union SMCU recently held its 68th Annual General Meeting at the auditorium of Sacred Heart College in San Ignacio Town. At this special meeting, four vacancies were filled within the Board of Directors.  Newly elected to serve for three years were Dr. John Morris, Rene Torres, Debbie Martinez and Doroteo Balan.

At the SMCU meeting, the members graciously accepted their 3% dividends. Currently, St. Martin Credit Union assets stand at over $25,500,000.00 dollars, an increase of over 2.3 million dollars from last year’s figures. Also, this year the current membership stands at 8,656, which comes at a decrease of -0.91% from last year. This comes mainly due to a decision by the SMCU taking the position that members must have a minimum of $50.00 in their accounts. (Just from that decision, the SMCU was unable to capture 1,200 members, but their accounts can be re-opened whenever they come up with the required amount of funds.)

One good news at the SMCU is that at the end of March of this year the financial institution had achieved 11.1% in capital marksmanship, exceeding the 10% in capital to be in compliance with the Credit Union Act.  Such a system was not in place at the former Mount Carmel Credit Union in Benque Viejo del Carmen, where members were unable to get back some of their monies.

“The capital is an important role, because the moment the Credit Union is liquidated that capital actually is returned to the members, so the members will not necessarily loose all of their money but get back a portion of it…”, says Raymond Tzul the current manager of the SMCU.

As regards to the oversight of the Credit Unions nationwide by the Central Bank, Raymond Tzul says that this is welcomed.

“At the end of the day we are playing with people’s money, we are entrusted with them and so what the Central Bank really is looking out for is to ensure that whoever manages the members money that they are doing it wisely and carefully, and so things like the institutional capital, those are the things that the banks have to meet as well and so eventually all of those are also being put on the credit union, which benefit the members.

“We won’t want a situation where we have like Mount Carmel where members are not able to get back some parts of their monies.”

By August of this year, the SMCU will be opening a new branch in Benque Viejo, but not at the building where the former Mount Carmel Credit Union is located. When that move is taken it will represent opportunities for 700 new members from Benque, who could potentially infuse about two million additional dollars in shares into the Saint Martin’s Credit Union.