The Tribune

REGULATORS for ten Caribbean countries took part in the Caribbean Association of Regulators of Co-operatives (CASROC) two-day conference at Superclub Breezes, under the theme “Emerging Risks and Effective Supervision of the Co-operative Sector in the Caribbean – Revitalization of CASROC to meet new challenges and entrepreneurship”.

The conference, which was sponsored by the International Labour Organisation (ILO), Caribbean Confederation of Credit Unions (CCCU) and the Ministry of Agriculture was opened by V Alfred Gray, Minister of Agriculture, Marine Resources and Local Government.

“The Bahamas is a growing country in very many respects,” Mr Gray said. “We do not know which of the 10 countries amongst you would have started the co-operative movement first, but that does not matter because as long as you are involved, as we are brothers and sisters in the movement, that is enough for me.”

He noted that the Bahamas’ effort in this regard started formally in 1974, but prior to this there were Asues and other societal financial activities, where people helped people to help themselves.

“That’s what co-operatives were meant to do ... to assist one another to achieve a common purpose,” said Mr Gray. “And so, as you meet in this setting, it is my hope that all of you from the various countries would have brought something to share with your Caribbean colleagues, so that Bahamas will learn from Jamaica, Jamaica will learn from Trinidad, and so on.”

Mr Gray said he believes there is no stronger financial foundation that could be set than those which have already been set by credit unions and co-operatives.

Topics covered included: Regulatory and Supervisory Changes and Challenges - Country Reports; Co-operatives and Entrepreneurship: The Possible Solution to Youth Employment; Implementing a Risk-Based Approach to Credit Union Examination; Model Co-operative Legislation in the Caribbean; Implementing Prudential Standards: The State of the Credit Union Sector; Towards The Adoption of Uniform Standards in Caribbean Co-Operatives; The ICA Co-operative Blueprint and Its Implications from a Regulatory Perspective; and Towards Greater Co-ordination Among Co-operative Industry Regulators – Action Planning for Effective CASROC.

The 2015 and 2016 meetings and AGMs will be hosted by Jamaica and St Vincent and the Grenadines respectively.