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CU Worldv4i2 Volume 4, Issue 2 • May 2002 The Source ffor IIntternattiionall Crediitt Uniion IInfformattiion World Council of Credit Unions, Inc. Board of Directors Gerry Foley , Chairman ; Ireland Irish League of Credit Unions (ILCU) Robert McVeigh , 1st Vice Chairman; Canada Credit Union Central of Canada (CUCC) Gary Plank , 2nd Vice Chairman ; USA Credit Union National Association (CUNA) Executive Forum Melvin Edwards , Treasurer ; Caribbean Fostering Trust in Caribbean Confederation of Credit Unions (CCCU) Dave Chatfield , Secretary; USA Uncertain Times . 1, 17 Credit Union National Association (CUNA) Feature Article Grzegorz Bierecki , Director; Poland Savings Mobilization: National Association of Cooperative Savings & Credit Unions (NACSCU) The Cornerstone of Marcel Chorel , Director ; Canada Credit Union Credit Union Central of Canada (CUCC) Síncrito Cifuentes , Director; Guatemala Development . 2–3,18–19 National Federation of Credit Unions and Multiple Services Cooperatives (FENACOAC) Global Advocacy Dennis Cutter , Director; USA Cross-Border Credit Union National Association (CUNA) Director Connections .................................................... 4 Ron Hance , ; USA Credit Union National Association (CUNA) Knowledge Sharing Sylvester Kadzola , Director; Malawi Polish Leader to Kick-Off Malawi Union of Savings & Credit Co-operatives, Ltd. (MUSCCO) Conference . 5 Neil W. McDonald , Director; New Zealand New Zealand Association of Credit Unions (NZACU) Global Trends Rob Nicholls , Director; Australia Fraudulent Offshore Credit Union Services Corporation (Australia) Ltd. (CUSCAL) “Credit Unions” . 6 – 7 José Manuel Rabines , Director; Perú National Federation of Credit Unions of Peru (FENACREP) Movement Highlights Arthur Arnold , President & CEO; Ex-officio to the Board Member Updates . 8 – 9 World Council of Credit Unions, Inc. (WOCCU) Special Report General Assembly Business Continuity and Trevor Alleyne , Delegate; Caribbean Recovery Plans . 10 – 11 Caribbean Confederation of Credit Unions (CCCU) Paul Armbruster, Delegate; Germany People-to-People International Raiffeisen Union (IRU) Suriname: Claude Béland , Delegate; Canada The Way Forward . 12, 17 International Cooperative Banking Association (ICBA) Esteban Burneo , Delegate; Ecuador Spotlights on Development Association of Credit Unions Controlled by the Superintendency of Banks (ACSB) Macedonia: Changing David de Jong , Delegate; South Africa Perception . 13 – 15 Savings & Credit Cooperative League of South Africa (SACCOL) Vietnam: Establishing Rose Dorman , Delegate; Great Britain A Benchmark . 16 Association of British Credit Unions, Ltd. (ABCUL) Lauren Goetz , Delegate; Dominican Republic Supporters Corner Association of Rural Credit Unions (AIRAC) British Columbia: A Tradition Ranjith Hettiarachchi , Delegate; Asia of Support . 20 Association of Asian Confederation of Credit Unions (ACCU) WOCCU Supporters . 21 Barry Jolette , Delegate; USA Products & Services Credit Union National Association (CUNA) Jim McMahon , Delegate; Ireland Credit Union Products Irish League of Credit Unions (ILCU) Available Online . 17 Petro Kozynets , Delegate; Ukraine 2002 Leadership Institute Ukrainian National Association of Savings & Credit Unions (UNASCU) & AGM in Poland . 22 Luke Leonard , Delegate; Ireland Eccu Assurance Company Ltd. (ECCU) Credit Union World Christopher McHugh , Delegate; Nicaragua Published by World Council Central of Financial Credit Unions of Nicaragua (CCACN) of Credit Unions, Inc. Lyubov Olovyannikova , Delegate; Russia Publishing and Editorial Staff Russian Credit Union League (RCUL) Jin-Woo Park Delegate; Publisher: Kecia L. Doyle , Asia Marketing Communications Manager Association of Asian Confederation of Credit Unions (ACCU) John Prescott , Delegate ; Australia Editor: Kimberly Johnston Credit Union Services Corporation (Australia) Ltd. (CUSCAL) Marketing Communications Officer Catherine Roberts , Delegate; USA Designer: Denise E. Knudsvig Credit Union National Association (CUNA) Desktop Publishing/Graphic Design Specialist Radu Savitchi , Delegate; Romania Publishing Information National Union of Mutual Benefit Societies of Romanian Employees (UNCAR) Credit Union World is published three times Lon Sprecher , Delegate; USA a year by World Council of Credit Unions, Inc. World CUNA Mutual Group Council reserves the right to edit letters Basilio Vanuaca , Delegate; Fiji to the editor and all submissions. Send sub missions, Fiji Credit Union League (FCUL) requests for subscriptions and address changes to Jacinto Villarreal , Delegate; Panama Kimberly Johnston, editor. Credit Union Guaranty Fund Corporation of Panama (COFEP) 5710 Mineral Point Road Zoltan Vitus , Delegate; Romania Madison, WI 53705-4493 USA National Union of Mutual Benefit Societies of Romanian Employees (UNCAR) PO Box 2982 Ramón Imperial Zuñiga Delegate; Madison, WI 53701-2982 USA , Mexico Telephone: (608) 231-7130 Caja Popular Mexicana (CPM) Fax: (608) 238-8020 To Be Determined , Delegate; Latin America E-mail: [email protected] Latin American Confederation of Credit Unions (COLAC) Website: www.woccu.org Executive Staff ©2002 World Council of Arthur Arnold , President & Chief Executive Officer Credit Unions, Inc. Mary Chapman , Vice President & Chief Financial Officer Brian Branch , Vice President Printed with Soy-Ink on Recycled Paper Lucy Ito , Vice President Executive Forum Fostering Trust in Uncertain Times –by Arthur Arnold, CEO & Gerry Foley, Board Chairman, WOCCU For credit unions worldwide, our That’s why World Council works, on your Arthur Arnold Gerry Foley President & CEO Board Chairman difference and advantage lies in our mem - behalf, with many legislators and regula - ber-ownership and shared tors in both “have less” and “have more” values—the values of access, trust, self- countries to improve the legislative and reg - British credit unions will benefit from the help and growth. Access to ulatory framework by setting minimum international expertise capital and affordable financial standards of soundness and safety, based that has gone into developing the services is a basic human right and the on our PEARLS Monitoring System. In PEARLS system. PEARLS provides foundation for enabling millions of people past issues of this the essential tools for monitoring, to grow through self-help. Credit unions magazine, we’ve shared our successes in comparison and evaluation that credit provide that basic human right. “have less” countries, such as Ecuador, unions need to get to grips with the new When backed by enabling legislation Guatemala and the Philippines. Now, FSA regulatory regime and expand and sound we can share an exciting development their services enabling more people to ben - and safe operations, credit unions engen - for a “have more” country. efit from good-value, accessible financial der the trust of members to ensure future services.” sustainability, even in times of economic In March of this year, chairman of the uncertainty. Financial Services Authority (FSA), Sir Following the PEARLS launch, we had the Howard Davies launched a major project opportunity to visit one of the 10 credit In this issue of Credit Union World , we to strengthen the British movement. unions that will be part of the pilot project, emphasize how credit unions are living up With the financial the Tower Hamlets Community Credit to those values and leading by example, sponsorship of Barclays PLC, the Union Ltd. in the East End of London. In particularly when Association of British Credit Unions, Ltd. this economically depressed area the banks it comes to fostering trust. As (ABCUL) is bringing WOCCU’s are withdrawing, but Tower Hamlets has this is World Council’s “Year of PEARLS Monitoring System to credit taken over the operations of one such Development,” the feature article on sav - unions in the United Kingdom. A pilot bank. We give a lot of credit to the leader - ings mobilization demonstrates how credit group of 10 credit unions will install the ship and staff of this young, rapidly grow - unions in WOCCU’s Model Credit system and all ABCUL credit unions will ing community credit union for commit - Union Building projects are providing the receive an annual summary of their ting to the PEARLS financial disciplines, “have less” with a safe place to save. Trust is PEARLS ratios. becoming independent from local subsi - also the underlying message of the articles dies and filling a need in on “offshore credit unions,” disaster recov - Shaun Spiers said, “I am delighted that the community. Their story clearly demon - ery plans, new legislation in Suriname and strates the credit union values. the featured WOCCU credit union devel - opment projects in Macedonia and Later in March, we had another chance to Vietnam. see the credit union values at work. Joined by 1st vice chairman, Bobby McVeigh, we Indeed, trust is one of the greatest chal - visited with leaders of the New York CU lenges WOCCU faces when we go into Continued on Page 17 “have less” countries to conduct develop - ment projects. In “have more” coun - tries with strong credit union move - ments, we take it for granted that our money is safe thanks to legislation, regula - tion and a deposit guarantee system. Not so in the vast majority or 90% of the “have photo above: Sir Howard Davies (far left) launches the PEARLS project in Britain with less” countries where credit unions operate. leaders of Barclays, WOCCU and ABCUL. These members trust their credit union leaders to be responsible managers. They photo at right: WOCCU Board members
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