Credit Unions stand ready alongside the Government to support its members who have been impacted by COVID-19

Chaguanas, Trinidad – April 6, 2020: The Central Finance Facility (CFF), the Financial and Developmental Institution of the local Cooperative Movement, met via Zoom online meeting with over fifty (50) Credit Union Leaders on Thursday April 2, 2020. This meeting was called to apraise members of CFF’s ongoing discussions with a Government Ministerial Team, the Asscociation of Cooperative Credit Union Presidents of Trinidad and Tobago, and the Cooperative Credit Union League focussed on establishing a partnership arrangement with Government centered on alleviating the COVID-19’s negative impact on Credit Union members, staff and the vulnerable members of our society.

Ms. Letitia Telesford, President of the CFF, in her address to the participants urged credit unions to work together for the benefit of the wider membership. She emphasized that credit unions are about their members first and must commit to supporting affected members despite the assumption of increased costs, risks, workloads and responsibilties by so doing. She described the one hundred million($100M) Government’s Liquidity Support Fund as a further enabler to what the movement must do.

The CFF leadership addressed questions and concerns from Credit Union delegates present about a draft Memorandum of Understanding (MOU) between Government and CFF and another between the CFF and its members. Significant from the discussions was the Credit Unions’ willingness to provide the support necessary to get their members through this very difficult time, via:

  • Liquidity Support Loan facility to assist temporarily laid off members

  • Business Support Loans to members that assures adequate liquidity to mitigate employee layoffs and ensure the continuity of business operations during this period

In closing, President Telesford urged members to stand at the fore, ready to take the required actions that would ensure the safety and security of their members’ lives. She further emphasized that the CFF was well equipped with the expertise to lead the Movement through this crisis.

The Central Finance Facility reaffirms its commitment to supporting the citizens of Trinidad and Tobago through these trying times and assures that it will guide the Movement in proactively responding to the needs of its members.