Credit Union Co-op picks up the pieces

Credit Union Board of Directors President, Oswell Rankine	Credit Union Manager, Merisa Hydes

Friday,  December 3, 2004

The Civil Service Association Co-operative Credit Union is among financial institutions in the Cayman Islands moving ahead to serve its clients, despite damages sustained from Hurricane Ivan.

President of the Board of Directors of the Credit Union, Oswell Rankine, said: “The internal structure of the headquarters building was destroyed but, because it was insured, the insurance company has undertaken to rehabilitate the external structure.”

He added that work has already begun to rehabilitate the building by Interstate Restoration Group from Florida. Mr Rankine also stated that like other financial institutions the repayment of loans was waived by the Credit Union until the end of this year.

Manager of the Credit Union, Merisa Hydes, speaking on the post Ivan operations said: “There has been an increase in the number of loan requests in the aftermath of Ivan. Some of the loan requests are to buy vehicles, furniture, renovate homes and to pursue new business ventures based on opportunities that have presented themselves after the hurricane.” 

She said that though the Credit Union is operating from Elizabethan Square in George Town, all the services provided before the hurricane are still available and they hope to return to their normal place of business within four months.

The Credit Union has begun disbursing loans to about 1200 of its customers who are members of the public service. According to Ms Hydes, her organisation is only a facilitator. “The Government has guaranteed loans to its members and we are just involved here in assisting to ensure a smooth disbursement of the funds. Ms Hydes added that the Credit Union is pleased with the response from its members who have given an undertaking to honour their commitments.

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