Credit Unions in Montserrat and the Region Feel the Pressure from Commercial Banks
The credit union in Montserrat as well as others across the Eastern Caribbean Currency Union (ECCU) are under increasing pressure from commercial banks.
That is according to General manager of the St. Patrick’s Cooperative credit Union here, Peter Queeley, who uses his own organization as an example.
He declares that the credit union has been hit with increased charges and fees since the departure of the Royal Bank of Canada in 2021.
Speaking to Keithstone Greaves of Radio Anguilla in the Valley, Queeley said Montserrat is in a worse position than many other islands, as the Bank of Montserrat operates as a monopoly in the banking system here.
Queeley says the Eastern Caribbean Central Bank has intervened and is willing to give credit unions more protection such as giving them access to the cheque- clearing system.
Peter Queeley.