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International Monetary Fund

I. Credit Unions in the ECCU: Prospects and Challenges 1 2 A. Introduction 1. Credit unions in the ECCU have an impressive record both in terms of growth and importance . There are a total of 61 active credit unions in the ECCU with total assets of about US$700 million (13 percent of the regional GDP) and a membership base averaging 40 percent of the region’s population, as of end-2010. They provide an important financial intermediation role, particularly for middle and lower income groups and other key segments of the population that might have

International Monetary Fund

Page INTERNATIONAL MONETARY FUND EASTERN CARIBBEAN CURRENCY UNION Selected Issues Prepared by Y. Wong, A. Lemus, A. Brousseau, M. Mrkaic (WHD), K. Zieschang (STA), S. Benjamin, H. Corbin, and L. Sahely (ECCB) Approved by Western Hemisphere Department November 14, 2011 Contents I. Credit Unions in the ECCU: Prospects and Challenges A. Introduction B. Recent Developments of Credit Unions in the ECCU C. Are Credit Unions Different from Commercial Banks D. Challenges: Reducing Vulnerabilities and Strengthening Regulation and Supervision

International Monetary Fund. Western Hemisphere Dept.

not appear to be a big factor in affecting the profitability or CAR ratios of CUs. Dominica: Capital Adequacy Ratios under interest risk stress scenarios, end-2014 (in percent) F. Consolidated Monetary Accounts of Banks and Credit Unions 16. In Dominica, the monetary survey includes the central bank and commercial bank account transactions but does not include the credit unions . However, as described in Section I , credit unions play a dominant role in the domestic economy in terms of total assets and deposits and lending to the non

International Monetary Fund

, while the main uses are discounting commercial paper and investment in securities. Mutual savings and finance companies engage in a narrow range of financial activities, mostly deposit taking and lending. Unlike banks, they have no role in payment settlements and are unable to establish branches. The customer base is the general public and small enterprises. Credit cooperative institutions comprise: (i) credit unions, which, like mutual saving and finance companies, deal largely in deposit taking and lending—however, lending is restricted to members; (ii) mutual

International Monetary Fund
The Eastern Caribbean Currency Union (ECCU) has made significant progress in improving the quality and quantity of the macroeconomic statistics it produces and disseminates to the public. The Selected Issues Paper discusses prospects and challenges for credit unions in the ECCU. It reviews the current state of macroeconomic statistics, outlines progress that has been made, and identifies outstanding challenges. It also describes technical assistance to the region and presents the challenges for the production of macroeconomic statistics in small island states.
Mr. Desiree Cherebin, Mr. Rupert D Worrell, and Ms. Tracy Polius
A survey of the financial systems of Caribbean countries reveals systems dominated by banks, with services widely available. Jamaica is the only country to have experienced a financial crisis. The paper describes recent improvements in the regulatory framework, and examines factors, which affect the soundness of the financial system, using both intuitive and econometric methodologies. The study identifies regulatory improvements that are needed, as well as additional data and analysis required to complete the assessment, which revealed no new threats to the financial system.
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper presents a proposal for the creation of savings funds (SF) for rehabilitation and reconstruction after natural disasters (ND) in Dominica. A Monte Carlo experiment is used to calibrate the size of the SF, based on the distribution of ND fiscal shocks estimated from an empirical fiscal model. ND shocks are identified by controlling for other major sources of shock affecting the cyclical fluctuations of output, and government revenue and expenditure, and by calibrating the probability of ND consistent with their historical frequency. It is concluded that under the parameter calibrations proposed, the SF would be financially sustainable with a low probability of depletion.
International Monetary Fund

branches of foreign banks operating in Lithuania to participate. E. Credit Unions 92. The BOL issues and revokes licenses and supervises credit unions according to the Law on Credit Unions. The minimum capital for a credit union is LTL 15,000, and the number of members must be at least 50. Credit unions must meet the following criteria; (i) credit union capital shall not be less than 13 percent of risk-weighted assets; (ii) a liquidity ratio of 30 percent; and (iii) limits on open positions in foreign exchange (20 percent of credit union capital in one currency

International Monetary Fund
This Selected Issues paper discusses the fiscal policy in the Korean business cycle, and examines the usefulness of the equations for inflation forecasting at horizons consistent with the Bank of Korea 's inflation-targeting framework. It analyzes the causes and macroeconomic consequences of Korea's dual labor market; discusses the government's reform proposals; and the nonbank financial sector restructuring to date.
International Monetary Fund
This Selected Issues paper and Statistical Appendix analyzes economic developments in Lithuania during 1996–99. The paper discusses macroeconomic developments and policies in detail. It discusses the importance of fiscal prudence in maintaining sustainable fiscal and external positions over the medium term, and emphasizes that reining in budgetary spending will be a key challenge in the period ahead. The paper reviews external competitiveness and concludes that Lithuania’s competitiveness has remained adequate through early 1999, although there remains little room for further real appreciation and wage rises that are not related to productivity increases.