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Invest My CCCUL

Your credit union has embarked on a new and exciting share-growth initiative to benefit you, our members.

Own more Shares. Get more Benefits. Grow your Investment

Invest My CCCUL is the Central Cooperative Credit Union capital growth initiative.

Why Invest My CCCUL

Becoming a member of the Central Cooperative Credit Union Ltd requires an investment of at least one permanent share which costs EC$50.00.  This is one way to increase the capital base of the Credit Union. Since the amalgamation of our two Credit Unions in 2007, the St. Alphonsus Co-operative Credit Union and the Portsmouth Co-operative Credit Union, Central has grown, but not fast enough.  We are still falling short of the requirements of the Cooperative Societies Act No. 2 of 2011, Section 125 which requires the Society to maintain institutional capital of no less than 10% of its total assets.  This is a moving target as our assets continue to grow.

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What does this mean?

This means that since savings are withdrawable and cannot be categorized as equity/capital we need to increase our permanent shares (which are non-withdrawable) to meet the regulatory requirement. Therefore, our members must increase their share investment which has a direct correlation to equity/capital; as our share capital increases, our equity capital increases as well.

Why is this important?

This increase in capital is not only critical in meeting regulatory requirements but also helps our Credit Union to be safer and sounder in the face of external shocks like climatic events and global pandemics. These can have a negative impact on our income stream.

What is the benefit to me?

Putting your Credit Union on a stronger footing by increasing your share investment will allow the Credit Union to pay dividends once declared as long as the membership endorses the strategy and everyone participates. Meeting our target of 10% of assets requirement as per regulations will become more possible with your approval of this strategy making your Credit Union more resilient.  Our membership will also continue to enjoy  access to products, services and even better interest rates.

How can I participate?

InvestMyCCCUL is designed to make participation easy and affordable. 

Members will be required to make monthly contributions from Regular and Special Savings Accounts to a designated equity account. At the end of the year, the balance in this equity account will be credited to our members’ share account in multiples of $50.00. 

Accumulations that do not meet the threshold at December 31, of any year, will be carried forward to the next year as long as the plan remains in effect.

Share Certificates will be issued to the respective member equivalent to their share accumulation for the year. 

The Plan has not yet been endorsed.  However, at a date which will be announced, a Resolution will be presented to the membership at a Special General Meeting.  It is our fervent hope that members will endorse this strategy which is expected to be ongoing for a period of 5-6 years.

Take some time to review our FAQs for any further questions you may have regarding this initiative.

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