We will be renewing our request shortly for more credit unions to send us their most recent audited financial statements. The Central Bank has also been encouraging credit unions to assess the impact of the proposed legislation on their operations and to share such results and any concerns with the Bank.
We have had some response from the larger credit unions on the terms of their directors and some smaller credit unions who are members of the League shared their data for calculating the ratios under the prudential criteria. We encourage more credit unions to participate in these exercises which are a valuable means of orientation to the new regime.