The insurance of credit union deposits would be an additional reassurance for credit union members. A proposal for a deposit insurance fund for credit unions to be opened at the Barbados Deposit Insurance Corporation is under consideration, and final details are being worked out prior to implementation.
The growing importance of credit unions contributes importantly to increasing the efficiency with which our financial system serves the needs of Barbadians. Credit unions provide practical, sustainable competition for banks because they do not go head-to-head with banks, which are so much larger.