Deposit insurance to level playing field, says largest credit union

The nation’s largest credit union has welcomed long-awaited state-backed deposit insurance as the measure that will finally remove commercial banks’ competitive advantage, saying it is now positioned to lend more aggressively to first-time borrowers.

The Barbados Public Workers’ Co-operative Credit Union Limited (BPWCCUL) has hailed the passage of the Protection of Depositors Act, noting that the impending state-backed deposit insurance will finally level the competitive playing field with traditional commercial banks.

Group Chief Executive Officer LeVere Catlyn and Chief Operations Officer Corinne Clarke addressed the changes in an interview with Barbados TODAY.