Brian Moore, president of the Co-operative Credit Union League, has taken "great objection" to statements made by Government Senator Professor Patrick Watson yesterday.
In a symposium at the University of the West Indies’ St Augustine Campus yesterday Watson said credit unions manipulated financial rules in order to invest in CLICO’s high-yielding Executive Flexible Premium Annuities
(EFPAs).
Watson said EFPAs are for individuals and not organisations. However today Moore said credit unions were given the go-ahead to invest in the EFPAs by both the Central Bank and the Commissioner for Co-operative development.
Moore admitted that the credit unions EFPAs are in the name of individuals.
