CATEGORY:ECONOMY/BUSINESS --------------------------------- By Trevor Thwaites Inside Grenada contributor Friday January 05,2007 ST.GEORGE, Grenada: With assets of EC$84 million and a membership of almost 4,700 – 5,000, the Public Service Credit Unit (PSCU) has made tremendous strides since its inception in 1947. This is a far cry from the 21 members, who established the Union with assets in the range of EC$1,000, more than five decades ago. The PSCU this year is celebrating its 60th anniversary with several activities planned during the year to mark this significant milestone. The membership was expected to wear PSCU T- Shirts and Shirts designed especially for the occasion at an open day on Tuesday, which officially signaled the start of the 60th Anniversary Celebrations. Many heeded the call and dawned their apparel at the various workplaces, which was most comforting to the eyes. The Open Day was a mark of solidarity and recognition to the founding fathers of the PSCU, who worked diligently in the 1940’s to establish the Union. The PSCU was the very first Union in the country. It set the stage for the formation of the Department of Cooperatives and the Grenada Cooperative Credit Union League in 1957 and 1958 respectively. President of the PSCU, Agar Alexander, thinks that there is much to be proud of because there has been significant growth and development over the years. There are some 14 Credit Unions in the country at the moment with a membership of approximately 30,000 and assets of EC160 million. However, with a membership of almost 5,000 and assets of 84 million, the PSCU is definitely leading the way with resources, which is almost half of all the others combined. Alexander said the main aim of the Union at this time is to build up equity, so as to allow members to gain more benefits “We want people to invest in equity shares, which is EC$20 a share. The returns is at about 6%”, disclosed Alexander, who is also the Cabinet Secretary in the Prime Minister’s Office. He said that the PSCU is also pushing the idea of amalgamation with other unions in an attempt to ensure that older members of the various unions are given an opportunity to access the services available. “We want to see a strong and larger Credit Union.” The establishment of a Retirement Plan for workers last year, the commissioning of ATMS and the setting up of an Education saving plan for workers and their children, have been hailed among the major achievements of the Union. Alexander said that they will be striving to build on those successes in the coming years. Several activities have been planned to mark the year-long celebration, which will be officially launched on January 27th, at the Grenada Trade Centre. The launch will be preceded by an Ecumenical Service. Alexander said that Union will use the occasion to highlight other special activities planned for the 6oth anniversary and announce some of the new products and initiatives to be undertaken.