The TTCUDIF is one of several interrelated “lines of defense” in a fairly complex system that is designed to provide limited guarantee of all members’ funds on deposits with credit unions who are members of the TTCUDIF. The first line of defense is the credit union itself.
The two main reasons why credit unions, or other financial institutions, fail are due to a lack of liquidity and an inability to operate on a positive basis. In the first case, the credit union cannot meet its members’ demands for cash. In the second case, it does not have an adequate capital base (share equity plus retained earnings) to carry it through tough times when its financial margin is narrowed or to withstand significant loan or investment losses.
Share & Deposit Guarantee Program
Insurance on Shares & Deposits held by members (individuals who are members of Credit Unions) in the event of a failed Credit Union. This means that if, for any reason, a Credit Union should go into Liquidation, all members belonging to that credit union will receive protection of their unencumbered funds of up to $125,000 on Shares and $50,000 on Deposits.
Membership of the TTCUDIF allows Credit Union organizations the opportunity to draw on the extensive expertise of the Directors of the TTCUDIF and a huge network of finance-related experts approved by the TTCUDIF. Guidance to member-organizations is available in the following areas:
- Financial Management & Operations
- Operations Management
- Investment Management
- Strategic Planning
- Training & Education
Monitoring and evaluation of member units financial and operational performance
The Deposit Insurance Fund monitors the financial and operational performance of member Credit Unions, ensuring that they remain well-focused on their role and the need to meet approved prudential standards.
The Deposit Insurance Fund provides member Organizations with critical funding support in order to meet any shortfall in its liquidity requirements.
Supplies advice on a adverse range of instruments for investment;
May provide a source of credit for Credit Unions which suffer from short term liquidity problems.
Education & Training
TTCUDIF provides both local and overseas training seminars.
Education and Training is targeted to Board of Directors, Credit Committee, Supervisory Committee, Staff and aspiring leaders in our credit unions.
Programs provide participants with understanding in the principles, models and frameworks best suited for effective credit union leadership and governance.
Training topics include:
- Credit Union Principles, Practice & Values
- Financial management and control
- PEARLS Monitoring System
- Governance Measures
- Customer Service
- Credit Union Management
- Wealth and Investment Management
- FIU compliance
- Strategic planning
- Human Resource / Industrial Relations management
TTCUDIF training programmes aim to increase participant's levels of skills and competences which allow for better business decisions and ensuring that participants are better prepared to overcome the complex challenges being faced by credit unions and thereby ensuring successful governance of our credit unions.
You can call our office to get more information on our annual overseas leadership programme.