PEARLS STANDARDS :

The Central Bank of Trinidad and Tobago outlined in the Policy Proposal Document for the Credit Union Act that the prudential criteria to be used was adopted from WOCCU's International Credit Union Prudential Standards, namely the PEARLS Ratios. The Governor of the Central Bank, Mr. Ewart Williams indicated that the PEARLS Ratios would facilitate the regulatory framework that would measure the performance of the Credit Union System.

The Governor envisaged that the prudential criteria corroborating the proposed credit union legislation would be based on the PEARLS system with which the movement is already familiar. The PEARLS Ratios would support both a management and supervisory standard used to assess the financial soundness of credit unions. With this in mind, the PEARLS Monitoring System Software would identify the key ratios and recommended standards for their value.

Credit Unions being mandated by the Central Bank of Trinidad and Tobago to follow such prudential criteria, given the proposed legislative framework, have led the CCULTT to be responsible for ensuring that all our member units fulfil such requirements. Benefits, key ratios and the recommended standards for their values can be viewed at www.woccu.org/pdf/pearls.pdf. We implore that this information should be used to guide the operations of your credit union in relation to the impending legislation.

World Council's PEARLS Monitoring System is the only software of its kind to combine a powerful relational database with an internationally proven methodology for improving operational efficiency.

PEARLS provides credit union managers with concise, easy-to-read reports that reveal institutional weaknesses and trends. It also offers a strategic business-planning tool to help managers implement change.

The PEARLS Monitoring System includes:

• Monitoring tool with PEARLS financial ratios
• Ranking tool for comparing credit unions
• Business planning tool to create strategic plans that help improve performance
• Customisable labels that can be adapted to suit local language requirements
• User guides and manuals

The Co-operative Credit Union League of Trinidad & Tobago has supported and promoted these prudential standards for the past number of years. Copies of the Software are available at the League’s Office.

The minimum requirements for the machine, which the software will be installed upon, are as follows:

Pentium 133MHz Processor (Pentium III, 450 MHz Recommended)
Windows 95, 98, NT, 2000 or ME
32 MB of RAM (at least 64MB of RAM recommended)
VGA 600 × 800 resolution capable videocard
100 MB Hard Drive Space
DVD/CD ROM Drive (for installation from CD)

Finally, we would also like to recommend that in order for your organization to receive maximum benefit from the software, arrangements could be made through the Credit Union League for upcoming training programmes/workshop in the PEARLS Ratios. The PEARLS software can be acquired via the League and any questions regarding these ratios, please contact Ms. Dianne Joseph, Office Manager or Mr. Akash Ramroop of the Credit Union Monitoring and Reporting Unit (CUMRU).