The Government has reported steady progress towards passage of the Co-operative Societies and Credit Unions Special Provisions Bills.
The legislation will transfer regulation of the country's 23 credit unions — with assets totaling $200 billion — from the Department of Co-operatives and Friendly Societies to the Bank of Jamaica.
It will also pave the way for the Ministry of Finance to license credit unions.
The Bank of Jamaica says it is reviewing operating structures and recruiting the necessary personnel to ensure it can effectively carry out its new supervisory role.
The Bank of Jamaica has reported, in the meantime, that the assets of the credit union movement grew by 10 per cent last year, reaching $198.6 billion at the end of December.
At that time, there were 24 credit unions operating 104 branches across the island.
Loan portfolios also increased, up 13 per cent to $137 billion, while capital bases rose to $21.3 billion.
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