Mandate
The Government of The Bahamas recognizes its legal obligation to protect the best interests of depositors, by ensuring at all times the safety and soundness of all financial institutions operating in The Bahamas. This commitment is founded on the following considerations:
A responsible government cannot encourage the populace to save regularly in deposit-taking institutions while toleratin
g lax methods and practices in management and supervision. The focus on risk mitigation and good corporate governance within financial institutions has recently intensified worldwide. Taxpayers’ resources are at risk when financial institutions entrusted with ordinary citizens’ hard-earned money fail due to inadequate supervision. Credit unions and other cooperatives have experienced rapid growth and sophistication throughout the Caribbean region during the past decade, proving their unique capacity to mobilize savings, generate income, and stimulate sustained employment at the community level. Government and private sector resources should not be exposed to absorbing or underwriting unnecessary losses caused by failing financial institutions. It is therefore in the public interest that the Department of Cooperative Development not only continues to exist, but is adequately organized, strengthened and achieving dynamic results. The mandate is indispensable to energizing the major business functions of the department in accordance with its mission. The Department of Cooperative Development has ten (10) chief components:
1. Registration of Cooperative Societies
Arbitration
3. Inspection and Supervision of Cooperative
4. Societies
Audit
Education and Training
Research and Development
Policy, Promotion and Advice
Resource Mobilization and Management
Liquidation and Dissolution of Societies
