 The Financial Services Regulatory Authority, FSRA, is responsible for the regulation and monitoring of the financial space in St. Lucia. This includes credit unions, international and domestic banks, international insurance companies and the money services business sector. The FSRA held a quality asset review workshop for credit unions in St. Lucia as part of what was termed a regulatory interface. Chief Director at the FSRA, Natalie DiSosi, said such interfaces provide information sharing and tools to improve the financial health of the sector, which leads to better supervision and monitoring by the FSRA. So we believe that this campaign, we call it educational campaign, is quite necessary to ensure that we can partner with those that we regulate in ensuring that policy holders are protected, depositors are also protected. So that is our main aim and focus. She also highlighted the importance of the credit union sector to St. Lucia's overall financial space. They represent 1.4 billion of total assets within St. Lucia, representing approximately 14% of the total asset base of the banking sector in St. Lucia, which is quite substantial. So therefore the significance of credit union for St. Lucia is critical because they are also those that allow for financial inclusion in our country. Manager for the international sector and non-banked financial institutions at the FSRA, Sancha Gervais Victor, referenced the actions taken by the FSRA for credit unions that fall below the benchmark. For these credit unions, that's where coming play our prompt corrective action framework. And our prompt corrective action framework is a guideline to the credit union on progressive actions that the FSRA will be taking on with credit unions to ensure that failure do not occur of these credit unions. Credit risk is among the most significant risks facing financial institutions. So said Andrea St. Rose, president of the Institute of Chartered Accountants of the Eastern Caribbean, she presented on the importance of the International Financial Reporting Standard No. 9. Well the whole purpose of standards, in particular international financial reporting standards, is to enhance comparability between financial institutions. So when you look at financial statements of one credit union versus the next, you need to know that they are applying the same basis in terms of how they arrive at the provision for loan losses. Melvin Edwards, the program director at the Caribbean Development Educators Program, addressed the issue of a resolution plan for credit unions. He said the regulator has a responsibility to prevent or minimize any deterioration in the operation of a credit union, the mantra being safety and soundness in the public interest. The whole question of reporting on performance is mandatory. It's required by law and therefore the COVID-19 Society Act as well as the FSRA's own act as the regulator. They combine with other legislation to require credit unions to be continuously accounting for their performance. Over 69 participants from 16 credit unions and the Credit Union League won hand for the workshop. The FSRA aims to have quarterly interface sessions with various stakeholder groups utilizing both in-person and virtual formats. For the National Competitiveness and Productivity Council, Glenn Simon reporting.