CREDIT UNION DEVELOPMENT PROGRAM (PVO)

EVALUATION METHODOLOGY NOT DEFINED. SINCE PROJECT IS BEINGSATISFACTORILY IMPLEMENTED FOLLOWING ITS ORIGINAL DESIGN, NO RECOMMENDATIONS WERE MADE. THE MOST SIGNIFICANT FINDING IS A SLIGHT REDUCTION OF THE FEDERACIO URUGUAYA DE COOPERATIVA S DE AHORRO Y CREDIT (FUCAC) FINANCIAL CONTRIBUTION TO THE PROJECT COMPARED WITH PROJECT TARGETS. THE SOURCE OF ITS CONTRIBUTION IS THE MEMBERSHIP DUES PAID BY THE CREDIT UNIONS. IT WAS ORIGINALLY ESTIMATED THAT FUCAC"S SHARE OF OPERATING COSTS FOR THE FIRST YEAR WOULD BE 12% BUT THE ACTUAL FIGURES SHOW ONLY 9% CONTRIBUTED. THE REDUCTION WAS THE RESULT OF APOLICY DECISION OF FUCAC RATHER THAN A FAILURE TO OBTAIN TH E RESOURCES. FUCAC DECIDED TO ADJUST ITS OPERATIONAL COSTS AND REQUEST THE MINIMUM FINANCIAL CONTRIBUTION POSSIBLE FOR ITS MEMBERS IN ORDER TO MINIMIZE THE IMPACT OF THE NEW CAPITAL REQUIREMENTS IMPOSED BY THE CENTRAL BANK ON CREDIT UNIONS. (EVALUATION IS AN SPANISH.)