As the Government prepares to lend a crutch to troubled CL Financial, depositors of the defunct Hindu Credit Union (HCU) have renewed their call for similar assistance.

The Credit Union Members Group (CRMG), which was formed to look after the interests of those who stand to lose money in the HCU fallout, yesterday again reached out to the Government for a loan to cushion depositors-many of whom could lose their life’s savings.

Previous calls for help have gone mostly unanswered by the Government, whilst the sale of HCU’s assets began in the last quarter of 2008.

In a release yesterday, the CRMG sought to remind the Government of their outstanding plight, and that they are asking for loan, not a bailout.

’In light of the action by Government to assist a private financial company, Credit Union Members Group (CRMG) is again requesting the Government to demonstrate compassion and goodwill towards HCU members,’ the statement said.

’CRMG requests urgent Government intervention in order to prevent a tragedy of immense proportions, imminent financial catastrophe and horrendous societal consequences for over 100,000 members and their families, who are citizens and taxpayers of Trinidad and Tobago.’

The group asked that Government consider a restructuring of HCU with new management, an initial loan of $100 million to be repaid after assets are unwound, and a $200 million loan to be disbursed and repaid after a ten-year period.