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MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.
• Embedding a Compliance & Risk Management effort and energy in helping to steady the affairs
Culture of our Credit Union. The Chairman expressed
thanks also to all other partners in the Co-
• Strengthening & Promoting Brand (MCCU operative family for their help along the journey:
1977) Ltd. the League, The Department of Co-operatives and
• Building Sustainable Liquidity Friendly Societies, our Auditors, our bankers, the
many providers of goods and services.
• Achieving greater return of Assets towards the
building of a stronger Capital Base QUESTIONS AND COMMENTS
• Enhancing/widening Service Delivery Channels Mr. Berresford South said that he was heartened
to see that the matter of merger was being
• Improving Service Delivery Standards
discussed.
Short Term Goals for 2017: The financial and He also commended the Credit Union for its
operational targets for 2017 are outlined as donation to the Red Cross towards the purchase
follows:
of a wheelchair accessible vehicle as part of its
social outreach.
• To attain 15% loans growth
• To grow the savings portfolio by 12% On a motion moved by Ms. Karen Miller and
seconded by Mr. Shirley Johnson, the report of
• To grow assets by 11.5% to $5 billion the Board of Directors was adopted.
• To attain surplus of $89 million Rev. Danvers paused to welcome Director
• To attain average loan yield of 14.5% Mr. Astley Scott.
• To attain an average investment yield of 5.65% TREASURER’S REPORT:
• To attain an institutional capital ratio of 18.6% Highlights of this report were presented by the
Treasurer, Mr. Alfred Daley as follows:-
CONCLUSION
INTRODUCTION
In closing, the President noted that in order to
shore-up the sustainability of the Credit Union, all Gross Domestic Product (GDP), supported by
members are called on, not only to make use of noticeable growth in both the agriculture and
the loan facilities, but to live up to their loan manufacturing sectors was set to end the
obligations as well. Being part of a member- 2016/17 fiscal year at 1.7%. Inflation remained
owned financial institution is not merely a at record low level and there was further
privilege but a serious responsibility. He again strengthening of the net international reserves
reminded the entire membership that our Credit which hit the $3 billion mark during the year.
Union will be as strong as we together allow it to Additionally, the Debt to GDP ratio continued to
be and that we continue to demonstrate a high trend in the right direction given the
level of social responsibility and make our Government’s curtailed appetite for borrowing.
communities and interest groups in Manchester
feel our presence. During the year, the Government was able to
successfully implement certain tax reform
The Board expressed thanks to the Management measures that resulted in an improvement in the
team and staff members, of every rank, for the disposable income of a number of employees.
continued commitment to the success of the These measures also brought about a welcomed
Credit Union. The work of the Board has been increase in tax revenues. Also, the effort to tame
supported very well, especially by the General the crime monster had placed further burden on
Manager, who provided measured advice and the country’s scarce financial resources during the
guidance. Recognition and expression of thanks year.
were extended to all volunteers for their time,
*
10 ANNUAL REPORT 2017
