Page 20 - MCCU

MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.

REPORT OF THE BOARD OF DIRECTORS

T he Board of Directors of Manchester Co-operative Credit Union

(1977) Limited uses this medium to account to the membership on the
performance during the year 2017. The year was characterized by a
continuing high crime rate, particularly murders, and the scourge of
cyber-related crimes, including ‘scamming’. On the financial scene, the
low interest-rate regime continued, and some of our targets were
somewhat affected.

The discussions and preparations for credit unions to be regulated by the
Bank of Jamaica (BOJ) continued in earnest, as well as readiness for the
New International Accounting Standard IFRS 9. The formal discussions
with St. Elizabeth Co-operative Credit Union Limited continued until the
latter part of the year when the focus shifted to preparations for the BOJ
Regulations and IFRS 9 readiness. To this end a company, eCM Global,
was selected to provide technical and software support to the Credit
REV. CHARLES DANVERS
President of the Board of Directors Union.

One major change that happened during the year was the retirement of the former General Manager,
Mrs. Cynthia Briscoe. The Board of Directors and the entire volunteer core offer our best wishes to Mrs.
Briscoe on her retirement and convey our thanks to her for the sterling service she gave, especially as
General Manager for approximately thirteen (13) years.

Condolence:

The Board of Directors, Supervisory and Credit Committee members offer our condolences to the families
of members who died during 2017 as well as members of staff and those from the volunteer core who
had family deaths.

Below are more details on the Credit Union’s performance and activities for the period ending December
31, 2017.
Performance Overview

Key Areas 2017 2016 % Change Target
Millions Millions for 2018

Savings 3,697 3,371 10 4,147

Net Loans 2,832 2,571 10 3,077

Total Assets 4,963 4,540 9 5,408
Institutional Capital 886 789 12 896

Surplus 82 77 6 71

*
20 ANNUAL REPORT 2017