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MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.

MINUTES OF THE Control and Surplus. The Board wished to
40 th ANNUAL GENERAL MEETING specially commend the staff members who have
worked creatively and tirelessly to contain the
The minutes, having been previously circulated, Delinquency Rate at 5.69% at the end of year.
were taken as read on a motion moved by Mr. Our members were also recognized for
Berresford South and seconded by Miss Marcia continuously honouring their obligations in a
Lamont. timely manner. Some of the targets not met
included Loan Interest, Interest Income and
CONFIRMATION increase in Youth Savers.

The amended minutes were confirmed on a During the year formal discussions had begun
motion moved by Ms. Charmaine Smith and with the St. Elizabeth Co-operative Credit Union
seconded by Ms. Coleen Hyatt. Limited with a view to advancing the possibility of
a merger of the two credit unions. A Merger
The Chairman paused to welcome Mrs. Tanya Committee, comprising members of both Boards,
Brown-Granstan from the Jamaica Co-operative was established and talks were on-going.
Credit Union League.
PERFORMANCE OVERVIEW
Apologies were tendered on behalf of the
following volunteers: The following provides insights of the Credit
Union’s operations for the financial year ended
 Mr. Churton Douglas – Credit Committee December 31, 2016:
 Mrs. Althia Scott-Jones – Board of Directors
(would be late) Performance Overview

CONDOLENCES Key Areas 2016 2015 % Target
Millions Millions Change for 2017
The attendees were asked to stand as a moment Savings 3,371 3003 12 3,758
of silence was observed in memory of those Net Loans 2,571 2228 14 2,819
members who passed away during the year.
Total Assets 4,540 4088 11 5,028
MATTERS ARISING Institutional Capital 789 719 10 849
Surplus 77 67 14 89
There were no matters raised by the members.

REPORTS The Chairman paused to welcome the following
persons:
BOARD OF DIRECTORS REPORT: Highlights
of this report were presented by the President  Miss Shakera Lee - Credit Union Fund
(Chairman), as follows: Management Company Limited
 Mr. Fitzgerald Rowe - General Manager,
The president stated that Board of Directors report St. Elizabeth Co-op. Credit Union
demonstrated an obligation on their part, to
officially communicate with the membership of the  Ms. Norma Neil - Chairman,
Manchester Co-operative Credit Union (1977) St. Elizabeth Co-op. Credit Union
Limited, in a structured way. The year under review
saw an increase in the social tensions, occasioned ADMINISTRATION & HUMAN RESOURCES
by the high levels of violence of all sorts.
Training
He noted that the Credit Union’s targets for the Staff members participated in a number of
year showed mixed results. Some targets training/workshops during the year to include the
achieved included New Members, Delinquency following:

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“Where Service Exceeds Expectation”