MCCU Annual Report - page 101

MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
101
When compared with 2012; loans increased in numbers by 610 or 8.46% from 7209 to 7819,
however there was a decrease in the dollar value by $47 million or 4.51% from $1.049 billion
to $1.001 billion. The overall loan portfolio increased from $1.604 billion in 2012 to $1.835
billion in 2013 representing a growth of 14.40%.
Pro le of Loans Disbursed
The following chart displays the top five categories of loans disbursed during the year. Home
Improvement accounted for the largest category disbursed during the year; however, compared
to 2012 there was a decline of 17.63% from $225 million to $185.5 million. Debt Consolidation
and Moni-Tree Line of Credit were the only categories in the top five to record increases for
the years in comparison.
AMENDMENTS
During the year amendments were made to the Regular Unsecured, Special Education, Tuition
Plus and Monimax Loan products allowing members to access loans up to a maximum of
$900,000 above their shares. A ceiling was established for loans secured by motor vehicles
and real estate in an effort to limit the Credit Union’s exposure in the event of impairment.
The HOPE Loan product was discontinued; the maximum repayment term for loans secured
by real estate and motor vehicles were increased while interest rates were reduced in order
to make loans more affordable to you our members.
Adjustments were made to the Delinquency Policy, to allow our members who may have had
minor challenges in servicing their loans secured by cash held at the Credit Union, to maintain
the loan but transfers could be done from the share security to clear the arrears. This is a
win-win situation has your funds are still in intact and your arrears are cleared.
Major Loan Categories in JMD $ Millions
172.5
93
81.5
185.5
143
Educational Expenses
Moni-Tree Line of Credit
Consolidaionof Debts
MotorVehicle Purchases
Home Improvement&Repairs
I...,91,92,93,94,95,96,97,98,99,100 102,103,104,105,106,107,108,109,110,111,...126
Powered by FlippingBook