MCCU Annual Report - page 11

MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
11
Some of the short term goals that were set to achieve in 2013 were:
• To attain 20% growth in loans
• To achieve 13.6% savings growth
• To grow total assets by 14% to $3.5 billion
• To increase institutional capital ratio to 17.6%
• To attain 53.6% net loans/assets ratio
• To implement stationery/stock control system
• To implement delinquency management system
• To integrate loan processing
• To integrate the operations of Porus branch with the Mandeville branch
• To expand the parking lot in Christiana
• To launch Internet Banking
Some medium to long term goals were also identified as follows:
• To attain 6% of business within the Credit Union Movement by 2016
• To attain 62.5% loans to asset ratio by 2016
• To increase return on assets ratio to 4% and 5% by 2014 and 2015 respectively.
CONCLUSION
In his closing statement, the President, on behalf of the Board of Directors, said that the Credit
Union would ensure that it remains the financial institution of choice. The management, staff
and the Directors would continue to listen to the members and find new ways to provide
products and services that would meet their short and long-term needs.
He expressed the Board’s profound appreciation to the General Manager, Mrs. Cynthia Briscoe,
her management team, the staff and volunteers for ensuring the viability of the Credit Union
during the challenging times. To our co-operative partners, our bankers, our auditors, the
suppliers of goods and services and all others who in varied ways have contributed to the
smooth running of the Credit Union during the year.
QUESTIONS AND COMMENTS
Mr. David Powell said that he was concerned about space at the Credit Union and the fact
that the Institution was growing in membership. He stated that the plant was not growing
in Mandeville because it takes a long time to get in and get out. He said that since the
membership was growing, the plant should be growing as well.
Mr. Powell then asked about the offering of scholarships to students by the Credit Union, as
there were many of his students who have the required amount of subjects but cannot go to
college because their parents cannot afford it.
The Chairman pointed Mr. Powell to the minutes of the previous meeting where it spoke to
scholarships offered to students and informed him that this was something that the Credit
Union takes very seriously and continued to make provision at every Annual General Meeting
for funds to be set aside for scholarships.
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