MCCU Annual Report - page 20

MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
20
Mr. Renford commended everyone for their hard work as it was because of the hard work
why the auditors could find everything in order.
Mr. Kenneth Grant commended the Board, management and staff for a job well done. He said
that all the indicators were pointing in the right direction; however he had one concern about
the delinquency rate. Mr. Grant said that although the rate was moving in the right direction,
it would be good to set a target of 3% as this would be good for our bottom line.
Mr. Steve Nugent asked how much the Credit Union lost due to the NDX. Mr. Scott responded
that to 2013 the Credit Union would have given up approximately $5 million in interest. Mr.
Nugent said he hoped to see in the future, the Credit Union granting more loans to members
instead of investing in government bonds. He also said that for the next report he would
want to see documented, the number of bonds and the amount invested. Mr. Scott assured
him that it would be seen in the next year’s report.
Ms. Petisha Chambers commented that she had heard everyone commending the staff for
their hard work but did not hear anyone commending them for their honesty.
Mr. Clifton Freeburn sought clarification on what exactly is charged-off loans. Mr. Scott informed
him that they are charged off but we were still trying to collect on them, which included hiring
a collection agency to assist with the collection. Mr. Freeburn asked if it was a part of the
provisional arrangement. Mr. Scott answered affirmatively.
Ralston Madison commended the Credit Union for making the bold move by participating in
the NDX programme.
Mrs. Karlene Kelly-Reid asked if the Credit Union have contemplated moving away from defined
pension benefits to defined contribution, like other schemes do, in light of the NDX. Mr. Scott
responded that the staff pension fund was a part of a pension plan managed by the Credit
Union League so he was not sure what the direction they would take.
On a motion moved by Mr.Stanley Skeene and seconded by Mr.Winston Ellis,theTreasurer’s Auditor’s
Reports were adopted.
At this point the chairman interjected to welcome Mr. Fitz Rowe, General Manager of St. Elizabeth
Co-operative Credit Union.
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