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Thursday, 31 August 2006


Strengthening Grenville Credit Union to Ensure Greater Commitment, Confidence and a Sound Financial Future

In this era of increasing competition and increased customer demand in the field of financial services the Grenville Cooperative Credit Union continues to not only hold it own but grow and increase its assets and service to its members.
The institution held its 19th Annual General Meeting (AGM) on Thursday 23rd June where members were given their yearly report on the operations of the credit union and prospects for the future.
Assembled at Bain’s Conference Hall in Grenville members were given the opportunity to ask questions pertaining to the running of their institution request accounts and explanations from the persons given the responsibility of managing and governing their financial institution.
Held under the theme: “Strengthening our Credit Union to Ensure Greater Commitment, confidence and a Sound Social and Financial Future”, the AGM accentuated the need for the credit union to develop its operations to match the demands of the changing business environment and the greater expectations for the future. In his report President, Mr. Leroy Cadet urged members of the credit union not to lose sight of the fundamental philosophy on which credit unionism is built that “we are our brother’s keeper”. He declared also that the credit union becomes stronger as each individual member is given the support to become a stronger, more productive and more responsible member. Cadet said the growth that the credit union has experienced in membership and assets over the last year is a testimony that the institution continues to open its caring arms to everyone despite their means or background. He said the AGM’s theme is particularly appropriate because it helps members to focus on where they are now and where they intend to go in the future. Cadet called on members for greater commitment which he said does not mean only seeking loans from the credit union when it is convenient but to put more of their savings in the credit union. He said greater commitment also means becoming more familiar with all the new programs and services.

BOARD MEMBERS AND INVITED GUESTS AT THE RECENT AGM.
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The president assured members that the Board of Directors has been working diligently to ensure that all aspects and departments of their credit union are properly managed despite the challenges that they have to deal with. Cadet expressed confidence that the staff, committees, membership and the board have a unity of vision and resolve as to where the credit union will go for the future. Describing the credit union as an essential part of the fabric of St. Andrew’s and in particular the Grenville social and business culture, he said they want to continue to forge closer relationships with all partners. He said since members work and live in the community, they want to continue to contribute to the development of St. Andrew’s. The president reminded credit unionists that the future is them and those who come after them and that those who come after should find the Grenville Cooperative Credit Union stronger that it has ever been. President of the Grenada Co-operative League Limited, Mr. Stanford Simon appealed to members, leaders and employees of the credit union to take more active participation in local and regional activities organized through their league. He went on to urge members to take note of the impact of CSME on the credit union movement. This he said includes competition with banks and other financial institutions, high cost of buildings, Internet banking, wide spread of interest rates and high cost of supervision. He said a dedicated customer service is necessary and this should motivate the movement to effect changes in the delivery of credit union products and the way business is done. Simon said strategic decisions must include expanding cross-border services, changes in governance, risk evaluation methods and supervision and change in perception. The League President gave support to the case for stricter credit union supervision and regulations, saying the establishment of GARFIN is an example of this need. He strongly advocated the need to fast track compliance with the Act, Regulations by-laws, policies and procedures in order to reduce the impact of more stringent and intrusive regulations and supervision. Simon implored the AGM that members must understand the existing and changing realities of financial services industry and be certain of the manner in which their credit union perceives its relationship and obligations with its league and regulators. He said since future success and soundness can be derailed by negative relationships credit unions must meet their legal, moral social and financial obligations. Simon ended by appealing on behalf of the League for greater support to ensure that it is capable of providing liquidity, investment and technological opportunities to its affiliates and their membership. He pledged that the League will continue the process of development which it has embarked on to ensure that it satisfies the diverse needs of its growing membership. Also addressing the AGM was a representative from the Co-operative Department who said that over the past several years the Grenville Co-operative Credit Union has demonstrated great potential in the mobilization of savings, general preparation of income and the granting of loans to its members for building and productive activities. She said the credit union represents a beacon of hope to its membership as well as the entire St. Andrew’s community through the services it provides. She called on the credit union to begin exploring the possibilities of strong partnership with another capable credit union for the benefit of shared services and technology. This she said is necessary with the advent of CSME which has ushered in the need to restructure in terms of present operations and administration.
She said the CSME will be accompanied by many changes, amongst them a free market environment which will present new challenges and opportunities for the credit union sector.
Manager of the credit union Mr. Devon Charles told members that the institution has experienced strong growth in the year under review and despite the challenges that it faces continues to record steady growth.
He said the figures in the Annual Report show that the credit union continues to grow and is in fact experiencing strong financial growth. He said the area of delinquency is one of the greatest challenges now and there are a number of reasons for the problem.
However he urged members who can to honor their commitments to the credit union and those experiencing problems to come in and discuss it so that collectively a solution can be found.
At the AGM four new persons were elected to the executive. Mr. Arthur Renaud was elected to the Board of Directors, Mr. Gentle Jeffrey to the Credit Committee and Mr. Raymond Charles and Ms. Bernadette Stanislaus to the Supervisory Committee. They will all serve for a period of three years.

 
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