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EASTERN CREDIT UNION Annual Report 2018
• Relocation of the Accounts Department to the top floor of the Arima Branch which formerly
housed EPL’s Banquet Hall and Conference Facilities.
• The EPL/ECU Memorandum of Understanding (MOU) Committee was established to review the
relationship between both parties, the use of human resource capital and to develop service level
agreements.
On a motion moved by Mr. Trevor Rogers (Tunapuna Branch) and seconded by Mr. Nigel Matthew (St.
Joseph Branch), the meeting was suspended for lunch.
1.25 p.m.: Meeting suspended.
2.50 p.m.: Meeting resumed.
14.1 Adoption
The Board of Directors’ Report, as amended, was unanimously adopted on a motion moved by Mr.
Christopher Power (Chaguanas Branch) and seconded by Mr. Anthony Skeete (Port of Spain Branch).
15.0 6 CREDENTIALS REPORT
TH
A Credentials Report at 1.03 p.m. revealed that one thousand two hundred and seventy-eight members
were present (1,278).
16.0 AUDITOR’S REPORT
Mr. Dwayne Rodriguez-Seijas of PricewaterhouseCoopers read the Auditor’s Report and provided the
following responses to questions raised:
• With regard to the suggestion that the Consolidated Accounts along with separate ECU Financials
should be presented at the AGM, the Auditor indicated that this is a decision for ECU to make.
However, he expressed the view that whatever ECU owns is what should be presented to the
AGM, which is the Group’s performance.
• The qualification will be removed once there is sufficient evidence that the amount earmarked for
provisioning is reflective of the collateral being held across the loan portfolio.
16.1 Acceptance
The Auditor’s Report was unanimously accepted on a motion moved by Mr. Kirk Ferguson (Tunapuna
Branch) and seconded by Mr. James George Thomas (Port of Spain Branch).
17.0 CONSOLIDATED AUDITED FINANCIAL STATEMENTS, 2017
The Group CEO presented highlights of the Consolidated Audited Financial Statements for the year ended
December 31, 2017. He also stated that in order to make its processes more efficient and to reduce cost
ECU is looking at:
• Payment process efficiency.
14 NAVIGATING THE FUTURE TOGETHER
