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Annual Report 2018 EASTERN CREDIT UNION

Head, Information Technology Charlene Webb-Brereton

Security Co-ordinator Cecil Gittens

Internal Auditor Thayne Borel

Both Mr. Conrad Enill, Group Chief Executive Officer and Ms. Jessell Moraldo-Cumberbatch, Group
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Executive Manager, Human Resources exited the organization on October 03 , 2018 and January 04 ,
2019 respectively.

Following the Annual General Meeting which was held on 20 May,2018, the Board of Directors hosted
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an Orientation Retreat for the Board and Management of Eastern Credit Union and its Subsidiary EPL
Properties Ltd. Participants were given an overview of the challenges facing the organization and to
identify solutions in a priority order with the view achieving the goals of the Strategic Plan 2017-2019.

In an ever changing economic and social environment, and the need to respond effectively to the needs
of our growing membership, the Board continued to vigorously pursue the objectives in our Strategic
Plan. These priorities as outlined in page 2 of the brochure are as follows:

• Generate Sales Revenue
• Improve Customer Service
• Reduce Delinquency
• Intensify Member Engagement
• Reinforce Compliance and Risk Management

3. Overview
The global economy continued to strengthen in 2018, amid growing risks to a possible trade war principally
between the United States and China. Petroleum prices remained stable and natural gas supported a year on
year performance. Inflation remained stable and saw global growth increase. In the Caribbean we witnessed the
ravages of natural disasters, while others had to resort to the IMF for assistance.

In 2018 economic activity in Trinidad and Tobago slowed, with declining revenues resulting in cutbacks in
government expenditures. Even though, Government, the biggest employer, generally maintained its employment
levels, the same could not be said of the private sector. However, the end of 2018, saw a possible increase in the
unemployment rate, with the closure of Petrotrin and the massive lay-off at the Telecommunications Services of
Trinidad and Tobago (TSTT).

The foreign exchange market continued to remain very tight, as importers complained about being unable
to meet their commitments to their overseas clients. The Government continues to manage their debt, while
keeping the economy relatively stable.

NAVIGATING THE FUTURE TOGETHER 25