Page 47 - ECU_Annual_Report_2018

Annual Report 2018 EASTERN CREDIT UNIONAnnual Report 2018 EASTERN CREDIT UNION

Credit Committee Report

for the period January 1 to December 31 , 2018
st
st
th
th
The 44 Annual General Meeting of the Society held on May 20 2018 brought into being amongst others, the
Credit Committee which would serve the membership for the period 2018-2019. The membership instated five
(5) ordinary members and two (2) substitutes. These duly Elected Officers, as mandated by Bye Law 21, would
be charged with the responsibility of oversight of credit in the institution. At the inauguration of the statutory
committees held on May 22 2018 the Credit Committee’s composition was declared, pledging the following
nd
members to the execution of the Committee’s fiduciary responsibility to the Society:

Committee Member Position on Committee

Mr. Delroy Burris Chairperson
Ms. Shezrae Nesbitt Secretary
Ms. Mary Thompson Member
Mrs. Rhona Adams-Arrindell Member

Ms. Patricia Ward Member
Ms. Jacquelyn Humphrey 1 Substitute
st
Mr. Kirk Ferguson 2 Substitute
nd

The Credit Committee conducts its statutory meetings at least once per week, and where the need arises, special
meetings are convened, in the best interest of the membership. This Committee was cognizant of the fact that
the term ahead would be a challenging one, to say the least. Having strict regard to the pervading economic
challenges that bedeviled the economy of Trinidad and Tobago, it was implicit that prudent fiscal responsibility
would be required to manoeuvre these challenging times. A balance had to be struck between our members’
needs, sharp regulatory measures and the need to maintain the core spirit of Credit Unionism.

Review of Files
For the period under review, the Credit Committee interacted with a total of 337 files, the breakdown for which
is as follows:
Table 1: Files reviewed by the Credit Committee in 2018

Facility No. Value

Loans 105 $89,362,185.92
Share Withdrawals 171 $1,186,744.48
Share To Loan Transfers 48 $1,503,436.04
Meeting with Members 13 $22,390,000.00
TOTAL 337 $114,442,366.44

NAVIGATING THE FUTURE TOGETHER 45