Credit Union Annual Report 2021 V2 - Flipbook - Page 11
Credit Union ANNUAL REPORT 2021
9
DELINQUENT LOANS
WRITTEN-OFF LOANS
HUMAN RESOURCES
The Board monitors this very critical
Accounts that were in arrears for a
Total staff complement as of 31 July
credit risk area of the Credit Union on
period in excess of 365 days, and
2021 was 64 (2020: 59); the increase in
a regular basis and daily oversight is
for which the accounts reflected a
staff. A 7% increase in health insurance
provided through the Debt Collection
100% provision for the debts, were
premiums, and retirement benefits
Department. At the end of the financial
recommended to the Board by the
for two long serving employees
year, the delinquency rate stood at
Management for write off. As of 31 July
contributed
1.90% compared to 1.91% at the end of
2021, loans with a combined value of
personnel costs for the financial year.
the 2020 financial year. We continue
$564K (2020: $213K) were approved
to monitor delinquency through an
by the Board of Directors as Written-
enhanced policy and procedures
Off Loans. These loans will continue
manual which was updated during the
to be managed for collections but will
financial year.
no longer be included as part of the
See more in the Treasurer’s Report on
pages 13 to 16.
Team Working
current loans’ portfolio. We, however,
will continue with an aggressive
procedure to collect as much of these
to
the
increase
in
Staff development remains an area of
priority with training sessions for all
staff of the Credit Union. The Directors
and
Volunteers
also
benefitted
from training in Governance and an
update on Anti-Money Laundering/
Combatting the Financing of Terrorism.
outstanding loans as we can which
See more in About Us on page 22
will go directly towards our surplus.
to 25.