16Credit Union ANNUAL REPORT 2021SHARES AND DEPOSITSTotal member deposits of $426M (2020: $370M) grew by15%.Members’ continued confidence in our Credit Union isshown in the growth in member deposits; members’The strategic objectives for the 2021/22 financial year are:• Book the un-disbursed loans as of 31 July 2021;• Protect and grow our loan book;• Manage credit risk and monitor the delinquency rate toremain below 3%;shares grew by 16% (2020: 29%) or $57M. Member deposits• Maintain liquidity ratio above 15%;(savings and term deposits) declined by 6% (2020: up 71%)• Implement new banking software; andas members transferred term deposits to shares.Total Member Deposits ($000)2021426,606287,1982018260,3762017233,897the investment property currently held by the CreditUnion.The Credit Union remains committed to providing financialsolutions to our members in a cost effective, sustainable2020 370,4322019• Commence plans for a development project to utiliseand efficient manner. We are a safe repository for savingsand investments and, despite the fragile and challengingeconomic environment in which we currently operate, weremain very positive in our ability to play an important partin enabling our members to achieve their financial goals.Our purpose is to help our members to improve their qualityof life. We pledge to continue providing those opportunitiesTHE WAY FORWARDso that you, our valued members, can achieve your goalsfor years to come.We expect the 2021/22 financial year will be impacted asI wish to thank the management and staff of our Credit Unionfollows:for remaining diligent in their duties to the organisation. It• No change in the Prime Interest Rate;is never easy to operate in a dynamic and ever-changing• Ongoing competition for new lending; and• Moderately increased non-interest income due toimplementation of revised lending and transactionfees, ensuring that we maintain the lowest fees.financial environment.Thanks to our auditors, EY, who conducted and completedtheir audit in a timely manner.Finally, as Treasurer I am grateful to you, our valuedmembers, for your continued support of our Credit Unionand for the opportunity to have served in this capacity.Shakira Gourzong, TreasurerCrisis Centre Donation
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