Credit Union Annual Report 2021 V2 - Flipbook - Page 19
Credit Union ANNUAL REPORT 2021
17
CREDIT COMMITTEE
REPORT
OVERVIEW
The Credit Committee approved loans totalling $97M (2020:
$59M). All loans in excess of the limit for the Committee as
set out in the Credit Policy were submitted to the Board of
Directors for final review and decision. All loans below the
limit for the Credit Committee were approved by the Internal
Credit Committee and the loan officers in accordance with
the Credit Policy.
The table below shows a 65% increase in total loans
approved compared to the previous year.
OUT OF SHARE LOANS ($000)
2020
2021
Type of Loans
Qty.
$ Amount
Qty.
$ Amount
Land & Building
Purchase
216
33,155
121
16,544
Debt
Consolidation/
Refinance
51
8,630
53
7,671
Construction
35
13,166
17
7,365
Motor Vehicle
Purchase
318
10,572
180
5,894
Property/
Home Repairs
18
1,019
16
792
Personal
10
585
6
226
Business
Investment
4
1,231
4
1,166
Education
5
186
5
197
Boat Purchase
1
35
-
0
Medical
Expenses
1
7
2
35
Furniture/
Appliances
-
0
2
65
659
68,586
406
39,955
TOTAL
Matthew Tibbetts,
Committee Chairman
Total Unsecured
Loans
5,775
5,971
Total Within
Share Loans
22,776
12,926
GRAND TOTAL
97,137
58,852