Credit Union Annual Report 2021 V2 - Flipbook - Page 20
Credit Union ANNUAL REPORT 2021
18
The increase in total loans approved was mainly due to:
• Recoveries on loans written-off;
• 100% increase in land and home purchases;
• Large exposures;
• 79% increase in construction of homes;
• Related party loans (staff and volunteers); and
• 79% increase in new vehicle purchases; and
• Loan provision and expected credit loss.
• 76% increase in within-share-loans.
As noted in the Chairman’s Report, despite the closed
borders, the demand for home ownership boosted the
MEMBERSHIP AND ATTENDANCE
real estate and construction industry. In addition, members
The Credit Committee held 36 (2020: 21) meetings during
used their pension withdrawals as collateral for consumer
the financial year to review and adjudicate loan proposals
within-share-loans.
for our members. During the year the Chairman and
The Credit Committee annoted the trend of increased
costs to build and purchase homes. The amount of an
Deputy Chair of the Credit Committee also attended 9
(4 and 5, respectively) of the Board Meetings.
individual loan proposal increased such that many loans
CREDIT COMMITTEE
were being referred to the Board by the Committee for
final approval based on established limits in the Credit
Policy. Therefore, the Committee recommended that
the Board increase the approval limit for the Credit
Committee, which by extension, reduced the number of
loans referred to the Board for approval.
The Credit Committee also reviews other credit risk reports
which monitor:
• Credit risk asset classification;
• Delinquency rate;
• Delinquency by loan type and age group;
• Loan payment waivers;
• Restructured loans;
• Repossessed properties;
36
14
1
51
Matthew Tibbetts Committee
Chairman
30
4
1
35
Louis BurkeRichardson
36
5
1
42
Deputy
Chairperson
Louise
Burke-Richardson
Deputy Chairperson
Beverly
McField-Walters
Uche Obi
Keisha Yates
Ida Jane Ebanks
TOTAL
Statutory
Board
Credit
Commitee
Position
Members
• Loans for write-off;
Matthew Tibbetts
Committee
Chairman
Uche Obi
Member
18
-
1
19
Ida Jane Ebanks
Secretary
28
-
-
28
Keisha Yates2
Member
21
-
1
22
Beverley
McField-Walters
Member
31
-
1
32
George Fullerton1 Member
10
-
-
10
George Fullerton retired from the Credit Committee in November 2020.
1
Keisha Yates and Uche Obi were elected to serve in November 2020.
2
Matthew Tibbetts, Committee Chairman