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Annual Report 2006

Credit Committee Report

FOR THE YEAR ENDED 31ST DECEMBER, 2006 

It is with renewed verve and commitment to service that the Credit Committee of The Communal Co-operative Credit Union Limited submit its report for the financial year ended December 31, 2006.

 The Credit Committee consists of the following persons:

  • Nash Griffith:                        Chairman
  • Shawnna Thomas-Cuffie:       Secretary
  • Roselyn Telesford
  • Dave Frank
  • Austin Redhead

During the year 2006 2,716 loans were approved amounting to $21,942,788.00.

A total of 34 loans were declined during the period.  The loans were declined mainly for the following reasons:

  • Credibility/credit worthiness
  • Insufficient security
  • Inability to service loans

The attached table and chart categorizes the number and types of loans given for the period under review.

We the members of the Credit Committee have had a challenging year.  Continuous changes in the economy and business practices have caused us to become even more prudent in our deliberations.  Satisfactorily, we have met to outline goals for the committee.  At this juncture most goals have been realized. 

A gracious thank you is extended to the Board of management, staff and members of The Communal for the support and the opportunity to serve our Credit Union well.  We expect to continue to prosper and excel even more in 2007. 

 

_________________                        _________________                        _________________

Nash Griffith                                    Shawnna Thomas-Cuffie            Roselyn Telesford 

 

 

_________________                        _________________

Austin Redhead                        Dave Frank

LOANS GRANTED REPORT
YEAR ENDED DECEMBER 31, 2006 

LOAN PURPOSE NO. OF   PERCENT PERCENT
  LOANS
2006
2006
2005
         
Motor Vehicle Purchase 211 $4,914,476.00 22.40 21.39
Consolidation of debts 539 $4,768,396.00 21.73 16.11
House Purchase/Construction (mortgages) 123 $3,364,862.00 15.33 11.54
House Repairs/Improvements 366 $2,883,835.00 13.14 23.04
Land Purchase (mortgages) 59 $1,903,085.00 8.67 5.82
Personal Expenses (including rent) 657 $1,419,516.00 6.47 9.47
Business Loans 109 $657,670.00 3.00 3.28
Vehicle Repairs, Licence, Life Insurance 167 $714,989.00 3.26 1.59
Travelling and Vacation 120 $390,392.00 1.78 1.55
Education and Uniforms 131 $345,709.00 1.58 1.36
Home furnishings, appliances and House Insurance 67 $205,525.00 0.94 1.01
Medical and burial expenses 59 $131,514.00 0.60 0.92
EU Grant loans 10 $73,816.00 0.34 1.79
Life Stock and Farming 18 $69,954.00 0.32 0.33
Legal fees 52 $37,262.00 0.17 0.15
Special 7 $22,453.00 0.10 0.32
Fisheries 8 $20,629.00 0.09 0.31
Utility Bills 12 $14,705.00 0.07 0.02
Investments 1 $4,000.00 0.01 0
Total 2716 $21,942,788.00 100 100