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The Credit Committee continues to form an integral part of the Management Team and it continues to perform in appraising and granting loans to members.
The Credit Committee is comprised of six members of varying skills and diverse abilities. During the year, one member was replaced on the committee when she moved to another area of the Management Team. Members continued to meet every Tuesday to facilitate the quick and timely manner in which loans are processed, being mindful of the need for efficient and effective service to our customers in an ever changing competitive environment.
In retrospect, the past year challenged our abilities and enabled us to seriously exercise our time management skills. Last year saw the reformation of the loans department with an additional loan portfolio, drastic increase in membership and loan applications. This revolution in the loans department contributed to a vast increase in the number of loan applications on any given day. We can say that we have had our fair share of responsibilities, however we were able to weather the storm through team effort.
It would be remiss of the committee if its members do not take this opportunity to thank the Management and staff of the Communal Co-operative Credit Union for affording us the opportunity to serve its members in this noble capacity during the year under review. Special thanks to the staff of the Loans Department for their continued assistance, co-operation and support. The committee looks forward to its continuance and wishes the movement all the best in its future endeavours.
The Table below gives members the loan purpose, number of loans, value and percentages during the period under review. Usually, some loans are granted within shares/savings, ie. fully secured by the members' shares and savings.
Susan Peters-Hosten
Committee Secretary
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