Transcript CARIBBEAN CONFEDERATION OF CREDIT UNIONS

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BOARD OF DIRECTORS REPORT 2010
CONNECT, COMPLY, COMPETE:
The Credit Union Heartbeat
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BUILDING FINANCIAL SUSTAINABILITY.
CONTINUED ADVOCACY OF CO-OPERATIVES
ACROSS THE REGION.
REPRESENTATION AT WORLD COUNCIL AND
INTERNATIONALLY.
OVERVIEW OF REGION
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CONTRACTION IN ECONOMIES OF 12
COUNTRIES RANGING FROM MARGINAL TO
MODERATE.
GROWTH IN SIX COUNTRIES RANGING FROM
0.5% TO 3.6%.
OECS COUNTRIES ALSO EXPERIENCED
CONTRACTIONS RANGING FROM 7.2% IN
2009 TO 3.2% IN 2010.
SECTOR PERFORMANCE
MIXED FORTUNES
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VARIED ECONOMIC IMPACT ON CREDIT
UNIONS.
GROWTH IN SOME CREDIT UNIONS.
FALL OFF IN LOAN DEMAND AND INCREASED
SAVINGS WITHDRAWALS.
IMPAIRMENT OF INVESTMENTS IN CLICO AND
BAICO ESPECIALLY FOR CREDIT UNIONS IN
OECS AND TRINIDAD &TOBAGO.
REGIONAL EXPOSURE APPROXIMATELY
US$148.9 MILLION.
SECTOR PERFORMANCE
MIXED FORTUNES
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HIGH RATE OF SAVINGS GROWTH IN ST.
LUCIA AND THE NETHERLAND ANTILLES.
ASSET GROWTH ALSO ACHIEVED IN THE
NETHERLANDS ANTILLES AND GUYANA.
ANTIGUA AND BARBUDA RECORDED
DECLINES IN BOTH SAVINGS AND ASSETS.
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BOARD MEETINGS HELD THREE TIMES
DURING THE YEAR IN GUYANA, ST. MAARTEN
AND GRENADA.
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FIVE CCCU DIRECTORS ELECTED AT THE 39TH
AGM:
YVONNE RIDGUARD, DEAN ST. HILL, SYDNEY
NEWTON, DANA NESTOR AND AARON MOSES.
CCULTT’S GUARANTEED SEAT FILLED
PROTEM.
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CUNA MUTUAL‘S ANTHONY HALL RETIRED
FROM THE BOARD AND WAS REPLACED BY
ANDRE GOINDOO.
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DEPUTY GENERAL MANAGER APPOINTED.
AUDIT AND CONVENTION SUB-COMMITTEES
APPOINTED.
Assets
Surplus
2010
2009
Expense
2008
Income
0
200
400
600
800
1000
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CONVENTION SITE TO BE DETERMINED BASED ON
POTENTIAL HIGHEST RETURNS.
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DUES RELIEF REQUEST BY CCULTT DECLINED.
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BELIZE’S DUES RELIEF REQUEST AGREED.
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WEBSITE REDESIGNED.
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WOCCU’s G-10 MEETING.
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WORLD CREDIT UNION CONFERENCE LAS
VEGAS.
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FACT FINDING VISIT TO HAITI.
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53RD ANNUAL CONVENTION
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AWARDS AND RECOGNITION
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OECS CREDIT UNION’S SUMMIT.
SURINAME’S MAJOR CREDIT UNION
CONVERTS TO A CO-OPERATIVE BANK.
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STATUS OF TORTOLA’S MOVEMENT.
TRINIDAD AND TOBAGO MOVEMENT
REUNIFICATION.
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CARICOM SECRETARIAT
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CARICOM REGIONAL STAKEHOLDERS.
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CARICOM ASSOCIATION OF SMALL AND
MEDIUM ENTERPRISES.
CARIBBEAN DISASTER EMERGENCY
MANAGEMENT AGENCY.
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LEGISLATION RELATED TECHNICAL
ASSISTANCE PROVIDED TO:
ANTIGUA & BARBUDA
ST. VINCENT & THE GRENADINES.
MONTSERRAT.
ENTERPRISE RISK MANAGEMENT FOLLOWUP.
ON-LINE TRAINING FOR BIU CREDIT UNION.
CARIBBEAN REGULATORS TRAINING.
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THE BAHAMAS
– SECTOR GROWTH
- PENDING REGULATION BY CENTRAL BANK.
BARBADOS.
- IDB INSTITUTIONAL STRENGTHENING.
- MOVEMENT FUNDED TA PROJECT
- PENDING REGULATION BY THE FSC.
BELIZE.
- RURAL FINANCE PROGRAMME BENEFICIARY
- CENTRALIZED ATM NETWORK SERVICES
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DOMINICA.
- AMALGAMATION OF FIVE CREDIT UNIONS.
GRENADA.
- NEW CO-OPERATIVE SOCIETIES ACT WITH
SHARED REGULATORY RESPONSIBILITY.
JAMAICA
- IMPENDING NEW BOJ REGULATIONS.
- CONDUCT OF MARKET SURVEYS.
- CENTRALIZED SERVICES.
- NEW STRATEGIC PLAN.
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HAITI DESTROYED BY EARTHQUAKE.
ASSISTANCE MOBILISED FROM CARIBBEAN
CREDIT UNIONS.
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HURRICANE TOMAS’ IMPACT ON ST. LUCIA.
ASSISTANCE MOBILISED FROM THE REGION
AND WOCCU.
LOOKING FORWARD
STRATEGIC OBJECTIVES:
 EXPANSION OF CREDIT UNIONS AND OTHER
CO-OPERATIVES.
 PROMOTION OF PRUDENTIAL AND
OPERATING STANDARDS
 ADVOCACY AND NETWORKING.
 CAPACITY BUILDING OF VOLUNTEERS AND
MANAGEMENT.
 EMPHASIS ON THE CO-OPERATIVE
DIFFERENCE
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TO ALL CREDIT UNIONS WHO LOST MEMBERS
AND/OR THEIR FAMILIES.
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GRATITUDE IS EXPRESSED TO MANAGEMENT &
STAFF, AFFILIATES, STAKEHOLDERS AND
REGIONAL AND INTERNATIONAL
ORGANIZATIONS FOR THEIR SUPPORT DURING
THE PAST YEAR.
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