Hanover Credit Union records high growth
Published:Saturday | June 22, 2013 | 12:00 AM
WESTERN BUREAU:
The Hanover Co-operative Credit Union (HCCU) staged its 35th annual general meeting at the Jockey Factory in Lucea last week Thursday, with more than 500 members from across the parish in attendance.
The meeting focused on the HCCU's financial undertakings from January to December 2012, a year which, according to board Chairman Rodcliffe Robertson, was a very successful one.
"It must be noted that the first half of the year ended with significant growth in the key areas, including savings, shares, and loans," Robertson said.
"The strategies that were devised at our annual planning retreat were rigorously implemented and the credit union saw even more inordinate growth for the second half of 2012," he added.
The board chairman said the institution's new office building, for which construction started in October 2012, is slated to be completed in March 2014. The building is being constructed at a cost of $114 million.
He also said that despite the increasing uncertainty in the international economy, there were positive indicators which could see "cautious growth for the credit union in 2013".
Said Robertson: "One of the main challenges for the credit union is to adapt to rising operational costs. Furthermore, with the current IMF (International Monetary Fund) agreement, which resulted in a wage freeze for our public-sector employees, the board is concerned about our members' income and capacity to honour their respective loan agreements."
Robertson said the organisation's main goals for this year are to increase the use of technology via a delinquency control and management software; conduct ongoing reviews to ensure staff members are skilled and competent; to review policies and procedures to ensure efficiency and prudent operation, and to significantly increase the savings portfolio as well as to maintain a very high loan portfolio.