GPSCCU Annual Report 2013
Bro. Duane Noel commended the Board of Directors and Management on the improvement in the liquidity ratios
and sought clarification as to the factors causing these ratios to improve. The Chairman responded that this was
a result of an increase in members’ savings and the conversion of savings to equity.
A motion to adopt the Board of Directors’ report was made by Sis. Merina Jessamy, seconded by Bro. Learie Barry
and carried.
AGM13/11 Credit Committee’s Report
The Chairman, Bro. Terrence Victor moved a motion that the Credit Committee’s Report be taken as read and it
carried without dissent
The following corrections were made:
Ref. AGM booklet page 27, 3rd paragraph repeated on page 28 1st paragraph.
Ref. AGM booklet page 28, “a total of 4327 loan applications. Of these, a tota l of 4348 loans were approved.”
Should read, “a total of 4348 loan applications. Of these, a total of 4327 loans were approved.”
Bro. Victor impressed upon members the following:
1. To reduce personal cost
2. To carefully plan their finances
3. To seek more investment type borrowings
4. And to seek to keep their borrowings within the GPSCCU.
He expressed thanks for the support given to the Credit Committee by all the members of the Board,
Management, Staff and other committees.
Ref. page 27, Bro. Oliver Joseph commented on the High Debt Service Ratio and encouraged members to be
mindful of their borrowings.
Ref. page 29, Bro. Ernie James commented on the reduction in Educational Loans by 12%. He encouraged members
to make better use of this loan facility to further educate themselves.
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Ref. page 29, Bro. Mike Sylvester commented on the high level of loans for debt consolidation and personal
expenses. He recommended continued financial training and counseling for members. He applauded the Credit
Committee on their high level of performance and service. He encouraged members to continue to borrow from
their credit union and encouraged the Board of Directors to find an easier means for borrowing for members of
Staff, Board and all Committees.
Bro. Duane Noel inquired about the requirements for loans for debt consolidation and personal expenses. Bro.
Victor reported that for loans of small amounts the members are not required to bring documentations however
for large sums supporting documentation were required from the members.
A motion to adopt the report of the Credit Committee was moved by Sis. Yvonne Richards-Scoon, seconded by
Sis. Marrietta Mitchell and carried without dissent.