President of the National Co-operative Credit Union (NCCU) Dexter Ducreay has assured members that the credit union is in safe hands and is “financially sound.”
He was addressing the 3rd AGM of the NCCU at the St. Luke’s primary school in Pointe Michel on Wednesday..
According to Ducreay, having a robust financial institution has always been the primary goal of the NCCU board and as a result they have employed the most “prudent philosophy is designing and executing its strategy.”
“As we observe the 3rd AGM, we should give thanks to the founding members of the five credit unions that created the NCCU and by extension set us on a track of hope and prosperity…it is for this reason the theme for this meeting is NCCU, a beacon of hope in the challenging economic times,” Ducreay said.
He told the membership that Dominica’s economy has been experiencing economic challenges for some years, 2012 being no exception. “The economy experienced high unemployment and the key economic sectors like tourism and agriculture did not demonstrate significant growth in 2012. The debacle that was derived from the failure of CLICO and BAICO crafted increased financial turmoil for the financial sector, the scars are still with us today,” Ducreay remarked.
However, he said that despite the economic situation, the credit union’s financial bottom line for the reporting year demonstrated “a beacon of hope” with net loan portfolio growing by an amazing 10% or $24.8 m. Total assets also grew by 6.6% or $23.4 m when compared to the previous year. Member share capital also increased by 3.36% or $91,450 as compared to the previous year.
Ducreay won another three-year term on the NCCU board when he topped the elections with 172 votes. He was followed by Janice Jean-Jacques-Thomas 146, Bernard Francis 145, Alganan Degallerie 132 and Michael Augustine 131. Magdalene Bontiff Honore who was nominated to complete the term of Cletus Joseph who had resigned, polled 117 votes. Gerald Fregiste and Yolande Jno Jules also contested the elections but were unsuccessful.
The board will meet soon to decide who will be its new president but it is expected that Ducreay will continue to head the institution.
I thought there was a limit on how long or how many times one person could be president
Unfortunately i could not attend this AGM but i endorse those persons who were elected on the Board. I have no doubt that Mr Ducreay will be re elected as the President,i think he did a good job . I would also like to compliment Mr Irish the CEO and a special staff member Mrs Susan Fountain whom i consider to be Employee of the year.Keep up the Good Works guys.
All that is in the report is good, but not enough help for the small member.THEY MAKE IT TO TIGHT FOR US TO GET LOANS TO HELP OURSELVES AND AT CONSIDERABLE HIGH INTEREST RATES.we are the ones that pay back our loans every month the loans officers make persons feel embarassed.AND THE PROFIT MARGIN COULD STILL BE higher, but alot of persons like me prefer to go to fast cash inspite of their very high interest rate.But they save you time money and most of all stress, it would be interesting to note their growth percentage over the period in question as compared to NCCU.i am sure they too can boast of growth.Big Edge especially, the owner there, has good banking skills, and she will go the extra mile to work out something with the client, she will not send you empty away.I AM A MEMBER OF nccu for 30 years now i know what i am talking about. come on help us so we can help ourselves.
NCCU has introduced the “Now for Now” loan facility to meet members needs for immediate cash. Call a Branch for information or visit the website.
big up to the hard working staff at NCCU. All of u from the first to the last floor without you there would not be a vibrant NCCU. LOve cheers!!!!
to my credit union i say well done, and all of us who are members are contributors to this achievement. keep paying our loans on time and so on and so forth. do business right. Mr. Ducreay is indeed doing a good job.
of course he is it belongs to him and he runs it as such
good job mr. presedent !
Was present at the meeting. Great achievements by the NCCU throughout the year. Meeting was very well organized with great attendance by members.
Congratulation to you Mr Ducreay. I know you have the ability and foresight for a better credit union, one which will keep to their moto, and respect the ideas of sister Alicia. I want you to look into ways to assist small businesses with a bigger input towards those persons who have the ability and drive to do better with the right funding and assistance. The young ones who leave school and are business focussed,who need resources to create there own employment. The ones who have received small loans from the institutions, that have shown growth by being able to expand their businesses with the little resource funded, and now are in a position to show better ways of securing their loans and need to move to the next level of business. Sir I hope you will listen to us the small business persons of your institution, and help create funding for better business development, and reduce the interest rate to better accomodate growth of the small businesses as a form of incentive. I am happy that our credit union is well and have the financial resources to assist us the natives, and consider us as an investment to a better Dominica. Our young persons need know that there is hope in our institutions which were supported by our great grand and grand parents, and now we this generation.
To This sister upfront wearing blue. Sister you look fabulous and if you are not married I want you to be mine. I own a mule and 10 acres. No villas, no mansion and I will Cost U Less.
aye. aye pardna. she’s mine already. i going to ask her to marry me now
You just too funny! I’m looking for a husband too…so what you say?
LOL!!! OMG!!! Popeye u made my day!!!!!