NCCU financial status ‘safe and sound’ CEO says

Irish says the company's financial status is safe
Irish says the company’s financial status is safe

The National Cooperative Credit Union is reporting an increase in over $20-million in its loans portfolio and more than $2-million surplus in 2014.

“Safe and sound,” is how the Chief Executive Officer (CEO) of NCCU Aylmer Irish described the union’s financial status.

“We will be reporting to our members on May 19th that last year was yet another successful year of operations,” he said. “We have recorded in excess of $2-million surplus and therefore we would be in a good position to pay out dividends again to the members. Our loans portfolio grew by excess of $20-million despite the challenges in the economy. So yes this Credit Union is safe, this Credit Union is sound, and we continue to provide members with the services that they demand and we also anticipate the demand and provide services as well.”

He said there may be a need for new staff as the company continues to grow.

“On a regular basis, we look at the service that we provide and we attempt to improve,” he stated, adding that the company intends to computerize more of its services which would in turn assist in the time customers spend at the institution.

The NCCU was established on November 1, 2010, according to its website.

Between 2009 and 2010, the La Salette, St. Paul, Vielle Case, Roseau and St. David’s Credit Unions explored the possibility of amalgamating to bring human and financial resources together for operating more efficiently in a competitive environment and changing financial market place. In 2010 the decision was taken to amalgamate and these five Credit Unions became “One Entity” on November 1, 2010.

It emerged from this amalgamation and the five Credit Unions became the Branches of NCCU “One Big Family”.

It is the largest in the Eastern Caribbean with a membership of over the 37,000.

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6 Comments

  1. Working Class
    April 23, 2015

    Hopefully, the good financial position you speak of will be passed on to the Owners of the Credit, who is the average man walking on the streets.
    1. Mr. Irish I now hope that you can have more than one disbursement officer for loans so that members don’t ‘ have to sit there from 8-3 to get my loan money.
    2. the interest rate of loans will be reduced.
    3. You will reinstate the staff gratuity pension. It is a shame that the credit union treats their staff so bad.
    4. The Ludacris increase proposed for board members will be DISAPPROVED. Board members allowance cannot be more than that of your senior officers.
    5. I am very disappointed that such a huge structure has been constructed, yet it is so poor, ugly, no thought put into it. You can hear what is being said in one loan interview if you’re sitting in the next. Ugly slippery tiles in the hall way. A waste of members fees.

    I await!

  2. April 23, 2015

    It’s so nice to see this. The strong credit union movement is a great thing about Dominica.

    • Reader
      April 23, 2015

      Ok denizen! haven’t seen ur post lately good to see you are alive & kicking. wereU in the forest for a while?Join the Union U got ur passport.

  3. Progressive
    April 22, 2015

    I Must commend the staff and management on their prudent management of the institution, therefore since the business is sound they should aim at reducing interest rates on mortgage loans at least by 1 % or more in order to stimulate our economy which currently needs a sufficient boost in order to provide jobs for our skill persons and youth. The ECCB has reduce interest on saving by 1 percent in order to stimulate persons to invest their money however it would be better suited to reduce interest rates on loans in order to attract persons to invest in building their homes or doing business. This would unequivocally stimulate our construction sector and our economy as a whole.

    looking forward for constructive comments on this important issue.

    • myemailtoo
      April 22, 2015

      I agree. If the ECCB is instituting a reduction in interest on savings it should also institute reduction in interest on loans and mortgages.

  4. Jam Rock
    April 22, 2015

    Kudos to the management and staff of NCCU…keep up the good work :!: :!:

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