NCCU records growth in assets, deposits and loans in 2010
Mr Andy Liburd, President of the Nevis Cooperative Credit Union
Charlestown Nevis (June 21, 2011) — President of the Nevis Co-operative Credit Union Limited, Mr Andy Liburd, in addressing the society’s 38th Annual General Meeting told shareholders that despite the economic and financial challenges that faced the Federation, the NCCU recorded growth in assets, deposits and loans in 2010.
“Nevis’ economy continued to be affected by the fallout from the global economic recession and financial crises which would have had a negative impact on the economy of the USA, our main source of investment, tourist arrivals and remittances,” said Liburd at the meeting held at the conference centre of the Methodist Church in Charlestown on Monday June 20. He observed that the situation was compounded by the closure of the Four Seasons Resort that resulted in high unemployment due to loss of jobs by former employees; and loss of savings, investments, pensions and insurance coverage in the bankrupt British American Insurance Company Limited.
By a show of hands members resolve to purchase a building owned by the British American Insurance
“I want you to sit back, relax and understand what is happening with the Credit Union and make your necessary inquiries,” Liburd told the shareholders. “We are here to report to you and we are here to report the truth. We want you to continue with your faith in the institution and walk along with us as we continue to take the institution from strength to strength, even at a time when all the odds seem to be going against the institution.” He reported that in the year 2010 the Nevis Co-operative Credit Union incurred an impairment provision for investment following the closure of the St. Maarten-based Christian Kingdom Co-operative Credit Union whose result was a net loss for the financial year totalling to $312,751.
The loss was felt by the members as in a resolution read by the General Manager, Mr Sydney Newton, it was announced that the Credit Union would not pay dividends and bonuses. In a second resolution which was passed by a show of hands by the general membership, the NCCU was empowered to spend $3.5 million to purchase and complete an adjoining property owned by the British American Insurance Company Limited.
Mr Sydney Newton, General Manager, Nevis Cooperative Credit Union
“The Board is convinced that upon the completion of the building, the value of the property will be increased significantly, thereby realising a ‘gain’ to the revaluation reserve,” said Mr Newton. “The gain in the revaluation reserve will be a big step towards returning the NCCU to a state of compliance with Section 119(3) of the Cooperative Societies Act.” According to the General Manager, Section 119(3) of the Act states that “Every society shall ensure that its statutory and other reserves are, at no stage, less than 10% of its total liabilities.”
The Annual General Meeting which was held under the theme ‘Partnering with our community for the benefit of all’ was chaired by retiring director, Ms Earlene Maynard. Attending the AGM included Ms Donna Browne, Director of Cooperatives; Mr Ralph Wharton, general manager of the Caribbean Confederation of Credit Unions; Mr Othniel Hyliger, President of the St. Kitts Cooperative Credit Union; Mr Garry Moving of Simmonds and Associates (NCCU’s auditors); and Ms Patricia Reid-Waugh, regulator Nevis Financial Services.
Mr Ken Williams, Loans Officer at the NCCU — first citizen of the Federation of St. Kitts and Nevis to be conferred with an Associateship to the Banking and Finance Institutes of the Caribbean
On staff development, President Andy Liburd announced that Mr Ken Williams, a loans officer, became the first citizen of the Federation of St. Kitts and Nevis to be conferred with an Associateship to the Banking and Finance Institutes of the Caribbean. The award, conferred to Mr Williams at a forum of the Eastern Caribbean Institute of Banking and Financial Services (ECIB) held in Anguilla, was as a result of his having successfully completed a Bachelor of Science degree in Banking and Finance with the University of the West Indies that was conducted under the auspices of the ECIB.