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Jamaica
Teachers' Association Co-op Credit Union Limited - From
humble beginnings
 THE
JAMAICA Teachers` Association Co-operative Credit Union
was founded in July 1959, and registered with the Co-operative
Society in October, 1959.
The
Credit Union, of humble beginning, has been growing
from strength to strength, and in July 2004, will achieve
a milestone of 45 years of service to its highly esteemed
members.
Our
growth in assets now stands at $2.4b which allows us
to maintain second place in the Jamaican Movement, while
our loan portfolio of $1.85b rank us as leader in loans.
The membership of 26,199 has accumulated savings (shares
and deposits) of $1.94b.
The
loan portfolio has grown substantially from $1,462m
in 2002 to $1,797m in 2003; an increase of $335m. Our
members have been borrowing to improve their standard
of living, and this can be seen from the breakdown of
our loan portfolio for the year ended December 31, 2003:
*
Education 22.2%
*
Motor vehicle 22.1%
*
Real Estate 21.4%
*
Personal/Domestic 14%
*
Debt payment 5%
*
Others 15.3%
We
must commend our members for their credit worthiness
which has resulted in the Credit Union maintaining a
delinquency ratio of below 5% (5% being the international
standard).
The
Credit Union has been realising surplus of over $100m
for the last three consecutive years (2001-2003) - the
first Credit Union in the Caribbean to show such profitability.
This is a significant achievement for the Credit Union.
Our membership, to whom we owe a debt of gratitude for
their loyalty and confidence, have benefited in many
ways.
We
have also been able to reward them with good returns
on their savings as most of the surplus each year has
been returned to them - in 2001, 10 pee cent or $98.2m;
2002, 9 per cent or $101m; and in 2003 the returns will
be no less than 2002 in terms of percentage.
Our
success is in the fact that we are blessed with a membership
that is committed to a Credit Union which is their own.
The contribution of our dedicated contact teachers who
are in every school island-wide; a supportive group
of principals island-wide; faithful volunteers, i.e.
the Board of Directors, Supervisory Committee, Credit
Committee, and a hard working and committed staff combined
with our strategically placed Head Office and branch
network (11 branches island-wide) has redounded positively
to the organisation.
The
Credit Union Movement has had a proven track record
of safety and soundness and our Credit Union is no exception.
We have been able to meet our statutory requirements,
and have our audits completed by March 31 of each year
up to March 31, 2003.
We
have a strategic plan that has benefited from the input
of all volunteers, management, and staff, hence our
goals are common and we work as a team. Our marketing
strategy is member-driven; thus our products are designed
specifically with our members in mind.
We
are expecting that with a renewed thrust in 2004 our
expectations will be exceeded as we go forward as a
team in partnership with our members without whom we
would never have existed.
We
salute, posthumously, visionaries like Desmond C. Gascoigne,
C.L. Stuart, W.S.A. Johnson and G.W. Little for their
insight to start this august Credit Union. We thank
God for Visionary Myrtle Irving whom he has blessed
with long life to witness the growth of this Organisation.
We pay tribute to our late past presidents who have
provided leadership over the years: Desmond Gascoigne,
S.W. Henry, Rev U.C. Wolfe, and W.A. Titus. We also
pay tribute to our immediate Past President, Mr. Rudyard
Ellis, and our first female President, Mrs. Dorothy
Raymond.
We
thank God for his many, many blessings and for giving
us the opportunity to serve such a great body of intellectuals,
the pillars of this nation.
Recipients
of scholarships and grants Fiona Fearon displaying her
plaque for the Desmond (D.C.) Gascoigne Scholarship
Behind Fiona in red is the Credit Union`s President,
Mrs. Dorothy Raymond.
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