Treasurer’s Report
F
ellow members, the days of ‘ti boutique’ in reference to our Credit Union are long gone. There is no question, we are now among the key players operating in the financial landscape of St Lucia. I wonder whether the founding members ever envisioned that their
hard-earned savings, which formed the foundation of this institution, would help to build what we have become. Congratulations to each of you for playing your part to bring us here. Having said this, I must remind you that such a position comes with a responsibility that is not only for the Board, the various Committees or the members of staff, but for every member of the institution. With the challenges that 2020 have presented so far, we must work together as a true family if we are to at least break-even at the end of this financial year. On behalf of the Board of Directors, it gives me great pleasure to present the financial report of the Mon Repos Eastern Co-Operative Credit Union for the year ending December 31, 2019. Summary of Key Financial Activities for 2019 1. Key Accounting Ratios
Net Worth Ratio – 8.98%
Loans to Asset Ratio – 63.08%
Return on Asset Ratio – 1.85%
Delinquency Ratio - 4.46%
2. Other Highlights
St Lucia experienced growth of 1.73% in 2019. Although the economy grew, the unemployment rate decreased by only 0.17% from 20.88% in 2018 to 20.71%. The estimated youth unemployment rate, while the lowest since 2015, continues to be high at 45.23%. We can all appreciate why this situation continues to be a concern given that the Central Statistics Office in St Lucia defines youth as ages 15-29.
Liquidity continued to be high in the domestic financial market in 2019 resulting in competitive interest rate adjustments among financial institutions as each tried to attract Page 21
