BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2014
9
and their needs at the centre of all we do – our members, our
employees and the community we serve – we will continue to
thrive and succeed. This will be realised by providing internal
and external training necessary to build on and enhance the
knowledge base required for success. Putting people first
continues to be a win/win strategy.
Of specific note by way of training and development during
the year were the Thrift Club Easter Seminar, Thrift Club
Summer Camp, general Member Information Sessions and the
Representatives Association.
For the past seven years the Credit Union has hosted the Thrift
Club Easter Seminar. This developmental seminar for teens 13
to 16 years has as its primary objective, equipping our young
members with enduring life skills. Emphasis is placed on the
development of their critical thinking and problem solving skills.
There is also a consistent link to the key aspects of financial
literacy for young people. We see this as an investment not
only in the future of our local credit union movement but as
a contribution to a more financially literate Barbadian society.
Our annual Thrift Club Summer Camp continues to be very
sought after. This activity caters to our Thrifty Infants, Juniors
and Teens - children 4 to 16 years old. Providing a safe, fun-
filled, learning environment for children during the summer
holidays is our prime objective. The Credit Union subsidizes the
cost for this five week event.
The Credit Union also launched the Thrift Club School
Savers Programme at the primary and secondary school
levels. Approximately sixty students at the Princess Margaret
Secondary School and the Westbury Primary School are now
participating in this programme with more schools to join in
the near future.
Member information sessions held quarterly for the Credit
Union’s general membership, not only provided information
on the Credit Union’s products and services, but also sought to
ensure timely information sharing relevant to our membership.
Members of the Credit Union Representatives Association are
invited to attend regular training sessions; usually quarterly. The
main objective of these sessions is to ensure that representatives
are familiar with the Credit Union’s products and services and
are therefore well equipped to assist in promoting the credit
union difference within their organisations and communities.
Service Quality and Channel Expansion
The Credit Union remains committed to service excellence.
Consistent with the objective articulated in our mission
statement, we will therefore spare no effort in addressing and
resolving matters related to service which are less than ideal.
Existing service levels are under review. Focused strategy and
dedicated attention will be engaged to ensure that service level
issues are addressed and fully resolved with utmost priority. In
Overview
Brothers and Sisters, once again the Board of Directors is
pleased to report yet another year of creditable performance
particularly considering the prevailing economic environment.
The Credit Union registered commendable growth in loans
while achieving reduced delinquency for this fiscal period.
Membership growth continued to thrive andwas recorded at 6.2
percent. A net surplus of $11.1 million prior to appropriations
was recorded by the Credit Union and its subsidiary CAPITA
Financial Services Inc.
The Credit Union’s performance continued to be impacted by
the adversities within the economy. As members’ disposable
income dwindled and in some instances disappeared as a result
of job loss, the Credit Union responded with strategies suited
to these circumstances.
We remain committed to implementing programmes, strategies
and initiatives which can be customised or tweaked to meet
individual needs as appropriate. At the same time we will
continue to seek out strategic, sustainable and developmental
growth opportunities, so that your Credit Union remains viable
in this dynamic and extremely competitive marketplace.
Serving Members’ Needs
As job losses and retrenchment became a reality for our
members, the Credit Union took action through outreach
programmes aimed at cushioning the harsh impact linked to
the situations. The initiative, though general, was customized
to suit individual needs. Access to in-branch personnel was
enabled via a telephone hotline service, specifically put into
operation to ensure accelerated and ready-contact with credit
union officers. Access was also available through online
channels where requests for consultation were made and
managed. Apart from financial counselling which is readily
available at no cost to members, the bulk of the activity related
to this initiative was linked to the restructuring of loans.
Mindful of the certainty that the incidence of job losses will
not quickly leave us, the Credit Union remains committed to
assisting members. It is the intention of your Board of Directors
therefore to increase appropriation levels associated with the
established Social Outreach programme. This is specifically
focused on cushioning the impact of the prolonged economic
recessionary period on members.
Recent challenges linked to the pursuit of professional
development through tertiary education at our own University
of the West Indies is firmly affixed to the Credit Union’s radar.
To address this situation and cater to the needs of this member
sector, a new educational loan facility, the Student Loan, was
recently rolled out.
Training and development remains a cornerstone of the co-
operative model and is certainly the bedrock of this Credit
Union’s success. As we continue to support and place people
BOARD OF DIRECTORS’ REPORT
