Rayon Dyer, Gleaner Writer

BLACK RIVER, St. Elizabeth:

Despite positive growth figures in assets and income in 2006, the St. Elizabeth Co-op Credit Union is still being plagued by high delinquency on loans. In light of this, the management said its in-house delinquency committee will be working hard to reduce the figures this year.

"We are very concerned about the current delinquency rate at the credit union. It is too high, and we will be doing everything in our power to reduce the rate," said John Spence, president of the credit union, while addressing its annual general meeting last Saturday at the St. Elizabeth Technical High School.

Making it harder for the next person

"At the same time, I want to remind our members that when you fail to honour your loan commitment you're making it harder for the next person who comes to the institution seeking a loan."

The credit union's assets currently stand at $674.4 million as against $582 million in 2005.

"With the pending Bank of Jamaica credit union regulations and other possible new regulation to come on stream, there are to be changes in the operations of the institution," Mr. Spence said. "The stabilisation system that was established to maintain stability in the credit union system will be removed."

The credit union also saw, over last year, an increase in its membership - up from 25,666 in 2005 to 27,189 in 2006. Mr. Spence also assured the members present that the credit union was poised to take on new challenges and was expected to do well in the financial marketplace. He challenged the members to stay with the credit union and continue to enjoy the benefits that go with saving with the institution.