Dorothy Raymond, president of the Jamaica Teachers' Association Cooperative Credit Union, presents her report to members at the 43rd annual general meeting, Jamaica Conference Centre, Kingston, May 5. - contributed

The Jamaica Teachers' Association Cooperative Credit Union (JTACCU), which recorded 15 per cent growth in assets last year, has said it will pay out dividends of $148.2 million to its members.

The four-decade old credit union, which draws membership from the island's strongest teachers' union, a more than 20,000-body of educators, says its dividends have topped $100 million for a third consecutive year.

The credit union's membership was even stronger at 28,539. At that level dividend payments will average $5,200.

"The JTACCU has been serving the financial needs of teachers for close to 50 years," said General Manager Barbara Gascoigne, in a release from the agency's publicists.

"It is a dynamic, safe, sound and formidable financial institution which serves its members through a network of 12 branches strategically located islandwide to provide convenient and efficient service."

The JTACCU last year grew its assets by $494 million to $3.9 billion.

Its capital base, according to president Dorothy Raymond, is 12 per cent of assets.

Raymond, who reported that the out-turn was two points above the minimum industry standard set by the umbrella Jamaica Cooperative Credit Union League, said strong institutional capital was their "buffer against failure in lean times and vital in ensuring that capitalisation is adequate to meet Bank of Jamaica standards."

The creditunion movement, pending the finalisation of the legalities, is to be regulated by the central bank.

To now the sector has been self-monitored, with JCCUL as the watchdog.

Priorities

Looking ahead to the next five years, the credit union has identified five priorities: human resource development, savings growth, improved technology and facilities, service delivery and Bank of Jamaica readiness.

In the period under review, JTACCU saw growth in all its key areas by focussing on improved services and new product introduction, Raymond reported at the weekend annual general meeting, its 43rd, held at the Jamaica Conference Centre in Kingston.

Savings grew $420 million or 16.7 per cent for the year to $3 billion, while loan disbursements of $504 million were 20 per cent above 2005, pushing the portfolio also to $3 billion.

Loan delinquencies were 'contained' at 2.3 per cent, "well below the international standard of 5 per cent for all loans over one month," the president said.

She also reported that JTACCU had met the PEARLS standard for 'protection, effective financial structure, asset quality, rates of return, liquidity and signs of growth', a financial rating system adopted from the World Council of Credit Unions.

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