Teacher’s Credit Union reaps more success

The 2004 financial year marked another period of success for the St.Vincent Union of Teachers’ Co-operative Credit Union Ltd (SVUTCCU).

The institution reported that despite the many challenges within the financial services sector, its total assets moved from EC$31.8 million to EC$37.1 million, representing an increase of EC$5.3 million or 17 per cent, surpassing its 2004 projection of 15 per cent. {{more}}These increases are evident in the loan and investment portfolios.

The 27th Annual General Meeting on Tuesday, June 14, heard that total income for the year 2004 increased from EC$2.72 million to EC$2.96 million, an increase of nine per cent.

The credit union reported that its largest source of income was interest from loans, accounting for 65 per cent. Rental income and income from the School Supplies Outlet represented 20 per cent of total revenue.

Addressing members at the general meeting, Curtis King, president of the SVUTCCU, reminded of the genesis of the credit union. He recalled the 1975 strike by teachers, which led to a number of them being victimized in the aftermath.

“The aftermath of the strike for teachers was very tough, as many were unable to get credit from the banks. The Teachers’ Union was therefore put under pressure to do something to alleviate the stress of the teachers,” he said.

King added that “The union took a decision to form a credit union among teachers…The new credit union, like other credit unions, was established to provide a safe and convenient place for members to save their money.”

He pointed out that the decision to establish such a credit union had proven to be visionary since 27 years after, that credit union was very much alive and striving.

He said the union had not only fulfilled its mandate but had grown in leaps and bounds.

King boasted of the institution’s 5000 strong membership and its assets of over EC$37 million.

The President said that, despite its success and expansion, the Teachers Credit Union had never lost sight of the guiding core principles of the co-operative movement which include Democratic Control, One Member One Vote and Political and Religious Neutrality.

He used the opportunity to call for the strengthening of the local credit union movement.