The National Cooperative Credit Union Ltd (NCCU) has reported growth in assets, membership and a net surplus of $2.1M for 2013.

President of the Board, Michael Augustine, has attributed the Society’s achievements to the confidence of the members in their Credit Union.

Augustine noted that “despite the relatively weak economic conditions, the Society was able to realize overall asset growth. The Society’s Total Assets stood at $408.5M as at December 31, 2013 an increase of $26.1M or 6.84%” compared with 2012.

The National Co-operative Credit Union which was established on November 1, 2010 held its 4th Annual General Meeting on June 15, 2014 at the Morne Jaune Primary School.

President Augustine informed the meeting that for the year 2013, membership “grew to 37,573, an increase of 1,312 (3.62%)” over 2012.

A highlight of the financial year he said was “your Society recorded an operating surplus of $6.66M prior to provisions”. The net surplus was $2.1M compared with $1.5M in 2012. Growth in Members Equity was 6.44% or $2.98M and Augustine said “the fact that we are very stable, members continue to put their loyalty and trust in us.”

Augustine added that the “Loans Portfolio realized significant growth”. The granting of loans was the Society’s greatest investment with the portfolio growing by 7.51% or $21.4M. He noted that “loans growth was nearly double the industry average”. Loan interest income increased by  $1.66M or 6.24% to $28.37M at year end.  

In his address, Augustine reminded members that NCCU honors the “Credit Union mantra of “People Helping People” and that “our central focus is on our members and the communities we serve.”

One of the ways we lived this out in 2013 was in the granting of 15 scholarships to secondary school and Dominica State College students and in assisting several members with funds to obtain medical treatment.

Augustine thanked the members for “choosing NCCU to be your trusted financial partner” and added that “regardless of how we grow or how many loans we make, we still measure our success by helping one member at a time to better their financial lives.”

It is Annual General Meeting (AGM) time again. This year we meet in the scenic village of Morne Jaune on Sunday, June 15, 2014, from 3pm at the Primary School.

At the meeting, members:

•  Will review NCCU reports and financial statements for 2013
• Can offer comments and make suggestions
• Will elect members to the Board of Directors; Supervisory and Compliance Committee; and the Credit Committee
• Can win Lucky Bird prizes.

Stay tuned to the media, or log on to our website and Facebook pages, for transportation arrangements.

We look forward to seeing you there.

From July 1, 2014, financial institutions worldwide are expected to comply with the U.S. Foreign Account Tax Compliance Act (FATCA).

FATCA is legislation enacted by the U.S. government in March 2010 to combat tax evasion by U.S. persons holding savings and investments in accounts outside the U.S.

Foreign Financial Institutions (FFI) like NCCU, will use seven (7) indicators provided by the U.S. to assist in identifying persons whose account information may have to be reported to the U.S. Internal Revenue service (IRS).

Individual U.S. person accounts with balances of US $50,000 and over and entity accounts of US$250,000 and over will
be reported to the IRS annually.

NCCU has chosen to comply with FATCA. This will allow us to continue to conduct transactions with U.S. banks and to avoid being taxed.

Click here to find out more about FATCA.

EFFECTIVE June 1, 2014, fees charged for some of our services have been revised. These changes are outlined below: 

Click here for current service fees.