Chairman Chris Smith says, “A big thank you to those members who were able to attend our AGM on Wednesday 25 th January 2017”. He added that “The board recommended a dividend of 1% and this was unanimously agreed by the members present. This cash will be in members credit union accounts on Monday 30 th January 2017”. Chris spoke of continued social divisions we face in Britain and that many of our own members are on low incomes even in employment. He said, “We have members that use the credit unions as lifeboat and although we will always strive to help people in difficulties; the credit union cannot continually operate as a ‘lifeboat’ to families. The government’s own Social Mobility Commission regrets that the current and next generation of young families will not be able to purchase their own home.
Operations Manager, Andy Davey gave a presentation looking at the credit unions growth during the last 5 years and the need to invest in sufficient technology to remain relevant to sophisticated members who are using hand-held and mobile technology throughout their everyday lives.
Andy also announced the introduction of our new specific savings accounts making it easier to save for specific reasons:-
- Christmas Saver
- University Fund
- Baby Fund
- Wedding Fund
- Home Deposit Account.
Andy also said, “Today we are announcing the most significant change to our business since we formed in 1998. In the past the amount a member could borrow was always calculated directly against how much a member has saved. Now members can now apply for the amount they require without being restricted by the amount they have in their savings”. He added, “New members and those without significant savings can apply for the amount they need from 14.8% APR while those members who still wish to borrow within the multiple of four times the amount they have saved, will receive a 3% loyalty discount and providing loans are available from 11.8% APR. Loans are available to members from just 4.9% APR, for details of all our loan products, please refer to – Here
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David Dickman, FCIB Re-elected as a director |
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Claire Dalton, ACIS Re-elected as a director |
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Andy Oldale Re-elected as a director |
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David Fawell Elected as a director |
For the full 2015-2016 AGM pack and finances please see the attachments below.
