GPSCCU gives back $1M to members

‘Transitioning together to expand horizons with a renewed focus’.

This was the theme chosen for the recently held Annual General Meeting of the Grenada Public Service Co-operative Credit Union.

Over 350 members were present to discuss and deliberate the Credit Union’s 2015 performance, which recorded $4.48M operating surplus.

The meeting also gave to members of a dividend payment of 5% amounting to $444,964 and the approved payment of loan rebate amounting to $523,340.00, which was credited to their accounts on July 1, 2016.

The AGM was chaired by Vice President of GPSCCU’s Board of Directors, Christopher De Allie, and was attended by representatives from guest societies such as Communal Co-operative Credit Union and the Grenada Co-operative League Ltd.

An official of the Grenada Authority for the Regulation of Financial Institutions (GARFIN), Alister Phillip congratulated the Credit Union on its outstanding performance and its adherence to regulatory measures implemented by them.

The meeting was attended by elected Member of Parliament for the South St. George constituency, Alexandra Otway-Noel, who is the Minister of Implementation in the Prime Minister’s Ministry.

The female government minister commended the Credit Union on its performance despite the current economic situation as well as its contribution to the local community through sponsorship of local initiatives like its various scholarship programs, the Annual Cross Harbour Swim and Mango Fest.

She sees GPSCCU as playing a vital role in building the local economy and urged the organisation to continue with strength and vitality.

During the AGM, reports of the various Committees were considered as part of the business session while discussions and clarifications were sought on various issues brought forward in the reports.

A new Director was elected to the Board of Directors, Javan Williams, the acting Permanent Secretary with the Government of Grenada who is from the sister Isle of Carriacou.

Ernie James and Duane Noel were both appointed to serve for a second three-year term while Karel Hood and Merina Jessamy were approved to serve another three-year term on the Supervisory & Compliance Committee.

The GPSCCU meeting also recognised the sterling leadership of the outgoing president, Phillip Telesford who led the Credit Union over the last six years.

Under his leadership, the organisation recorded some of its best performances and has gone through significant transformation resulting in quality service delivery.

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