PSCCU Annual Report 2008

PRESIDENT'S MESSAGE

I salute you as we celebrate yet another year of operations and begin charting the course for another, while being mindful of the present circumstances of the financial landscape and the concomitant challenges that we as a financial services provider would have to face.

Over the last year we have experienced robust growth in all sectors. This augurs well for continued growth; but we must be mindful that in order to face up to the challenges of which I speak, we would need to become a bit more introspective; somewhat more discriminating in some of the choices we make. This applies to us as a Credit Union and as individual families. There is need for us to review some of the policies under which we have been operating; updating some and possibly eliminating others in our relentless quest to provide you, the membership, with even more efficient and better services. We recognize that our members are becoming more demanding, more discriminating; looking for services which are timely and efficient. However, as a financial institution of repute and importance we have to be willing to speak hard truths to our members; that you would become even more cognizant of the need for lifestyle adjustments, as recent experiences on the global financial landscape have shown us. We must always stay focused especially in regard to the prudential standards under which we operate, with specific reference to the PEARLS ratios. As you contemplate future investments I implore you to recommit yourselves to the notion of significantly improving the Equity Shares that you hold, thereby increasing your returns while giving you greater stake in the ownership of the GPSCCU.

We ought to redouble our efforts at exploiting our significant investments - Morne Jaloux and Grand Anse- and their potential for enhancing our liquidity. There are many of you who need to give serious thought to assuming positions of leadership in our Credit Union, whether at the board level or on the many committees which exist. You must never become complacent and think that you may not be good enough. Training can enhance your understanding of the roles you may be called to play.
I wish to compliment members of staff and those on the various committees who have served with a sense of commitment and purpose. I pray that you would continue to use your best efforts to ensure the continued growth and relevance of the GPSCCU. I wish to afford special commendations and credit to the General Manager who, through the years, has worked tirelessly and selflessly to move our Credit Union forward. I thank all of you for the support that you have given to me as your president on three separate occasions. The time has now come for me to move further into the background and to allow others the opportunity to serve this noble institution. I always tried to serve as diligently and as purposefully as I could.

May God richly bless each of you and your families. Best wishes for a successful AGM 2009.