Credit Union Annual Report 2021 V2 - Flipbook - Page 5
Credit Union ANNUAL REPORT 2021
INTRODUCTION
The Cayman Islands Civil Service Association (CICSA) Co-
Eligibility for membership includes employees and their
operative Credit Union Limited (the “Credit Union”) was
immediate family members as well as pensioners of the:
incorporated in the Cayman Islands in 1976 under the
• The Credit Union;
provisions of the Cooperative Societies Law and operates
• The Cayman Islands Government;
as a non-profit organisation receiving savings and making
loans to members.
The Credit Union was formed by seven civil servants
• Government owned entities; and
• Utility companies operating in the Cayman Islands.
who were members of the Cayman Islands Civil Service
As a financial institution primarily funded through member
Association (CICSA). The seven founding members, Mr.
deposits, the Credit Union remains very aware that
Gilbert McLean, Mr. Louis Moncrieffe, Mr. John (Lemuel)
depositors rely on dividends to live and save for the future.
Hurlston, Mr. Colford Scott, Mr. Ray Miller (deceased), Ms.
However, borrowers are equally faced with the pressure
Rachael Ebanks, and Mr. George McCarthy, assisted by
of trying to create security for their families through
the “Matron” of the Credit Union, Mrs. Cicely Delapenha
residential or personal borrowing. As a member-owned
(deceased), started with $35 ($5 each); their vision, 46 years
and community-focused organisation, the Credit Union
later with over 16,000 members and assets in excess of
tries to meet both sets of demands from borrowers and
$460M, is still shared today.
depositors with equal focus.
The Credit Union is governed by the Cooperative Societies
Law as well as a set of Rules approved by members at
Annual General Meetings (“AGM”).
Our governance structure is strengthened internally by:
• The role and functions of an elected Credit Committee;
• The role and functions of an elected Supervisory
Committee; and
• The control functions performed by an Internal Auditor
and a Chief Risk and Compliance Officer.
Governance of our Credit Union is further enhanced by:
• Annual external audits; and
• Regulation by the Cayman Islands Monetary Authority
(“CIMA”).
Our Credit Union forms part of the global credit union
organisation
with
membership
in
the
Caribbean
Confederation of Credit Unions (CCCU), which in turn is a
member of the World Council of Credit Unions (WOCCU).
As such, we endeavour to uphold the seven cooperative
principles of:
• Voluntary membership;
• Democratic member control;
• Member economic participation;
• Autonomy and independence;
• Financial education, training, information;
• Cooperation among cooperatives; and
• Concern for the community.
SEVEN
COOPERATIVE
PRINCIPLES
1. Voluntary membership;
2. Democratic member
control;
3. Member economic
participation;
4. Autonomy and
independence;
5. Financial education,
training, information;
6. Cooperation among
cooperatives; and
7. Concern for the
community.
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