Annual Report - Grand Bay Co-operative Credit Union

Annual Reports

Valuable information on our Shares, Dividends, and Annual Reports

2023 Annual Report

See reports below and gain insight into our progress, performance and innovation.

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Share Information

The Co-operative Societies Act 2 of 2011 requires that the institutional capital of the Credit Union be at least 10% of Total Assets.

NOTE: Irrespective of the number of possessed shares, when applying for a loan, additional shares must be purchased.

1 Share

Loans $1,000 – $2,999
2 Shares

Loans $ 3,000 – $9,999
3 Shares

Loans $ 10,000 – $14,999
4 Shares

Loans $15,000 – $24,999
5 Shares

Loans $25,000 – $34,999
6 Shares

Loans $35,000 – $49,999

7 Shares

Loans $50,000 – $64,999
8 Shares

Loans $65,000 – $79,999
9 Shares

Loans $80,000 – $99,999
10 Shares

Loans $100,000 – $124,999
11 Shares

Loans $125,000 – $149,999
12 Shares

Loans Over $150,000

Frequently Asked Questions - Shares

What is a Permanent Share?

A Permanent Share represents a member’s ownership of, or member’s equity in the Credit Union.

What do I do with these Permanent shares?

Permanent Shares cannot be used as collateral. Permanent Shares cannot be withdrawn and can only be transferred when the member decides to give up membership or dies. Permanent Shares are necessary in order to retain membership in the Credit Union.

How will I as a member benefit from having Permanent Shares?

Permanent Shares represent the members’ part ownership or equity in the Credit Union. Permanent Shares are used for the growth and development of your Credit Union. You will receive dividends on your permanent shares

How will the Credit Union benefit?

Permanent Shares increases the Capital of the Credit Union and allow it to undertake expansion and enhancement of services to the members. Increasing the permanent shares will help the Credit Union meet the requirements of the Cooperative Societies Act 2 of 2011

What is the cost of a Permanent Share?

Each person is required to purchase at least one Permanent Share in order to become a member. The cost is only $50.00 per share

Will dividends be paid on Permanent Shares?

Subject to the profitability of the Credit Union dividends may be paid on permanent shares if recommended by the Regulating body which is the Financial Services Unit

Can Permanent Shares ever be withdrawn?

No, they can be sold to another member when the member discontinues his/her membership or it may be transferred to his/her beneficiaries when he/she dies but members must have permanent shares for as long as they are members.

Is the Implementation of Permanent Shares necessary?

Permanent Shares are necessary as they give the Credit Union another option for raising capital. It is also in keeping with the International Financial Reporting (Accounting) Standards that require equity to be treated in a certain way.

Dividends

Dividends on shares are recognized in equity in the period in which they are declared.

Section 5 of the Regulations of the Co-operative Societies Act authorizes the Society to pay a dividend on its shares at a rate which is not greater than three percent above the savings rate set by the Easter Caribbean Central Bank (ECCB). As of December 31, 2020 the ECCB savings rate was two percent. Fair value gains on the investment securities available-for-sale are not considered in determining income for the distribution of dividends.

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