Remarks from our President

The Global financial woes have not left National Workers Cooperative Credit Union Limited untouched. We have been faced with significant challenges but are committed to ensuring that these challenges are addressed in a prudent and resolving manner.

Throughout the past year we were faced with many of our members losing their jobs which led to challenges such as: decreased cash flows, increased loan delinquencies and membership dropouts.

Our Board has mandated management to adapt to the economic climate by improving our efficiency through expense reduction and process improvement.

Our collections department has been strengthened to ensure a reduction of overall delinquency and also the recouping of loans already written off. We encourage our members that are unable to make their full loan payments to come into the office to make arrangements that are more comfortable.

The Board of Directors are diligent in protecting the interest of the membership of National Workers Cooperative Credit Union Limited and to this end always ensure that all decisions made are in the best interest of the organization.

As the first female President of the Board of Directors, I consider it an honor to serve my fellow cooperators.

We have and will continue to work diligently to ensure the growth of the organization and the empowerment of the membership through living the creed of the Cooperative Movement which is "People Helping People".



Message From The Chief Executive Officer: Alfred Poitier

National Workers Cooperative Credit Union Limited is a work in progress. We have grown considerably over the last five years in terms of our asset base as well as services and products offered to our members.

It has been said in many circles that we are the most progressive Credit Union in the country. As we move forward our objective is simply to be the vehicle for the financial empowerment of our membership. Education is vital to ensuring success in our goal therefore; education will play a major role in our efforts to empower our membership.

We wish to be progressive in educating not only our membership but our entire community about financial responsibility. Unfortunately we have found that a significant amount of individuals in our community do not have a basic understanding of financial management. Our motto for the 2007 Annual General Meeting "Providing Financial Empowerment Through Education" acknowledges this problems and states our solution.

National Workers will continue to provide relevant products and services to its membership. As we roll out new products and services they will be based on the needs of our membership as a whole. We will seek to improve on our existing products which we feel are in the best interest of our members and discontinue products that we feel are not necessary or needed.

In order to improve our stability we will seek to diversify our membership base to diminish the saturation of members from the hospitality industry. While our credit Union was founded from members of the hospitality industry we must keep in mind that our growth has been somewhat restricted due to the cyclic nature of their employment. We are in no way suggesting a departure from our base but simply seeking to expand our membership to create a more stable existence for the Credit Union.

Diversification is not a new phenomenon to National Workers as we are an open bond credit union we have members employed in various sectors in our community. Our efforts going forward will simply be to increase the members from these other areas. New products being provided to our members include:

Products on the drawing board include:

These are just a few of the projects presently being undertaken by National Workers Cooperative Credit Union Limited. We are determined to ensure that our services and products are second to none as we act as the vehicle to empower our membership.