Jul 1, 2011, 12:50 PM
He echoed this advice while delivering a speech during the recent 10th Annual General Meeting of MRCGCCU held at the council.
“Liquidity management, profitability and security of members’ funds should form an integral part of credit union business, which is the case with regard to your cooperative union,” he said.
“Keeping track of the liquidity, profitability and security of members’ funds should be a vital function of your board and in recognition of this fact your BOD has amplified this initiative to a large extent.”
He said the AGM was held to reflect on the performance of MRCG credit union, adding: “This is a platform that accords members the opportunity to scrutinize the performance of their elected board of directors in the past 12 months.”
According to Mr Sanneh, the balance sheet and income statement of MRCG credit union had shown that the union is doing well. “Equally too, your credit union’s liquidity position is sound and I therefore commend your board of directors for their strategic leadership direction,” he said.
The surplus registered was as a result of the commitment and dedication to duty by the board of directors and other organs of the credit union, he noted.
Mr Sanneh also said, “NACCUG will continue to vigorously carry out the on-site and off-site monitoring of the activities of credit unions to ensure that credit unions operate on a safe and sound footing.”