Maritime Credit Union

By Chairman John Coombs

It is with great pleasure that I report to you on the operations of our Credit Union in our 32nd year. It has been a year of change, however, benefits to the membership have been the driver of the change.

During this year your Board introduced the following member service improvements:

• Housing loan limits were increased to $750,000 per membership.

• Retired members/workers were encouraged to maintain their membership of the credit union by being offered special incentives.

• The EDVEST retirement benefits package was introduced

• The One Stop Shop - a joint venture between the MUA, Members Equity, SERF, SRF, Virtual Communities, ACTU Trust and the Credit Union consolidated its operations with improvements to member services.

• Membership access was improved with the introduction of the giroPost deposit and withdrawal service at Australia Post Offices.

• BPAY was introduced for bill paying by telephone and Internet.

• Four new Maritime Workers Credit Union owned ATM's were installed to improve member access in Fremantle, Port Kembla, Marrickville and Newcastle.

• Foreign Currency and Travellers Cheques were introduced for the convenience of members travelling overseas.

• A Cash Management account was made available with better interest rates for members' on-call funds.

• ATM, EFTPOS and Branch withdrawal limits were increased to $1,000 per membership per day.

• Family membership of the Credit Union was extended to allow more members of the family to enjoy the benefits of the Credit Union.

• Fitzy's Coffee Shop opened on the ground floor of our building for members and the public to enjoy.

• Mastercard Credit Card was approved by the Board to be launched in August 2002.

• The Internet Banking Service was upgraded to offer new enhancements/features.

These changes have been well supported by members, as the statistics show. The Credit Union's Balance Sheet shows a growth in assets of some 9.5 per cent to $91.8 million, a good result in a difficult year.

FINANCIAL RESULTS

The Credit Union recorded an Operating Profit after income tax of $332,000 compared with $257,000 in the financial year ended June 2001. Members' savings in the Credit Union increased by $6.7million to a total of $74.5 million. Members' loan balances increased by $8.4 million to a total of $70.3 million.

The results have been very satisfying, as we have been able to maintain member benefits ahead of those of other financial institutions, while achieving prudential levels of profitability. This will help ensure the financial security of your credit union in the future.

THE FUTURE

The Board recently held their Strategic Planning Seminar to plan the future operations of the Credit Union. The major item on the agenda was the request made by the Mining and Energy Division of the CFMEU for their members to join our Credit Union. The Board unanimously agreed that to allow their members to join our Credit Union would be of benefit to our existing members as these new members would contribute to the services and benefits that the Credit Union provides for all members.

This new opportunity together with the consolidation of the changes introduced last year would allow the credit union to continue to grow and strengthen which will mean greater benefits and services for members.

THE BOARD

After years of service to the credit union, Director Michael O'Leary resigned and I would like to express my sincere gratitude for his contribution to the success of our credit union. Mick's replacement, Rick Newlyn was appointed by the Board to fill the casual vacancy in July 2002 and I welcome him to our team.

ACKNOWLEDGMENTS

The success of your Credit Union is attributable to the many people who have contributed their valuable time and efforts to our organisation. The volunteers and union representatives in all ports, the management and staff, and my fellow directors - thank you on behalf of all members.