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Presidents Address to 2009 AGM – Mr David Nelson

Sisters and Brothers welcome to you all, to this the eighth Annual General Meeting of the Manchester Unity Credit Union.

During the past 12 months our credit union has made significant steps forward, we have maintained our strong cash base and maintained and in many ways improved our administration quickly coming to terms with the changing financial climate. These are facts as you can see from the accounts which will be presented to you shortly.

At this stage I wish to sincerely thank sister Jane Nelson although no longer a member of this board of directors who has continued to assist with the financial returns and preparation of the accounts. Her continued support and interest is greatly appreciated by the Board and of great benefit to our members.

Our big challenge is to make the members of the Oddfellows fully aware of the opportunities and advantages of being involved with our credit union. The joint membership scheme has not been taken up as readily as we believed it would be. Our Board Members have been actively involved in promoting the joint scheme through a series of quiz nights and presentations. These have been successful as social occasions but regrettably not very successful at recruiting members. We all want our credit union to succeed.

With the Bank of England base rate at a level of 1% our proposed dividend of 2.5% represents a good return to savers, regrettably we are unable to offer any guarantees on dividend levels in the future. At this time we have cash deposits available for loans to members the more we have out on loan the more interest we will acquire.

All information regarding our Credit Union is now available on our website which is kept up to date on a regular basis, this has created a lot of interest, however we have maintained our traditional means of communication by telephone, letter and word of mouth.

Sisters and Brothers it would be very nice for me to stand here and boast that we have dramatically increased the number of members in our credit union sadly I cannot. What I can say is that my colleagues of the Board of Directors both past and present have consistently worked to promote the benefits of our credit union. To those members who are not seeking re election can I on your behalf, thank them sincerely for their involvement and wish them good health and success in their future activities. It has been my good fortune to work with you all.

Finally sisters and brothers, thank you for attending this meeting together we can ensure our Credit Union continues to be a benefit to our members. Thank you.