JPSCU AR 2018 finan web

NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31st December 2018
(Expressed in Jamaican Dollars unless otherwise indicated)
29. Related Party Transactions and Balances - cont'd:
At 31st December 2018, eleven (11) members of the Credit Union's Board of Directors and ten (10)
Committee Members had savings of $2,040,442 and loans including interest totalling $35,404,422.
Credit Union Staff of forty-seven (47) employees had savings of $15,102,03 and loans including interest
totalling $77,796,039. No waivers were granted to staff members or volunteers during the year. At 31st
December 2018, all loans owing by Directors, Committee Members, Staff and Connected Parties were
being repaid in accordance with their loan agreements.
Key management remuneration for the year was $28,080,737 (2017: $32,336,197,) and comprises the
General Manager, the Chief Accountant, the Operations Manager, the Compliance Manager, the Credit
Manager, Treasury/Marketing Manager, Human Resource Manager and the Branch Managers for Ewarton,
Kirkvine and Ocean Boulevard.
Directors are appointed on a voluntary basis and are not remunerated.
30. Life Savings and Loan Protection Insurance:
There were life savings and loan protection insurance in force during the year.
31. Fidelity Insurance:
Fidelity Insurance coverage was adequately maintained during the year.
32. Comparative Information:
Where necessary, comparative figures have been reclassified to conform to changes in presentation in the
current year. In particular, comparatives have been adjusted to take into account the requirements of IFRS.
33. ATM Fraud:
Between July and December 2014, a malfunction in the automated teller machine (ATM) system allowed
some members to withdraw amounts in excess of their available balances. All but three of the affected
members subsequently entered into repayment arrangements with the Credit Union. Legal action was
brought against these three members, whereby a full provision of $740,000 was been made. Judgement was
handed down in favour of the Credit Union however, these three members have not settled with the Credit
Union as at the 31st of December 2018.
As at the 31st of December 2018, the amount collected from those members who entered into a repayment
arrangement totalled Nil.
59 Annual Report 2018