A Decade of Rapid Growth - The 1990s

From the outset, the decade of the 90's was to be a difficult one for our Credit Union. The battle against the philosophy of Project Renewal continued to heat up, with unrelenting pressure to accede being brought to bear by the Associations. When the NSW Association sought to retain its Members' capital, in spite of their wishes, our Credit Union launched a Supreme Court Action in 1990 that was eventually successful (1993) in having the proportion of capital injected into the Association restored to those Members wishing to leave it.

In November 1990 the Board decided to fully investigate what was required to build another association to serve as an alternative to Project Renewal. Numerous meetings and conferences with politicians, beaurocrats and the media relating to the future of the Credit Union Movement in N.S.W. and Australia consumed an inordinate amount of time for senior management and the directors of the Credit Union over the ensuing months.

Despite these challenges the Credit Union continued to grow, with a branch in the Northside Shopping Centre, Coffs Harbour being officially opened by the Deputy Premier, Mr. Wal Murray on 11th February 1991.

The investment rate, which was set at 12% at the start of the year, was cut to 11% in three monthly steps by April, with any further lowering that might be necessary being left in the hands of the General Manager. The rate settled at 10.25% in June.

In March the Credit Union sponsored the North Coast Regional Swimming Championships at the Macksville & District Memorial Pool with a donation of $2,213.50. The Board also granted $5,000 to Radio Nambucca, with an additional pre-paid sponsorship of $5,000 spread over 3 years. The Constable Care Child Safety Project for Children received the necessary sponsorship from the Credit Union throughout its bond area, and the Australian Foundation for Credit Union Development was voted $1,000.

For the 12 months to 30th June 1991 the Credit Union made a profit of $1,299,035. Membership stood at 20,293, assets at $67,984,826, and outstanding loans $53,693,576.

Due to the monopolistic nature of Project Renewal, it was decided to change from the FCS (software) that the Association controlled, to the more independent GCS, and to purchase an IBM Risc System/6000 Model 550 Computer at a cost of $271,610. In September the Credit Union applied to become a Member of the National Credit Union Association Incorporated [NCUA].

Director H. G. DeSatge did not seek re-election at the Twenty First Annual General Meeting on 28th September 1991, and Mr. W. J. Singleton was elected to fill the vacancy on the Board. A smorgasbord supper followed the meeting in a similar manner to the previous year.

Boasting 54 permanent and 7 casual employees operating out of Administration, 10 Branches and 4 Agencies, the Credit Union celebrated its 21st Birthday with a series of promotional dinners at Macksville, Coffs Harbour and Bellingen during October, followed by a meeting of past and present directors in November.

As a matter of urgency, immediate steps were undertaken to ensure the autonomy of the Credit Union against the pressure exerted by Project Renewal. Urgent meetings with the Minister for Co-operatives, Mr. Gerry Peacocke, and Mr. Jim McCall were requested, and particular attention was paid to arranging for the provision of all services except banking, from outside of the Association. A commitment was sought from NCUA to act as an alternate trade association, and the Queensland League was urged to apply to become an alternate Special Service Provider [SSP]. In May 1992 the Credit Union proffered $3,500 in support of this bid and joined the Independent Association of Credit Unions Limited [IACUL]. From 1st February 1992, FPI Limited were appointed as independent investment advisers to Members in addition to Bridges Personal Investment Services.

The investment rate headerpled by monthly steps to 8% by November 1991, then slowly settled to 6% by August 1992. Loan rates during this time ranged between 11.5% and 19%.

The donation of $5,000 (and very strong staff presence) that promoted the Credit Union as the major sponsor of the 1991 Pro-Ag Field Days was repeated the next year. Further support was provided to the community in May 1992, when the Board donated $10,000 to the Riverside Gardens Hostel Appeal of the Nambucca District Nursing Home.

For the 12 months to 30th June 1992 the Credit Union made 7,000 loans to the value of $38,500,000, and a profit of $2,189,654. Membership stood at 23,289, assets at $85,681,312, and outstanding loans $68,646,576.

At their July meeting, the Board of directors passed on their condolences to the widow of Mr. Eric Joseph Reibel, who had been an active Member of the Credit Union since its first operational meeting on 16th November 1970 until his death on 7th July 1992. Mr. Reibel was Member No. 9 of the eleven who joined on that historic date.

In October the purchase of Profitstar software was approved. The package, including training and a new PC to use it, costing about $20,000.

At their next meeting, the Board approved the takeover of the Bellingen District Loan Fund.

Efforts to instigate an alternate trade association and SSP had borne fruit by September, when Norm Kelsey was elected to the board of IACUL, and Ray Battle became a director on the boards of both Credit Union Treasury Services [CUTS] and Credit Union Settlement Services [CUSS]. On 19th November CUTS was registered as a SSP, and CUSS followed shortly after. These entities became known as the CreditLink Group.

During 1992 the Credit Union also faced increasing pressures from a new regulatory regime brought on by panic at the crash of the Pyramid Building Society in Victoria. The administration of Cooperatives was taken away from the Registrar of Credit Unions and the Credit Union Savings Reserve Board. New government agencies were established. The Australian Financial Institutions Commission [AFIC] set prudential standards and ensured that they were enforced on a statewide basis. The NSW Financial Institutions Commission [FINCOM] amalgamated the supervisory role formerly filled by the Registry and the Savings Reserve Board. A Council of State Ministers [MINFIN] was established to oversee the new regulatory regime.

The whole process generally meant a tightening of requirements for Credit Unions in relation to capital and liquidity requirements and an expansion of reporting requirements. This new regime added significantly to the expenses burden on Credit Unions.

This was to be further exacerbated in 1993 when the Federal Government introduced the Taxation (Deficit Reduction) Act that was to abolish the taxation status of Credit Unions as mutual societies. Previously, this position had meant that interest earned on Members deposits and investment funds were exempt from tax. The Credit Union was able to build up a substantial reserve fund by putting its annual surplus across to that fund each year. Now Credit Unions would see their annual surplus reduced by 36% as these taxation measures started to bite.

In February 1993, a $3,000 Youth Education Sponsorship Program was instigated, where three schools in the bond area were each asked to nominate their two most improved students at the end of the school year for an award of $500 each.

During June, three promotional dinners were provided for Members: one each at the Coffs Harbour Ex-Services Club, the Urunga Bowling Club and the Nambucca R. S. L.

For the 12 months to 30th June 1993 the Credit Union made 7,760 loans to the value of $39,000,000, and a profit of $2,653,617. Membership stood at 26,884, assets at $107,292,774, and outstanding loans $81,500,962.

At the July board meeting, the directors approved the purchase of an archival storage system ($70,000), disaster recovery through GCS and Wormald Security cover for all branches and Head Office. They also approved associate Membership of Visa ($55,000), offering Members a choice of debit or credit card.

In August 1993, with Members' deposits exceeding $100M, our Credit Union severed ties with the Association (which had now federated on a national basis as the Australian Federation of Credit Unions Ltd [AFCUL]), and affiliated with the National Credit Union Association [NCUA] and the CreditLink Group with which it was associated.

Due to the ever-increasing Membership, the Toormina branch was enlarged by 50% and the Coramba agency was updated to the equivalent of a branch from 20th September.

A new branch occupying the T.A.B. building in Wallace Street, Macksville was officially opened by the Minister for Energy and Minster for Local Government and Cooperatives the Hon. Mr. Gary West MP on 5th November 1993. The Credit Union had finalised the purchase of the building in December 1991, and the move to the main street was a milestone for the Credit Union in its development. The expanded facilities freed up substantial space in Head Office, which after internal renovations were completed, enabled Administration staff to greatly improve response to servicing branches and Members.

Cuecard commenced operating in November 1993.

In response to the devastating January bushfires, the directors kicked off a Credit Union sponsored appeal with a $5,000 donation.

At their next meeting, minimising hardware failures caught their attention, and they found it prudent to spend approximately $156,775 on a second computer, disk drive and high availability software.

At the March board meeting, the directors continued the Credit Union's support of the Surf Life Saving Association with a donation of $500 to the North Coast Branch. (More support was forthcoming in September with a $2,500 sponsorship for Junior Camps.) The Board also regretfully accepted the resignation of Mr. G. W. McPherson as a director. Mr. David Gordon Jones was elected to fill the casual vacancy in June.

For the 12 months to 30th June 1994 the Credit Union made 8,684 loans to the value of $54,846,730, and a profit of $3,124,278. Membership stood at 27,765, assets at $135,667,518, and outstanding loans $103,719,148.

August 1994 saw the completion of the new premises in Bowra Street, Urunga, where the Credit Union had purchased a $220,000 property a year earlier.

In October, $500 additional support was on its way to the Sikh community in Woolgoolga to help out with the 8th Annual Sikh Games.

A branch was established in Grafton Shopping World and commenced operating on 14th November 1994.

The $225,000 purchase of the Coramba Branch building was approved in December and finalised on 3rd April 1995.

February saw $770,000 spent on a computer hardware and software upgrade.

During 1995 five ATM's were installed. The first two were installed on the 2nd February 1995 in Grafton Shopping World and Park Avenue, Coffs Harbour. Three more were installed in Toormina, Woolgoolga and Bellingen on the 3rd April 1995. Minor alterations were also carried out to the Coffs Harbour and Dorrigo buildings.

In answer to many months of negotiations and intense lobbying of politicians, NSW Credit Unions were granted Trustee Status on 3rd May 1995.

For the 12 months to 30th June 1995 the Credit Union made 10,412 loans to the value of $63,956,973, and a profit of $2,657,586. Membership stood at 34,122, assets at $168,538,435, and outstanding loans $138,102,844. The Credit Union celebrated its 25th Anniversary with its Reserve Capital reaching $14,973,254.

As a consequence of the upheaval in the finance industry, and a perception that the banks could effectively use their size and lobbying power to squeeze out Credit Unions, our Board resolved in June to participate in a detailed investigation into an Australian Cooperative Bank. Because of their 125-year history of success as owners of cooperative banks, the European Credit Unions were deemed to be the obvious models for study. Due to his enthusiasm and experience in the cooperative industry, James McCall was engaged to coordinate a study tour to depart in October. The Victorian Teachers Credit Union elected to send their Chairman, Colin Laity, and General Manager, Brendan Smith. Norm Kelsey, Chairman, and Ray Battle, as Deputy General Manager represented our Credit Union.

On their return in November, the group reported extensively on the second tier cooperative banking system operating in Austria, Belgium, Denmark, Finland, France, Germany, Great Britain, Greece, Ireland, Italy, Luxembourg, Portugal, Spain, and The Netherlands. They concluded that: 'the establishment of such a second tier bank, serving the Credit Union sector and owned and controlled by it, is viable and is imperative if the sector is to maintain its founding ethos and survive as a homogeneous union of successful, independent, community owned cooperative financial institutions devoted to servicing their Members' total banking needs.'

The interior of the Woolgoolga Branch was completely redesigned and the fit-out was effected over the long weekend in October.

To celebrate the Credit Union's quarter century, former directors were invited to attend the November board meeting. Regrettably, fewer were able to attend than only four years earlier.

Early in 1996, ATMs were installed at the front of the Credit Union Arcade in Nambucca Heads and the Administration building in Macksville. Remote access for Members was expanded further with the installation of a Swift Telelink Telephone System from Expertech for $36,800. (Ultradata costs were $4,500.) This meant that Members could obtain all their account information and effect transfers between nominated accounts 24 hours a day from anywhere in the world by telephone.

At their May meeting, the directors decided to form an Audit Committee consisting of Norm Kelsey, Gerry Regan, Bill Singleton and Ray Battle. Prior to this, (since September 1992) the full Board had acted as the Audit Committee.

For the 12 months to 30th June 1996 the Credit Union made loans to the value of $70,342,384, a profit of $3,249,818. Membership stood at 40,285, assets at $214,598,306, and outstanding loans $168,370,789.

In July, the Board agreed to reduce the level of Loan Protection Insurance to a maximum of $20,000 cover for persons up to the age of 70 years. An agreement with Giropost was also ratified at that meeting, but because of rapid changes to technology this facility did not need to be utilised.

The Credit Union Code of Practice was adopted at the next meeting, and the long haul of getting an ATM established in the Bailey Centre, Coffs Harbour was instigated with a building application to council. (The unit was eventually installed in time for Christmas 2000.)

Mr. Neville Spear, General Manager, announced his retirement to take effect on the 31st October 1996. Having been with the Credit Union since its inception, he was responsible for guiding the organisation to the point where it was recognised as the leading financial institution in the region in which it operated.

Possibly because the first 13 years of his life were spent at Bowraville, Mr. Spear returned to settle in familiar territory at Taylors Arm in 1952 as a commercial banana grower. In 1959 he was appointed a director of the Banana Growers Federation, a position he held until retiring to concentrate on the Credit Union in 1977. In the early days of the Credit Union, he and his wife Beatrice were its sole managers, operating on a day-to-day basis from their home at Taylors Arm. Apart from the management of the Credit Union, he was involved in a number of projects of the Movement - particularly in providing assistance to groups in Papua New Guinea wishing to commence Credit Unions there.

Mr. Ray Battle was appointed to replace the General Manager and the position became known as Chief Executive Officer (CEO). Mr. Battle was the Assistant General Manager for 9 years, and previous to that had for many years been General Manager of what was then known as the Hastings Credit Union.

In his first year as Chief Executive Officer of the Credit Union there were a number of challenges to be faced. Technology was changing the whole nature and operations of the financial industry in Australia and increasing competition. The emergence of mortgage originators was but one of the many new competitive forces in the marketplace, that conspired to continually erode margins. In the same year a new uniform Credit Code was introduced that required significant changes to the way the Credit Union did business. Changes to the manner in which interest was calculated under the Code cost the Credit Union $500,000 of its income in the first year of the Code's operation. This pressure on the bottom line consequently lead to discussions with neighbouring Credit Unions on the feasibility of merging.

The new government had announced an inquiry into the Australian Financial System - Chaired by Mr. Stan Wallis and later called the Wallis Inquiry. The Credit Union made a substantial submission to the Inquiry, and many of its arguments and recommendations for reform were taken up and adopted in the Recommendations of the Inquiry.

As a result of changes adopted under the recommendations of the Inquiry, the regulation of Credit Unions became federalised under the control of the Commonwealth Government, with AFIC, FINCOM and MINFIN (mentioned earlier) disappearing from the regulatory landscape.

Late in 1996 an agency agreement was signed with Northpower, and the Telephone Access System received a $9,200 upgrade. Director Gerry Regan was elected to the position of Vice Chairman. Chairman Norm Kelsey and CEO Ray Battle resigned from the Audit Committee. Director David Guinness and the newly appointed Internal Auditor / Compliance Officer Garry Swain were elected to fill the vacancies. David Bevan, former CEO of Coastline Credit Union, commenced work on upgrading the administration system of our Credit Union as Finance and Administration Manager on 17th December.

The year 1997 saw great advancements for the Credit Union. A Strategic Planning process was put in train, and PricewaterhouseCoopers were engaged as Auditors. Northside Branch was relocated into a new building on land purchased by the Credit Union only four months earlier. Macksville Branch was refurbished to operate as a service-based branch rather than a transaction-based branch as a trial for other branch conversions.

For the 12 months to 30th June 1997 the Credit Union made loans to the value of $100,084,107, and a profit of $2,533,618. Membership stood at 46,849, assets at $250,126,280, and outstanding loans $192,461,193.

The banks continued to withdraw from country areas and this further increased the need for the services of our Credit Union, with Membership growing at an exceptional rate. In addition the banks moved to a new phase of increasing their non-interest income (fees and charges), and decreasing their reliance on interest rate margins for profit.

Unfortunately, too many Members began making a convenience of the Credit Union's free services, while shopping elsewhere for their insurance and interest-rate sensitive financial business. Formulating strategies to address this problem became a major focus of the Capital & Loyalty Based Fees Committee's deliberations for a number of years.

Cuecards gained international acceptance through Cirrus and Maestro networks, expanding the Credit Union's services throughout the world.

As a result of the election of directors at the Annual General Meeting held on the 24th November, Director Mr. S. N. Grewal retired, and Mr. G. C. Johnson was elected in his place. Chairman Norm Kelsey expressed gratitude on behalf of the Credit Union for the eleven years of service Mr. Grewal had given as a director.

A Year 2000 [Y2K] Committee was established to facilitate and coordinate the modification of existing hardware and software, to ensure continuity of critical operations at the turn of the year 2000. (Many computer consultants were predicting that the rollover to a year '00' would create chaos in older computer systems.)

The Board appointed a delegation to visit the major centres of the cooperative banking system in southern Europe in March 1998 to further investigate the second tier structure operating there. The delegates were Deputy Chairman Mr. Gerry Regan, Director Mr. David Guinness, Finance Manager Mr. David Bevan and coordinating consultant Mr. James McCall. The group visited Vienna, Paris, Lisbon, Mondragon, Madrid and Rome. They were warmly received everywhere, and assured of any necessary support that could be made available by the central banks visited.

1998 saw the installation of two new ATM's in Coffs Harbour, one located at Park Avenue, (the second at that branch), and the other at Northside. Scotts Head Agency was upgraded, and a strata titled building occupied by the ANZ Bank purchased in Toormina. A Disaster Recovery Site was established at Urunga so that in the event of some natural or unnatural disaster the Credit Union could continue to function efficiently.

The Credit Union also introduced the Telephone Loans Centre in Bellingen, and a Mobile Lender. These initiatives were successful in considerably reducing the waiting time on loan applications at branches.

For the 12 months to 30th June 1998 the Credit Union made a profit of $2,071,076. Membership stood at 50,440, assets at $270,413,663, and outstanding loans $207,538,712.

With the launch of the Financial Management Services (FMS) division in July 1998, the Credit Union became able to capture business previously lost to Superannuation Funds by offering Retirement Savings Accounts. This division also became responsible for the development of the Credit Union's insurance products.

It was at the end of 1998 that Mr Norm Kelsey announced his retirement as Chairman of the Credit Union. He had held this position since 1985 and, with his fellow directors, had worked tirelessly to nurture the Credit Union through difficult times and to promote and motivate it to great heights during his Chairmanship. The Annual General Meeting was vocal in its appreciation of Mr. Kelsey's dedication and generosity in his service to the Credit Union.

Mr. W. [Bill] Singleton was elected Chairman in place of Mr. Kelsey and Mr. Gerry Regan was re-elected as Deputy Chairman.

An additional mobile lender was introduced to the Grafton area, and an Agri-business Manager was engaged. Following changes in legislation, the Credit Union was able to receive Farm Management Deposits from primary producers.

In May 1999, the Park Avenue, Coffs Harbour branch was totally refurbished to provide a modern banking facility for Members. Electronic Teller Cash Dispensers (TCD's) were included in the upgrade, and TCD's were also introduced at Toormina and Northside branches.

The cost of compliance was continuing to increase at a much faster rate. This impacted on all Credit Unions' ability to increase profits, forcing many smaller Credit Unions into merger negotiations.

The Credit Union could now offer business/commercial Members the opportunity to take up loans on a one or two year fixed rate, and an upgraded leasing finance service through brokers.

For the 12 months to 30th June 1999 the Credit Union made a profit of $2,013,713. Membership stood at 53,712, assets at $305,983,845, and outstanding loans $238,483,148.

A bonus scheme was implemented from 1st July 1999 with strong staff support, which resulted in a payment to staff just in time for Christmas.

The September board meeting approved the increase from $1.00 to $1.25 for the transaction fee for Members using an ATM not owned by the Credit Union to recoup the interchange fee charged by other financial institutions.

October saw the live conversion of the Credit Union's mainframe computer software upgrade to Ultracs 2.1, which was far from uneventful and problem free. Ultradata, the software supplier, eventually agreed to pay a substantial but fair settlement in recognition of loss of income to the Credit Union. A further upgrade to enable greater functionality was provided with Ultracs 2.2 in April 2000.

With the lease for the branch in Grafton Shopping World coming up for renewal, investigations began into the feasibility of purchasing suitable alternative premises. These bore fruit with the purchase of 60 Prince Street in June 2000.

By November 1999, increases in staffing levels at Head Office had reached a level that would make it difficult to accommodate for any future increase without undertaking a total refurbishment. In addition, the existing strong room had become inadequate for the necessary file storage. To relieve the situation, the Credit Manager, secretarial and collections staff (4 persons) were re-located to the Bowraville Branch.

At the Annual General Meeting on 22nd November 1999, Mr. Norm Kelsey and Mr. Fred Bond retired as directors, while Mr. Peter E Dunstan and Mr. Micheal J Martin were elected to replace them. Marketing Manager, Ken Palmer who had been an integral part of the organisation for 20 years, also announced his retirement, but offered his services in a part-time consultancy role for at least the following 12 months. A farewell function for the three retirees was held at the Boatshed Brasserie beside the Nambucca River on 30th January 2000.

To assist with strategic planning, an extensive 'Branch Expansion Feasibility Study' extending from the Far North Coast to the Lower Mid North Coast was completed in December. This study resulted in the purchase of strata title to 3/158 Gordon Street, Port Macquarie in April, and ultimately, the opening of a branch with an ATM there on 21st August 2000.

As the spectre of turning computer dates to zero approached, considerable human resources were tied up in ensuring that the Credit Union was properly prepared for any Year 2000 problem that might arise. Consequent to the extensive planning and preparation, no Y2K difficulties were experienced.

With the increased use of the Internet by other financial institutions to provide a lower cost of delivery service to their customers, it was decided to survey a cross-section of the Credit Union Members to ascertain their requirements for that type of service. This eventually resulted in the introduction of BPAY and IBank (online banking) in 2001.

The February closure of Westpac's branch in Sawtell stimulated demand for a Credit Union presence in the main street. Later in the year, a survey was distributed to gauge the level of interest in providing a service bureau there. The response to the survey was disappointing, and a Credit Union presence was not considered a viable option at this stage.

During the year, steps were taken for the Credit Union to investigate becoming a licensed dealer in securities. Such a move required severance notice being given to Howarth Investment Services, terminating the relationship dating from 1997. After further investigations into a number of similar service providers, the Board decided to enter into an arrangement with Community and Corporate Services for the provision of investment services from 1st February 2001.

As a prelude to this new era of expansion, a seminar was held to introduce female Members of the Credit Union to the Financial Management Services (FMS) division at the Opal Cove Resort on 6th March 2000. Initial planning was for around 50 participants, but when registrations exceeded 400, numbers had to be culled to 320. This proved to be an excellent community-awareness exercise that has been repeated (on a smaller scale) a number of times since.

Over preceding years transaction volumes and related costs had grown significantly, with some Members generating excessive volumes of transactions whilst retaining deposit and loan facilities with other financial institutions. In response, the Credit Union introduced Business Transaction Fees based on a 'user pay' principle. Less than 2% of the Membership actually incurred any fee as a result of the scheme's introduction, meaning that the majority of Members continued to enjoy low-cost access to their Credit Union.

All branches were closed for Easter Saturday this year, and it was resolved that this would become a permanent policy.

By the end of the March 2000 Quarter, it was plainly evident that the existing IBM J40 computer system and attendant tape drive had become completely inadequate to service the Credit Union's requirements, with lengthy down-times inconveniencing Members and creating inordinate stress and overtime for the staff.

After a lengthy evaluation process, the Board decided that an RS/6000 Model H70 was the best choice available, leapfrogging the tried and proven IBM F50. However, just as the order was about to be placed with IBM, the new F80, H80 and M80 models were announced with a general availability of June 9th. Although the capabilities of the H70 appeared more than ample for the Credit Union's foreseeable future requirements, there was a strong temptation to move to the new copper-based technology to ensure maximum return on the investment. The risk was that if they waited for the F80, the machine might not be up and running before end of year, with processing delays seriously impairing the Credit Union's ability to open for business the next working day.

After further consultation with Ultradata and IBM, it was decided in early May that our Credit Union would order the first RS/6000 Model F80 in Australasia. On Monday 12th June, just three days after plant general availability, the first local F80 was installed, and by the following Monday, the switch over to the new system was effected.

In answer to community concerns about the introduction of a Goods and Services Tax (GST) from 1st July, 2000, the Credit Union sponsored Business Vectors Pty. Ltd. to run a number of free, well-attended GST Seminars throughout the bond area in Grafton, Macksville, Bellingen, Sawtell, and Coffs Harbour during February.

These were so popular that it was decided to conduct a second series of limited-number, workshop-style seminars (to cost participants $10) during May. This support for small business Members was further extended to the provision of five Business Activity Statement [BAS] workshops in October.

Banklink was another service introduced for small business Members at the end of the financial year. This was to facilitate the transfer of the transaction details on a Member's statement to their accountant, saving a lot of time usually taken up with data entry in the past.

For the 12 months to 30th June 2000 the Credit Union made a profit of $1,886,169. Membership stood at 56,340, assets at $336,244,548, and outstanding loans $272,034,631.

A three-day presence at the Ag-Quip Field Days in Gunnedah resulted in a very strong demand for the services of the Credit Union in the Tamworth area, and the Board decided to send a similar delegation to Primex in Casino during June 2001.

Organic growth of the Telephone Loans Centre (opened in 1998, and designed to meet the needs of the Credit Union until 2003) necessitated a major refurbishment, which was completed in October (to accommodate 15 employees).

The Onelink MasterCard product was launched on 23rd October, and received strong support from the Members.

The Grafton branch was relocated from Shopping World to Credit Union owned premises at 60 Prince Street for the commencement of business on 20th November 2000, providing Members with state-of-the-art financial services facilities.

A new Constitution to conform to the requirements of Corporation's Law was adopted at the Credit Union's 30th Annual General Meeting on 27th November 2000. The keynote speaker at the meeting was Dr. Race Mathews, a prominent academic, author, a former federal and state politician and Chairman of Waverly Credit Union (Vic.). Speaking in support of the board's community development policy, Dr Mathews stressed the need to continually focus on the core values and principles of Credit Unionism, and the key role that cooperative enterprises can take in developing their local economies.

The Board was unanimous in its aspirations to discover a special focus that would help propel the Credit Union into the new century with renewed purpose and an identity that would set it aside from its competitors and contemporaries.