table of contents - jn bank...bank jamaica limited. in 1990, he received the americas award from the...

1

Table of Contents

2 MISSION STATEMENT

3 NOTICE OF ANNUAL GENERAL MEETING

4 VOTING PROCEDURES

5 MERGERS, ACQUISITIONS & FOUNDERS

6 CHAIRPERSONS & GENERAL MANAGERS

7 BOARD OF DIRECTORS

13 PICTORIAL

15 CORPORATE GOVERNANCE STATEMENT

16 CHAIRMAN’S REPORT

20 GENERAL MANAGER’S REPORT

26 VALUES STATEMENT

27 EXCLUSIVE JN MEMBER BENEFITS

28 BUSINESS REVIEW

28 JAMAICA NATIONAL BUILDING SOCIETY

28 JN SMALL BUSINESS LOANS LTD.

29 JN FUND MANAGERS LTD.

30 NATIONAL BUILDING SOCIETY OF CAYMAN

30 JN MONEY SERVICES LTD.

31 THE CREATIVE UNIT LTD.

31 MANAGEMENT CONTROL SYSTEMS LTD.

32 MANUFACTURERS CREDIT & INFORMATION SERVICES LTD.

32 JAMAICA AUTOMOBILE ASSOCIATION (SERVICES) LTD.

33 N.E.M. INSURANCE CO. (JAMAICA) LTD.

34 VISION STATEMENT

35 TOP PERFORMANCE

36 COMMUNITY OUTREACH/JNBS FOUNDATION

39 FINANCIAL HIGHLIGHTS

40 JNBS OVERSEAS OFFICES

41 EXECUTIVES

42 SENIOR & REGIONAL MANAGERS

44 CHIEF OFFICE & OVERSEAS MANAGERS

45 BRANCHES, TEAM LEADERS & MEMBER AMBASSADORS

46 DIRECTORY LISTINGS

48 SUBSIDIARIES & ASSOCIATED COMPANIES

49 MEMBERSHIP OF BOARDS & COMMITTEES

50 ATTORNEYS-AT LAW, AUDITORS & BANKERS

51 AUDITORS’ REPORT

53 FINANCIAL STATEMENTS

JAMAICA NATIONAL BUILDING SOCIETY ANNUAL REPORT 2007

Mission Statement

e are a mutual organisation

satisfying our members

and customers with a

competitive range of savings,

mortgage loans, financial and

other services, directly

and through our subsidiaries.

2JAMAICA NATIONAL BUILDING SOCIETY ANNUAL REPORT 2007

W

3

Notice of Annual General Meeting

Notice is hereby given that the One Hundredand Thirty-Third Annual General Meeting ofThe Jamaica National Building Society will beheld at the Society’s Half-Way-Tree Branchlocated at 2 – 4 Constant Spring Road, Kingston 10in the parish of Saint Andrew at 4:00 p.m. onTuesday, October 30, 2007.

The following items of business willbe considered:-

1. To receive and adopt the following:(i) The Directors’ Report for the year

ended March 31, 2007(ii) The statement of accounts for the year

ended March 31, 2007(iii) The Auditors’ Report for the year

ended March 31, 2007

2. To elect Directors3. To appoint Auditors4. To transact any other business permissible

by the Rules at an Annual General Meeting

By Order of the BoardDated this 19th day of September, 2007

Byron WardSecretary

2 – 4 Constant Spring RoadKingston 10Jamaica, W.I.

Annual General Meeting 2006


4

Voting Procedures

36(a) Qualification and Method of Voting at Meetings of Members

Every question submitted to any meeting ofmembers shall be decided by a simplemajority of votes and such votes shall betaken in the first instance by a show of hands,upon which the decision of the Chairman ofthe meeting shall be final. A Poll may (beforeor on the declaration of the result of the showof hands) be demanded by:

i. The Chairman of the meeting or

ii. at least ten members who are entitled to vote at the meeting andare present in person or by proxy and in the event of such a demand it shall forthwith be taken by ballot, counting or otherwise as the Chairman may decide and then every member qualified to vote shall have one vote and if there is an equality of votes the Chairman shall givethe casting vote in addition to hisvote as a member. In case of sharesheld jointly, only the person whosename appears first on the accountshall be entitled to vote and allcommunications of any kind shall besent to that person.

36(b) Voting by Proxyi. Votes may be given personally or,

subject to the ensuing provisions of this paragraph, by General Proxy or Special Proxy.

36(d) Personal InterestNo member shall vote either personally or byProxy on any question in which he shall havea personal interest distinct from the othermembers.

36(e) Misbehaviour of MembersIn case of gross misbehaviour on the part ofa member or of disobedience to the ruling ofthe Chairman at any meeting, the memberspresent shall have power by their votes todeprive the offender of his right of voting atthat meeting.

36(f) Counting of VotesIf on a show of hands or on a Poll:

i) any votes are counted which ought not to have been counted, or

ii) any votes are not counted which ought to have been counted,

the error shall not vitiate the decision arrivedat unless it shall, in the opinion of theChairman, be of sufficient magnitude so todo.


5 JAMAICA NATIONAL BUILDING SOCIETY ANNUAL REPORT 2007

Mergers, Acquisitions & Founders

MERGERS & ACQUISITIONS

Westmoreland Building Society (founded August 13, 1874)

1967Manchester Mutual Building Society

1970St. James Benefit Building SocietyBrown’s Town Benefit Building SocietySt. Ann Benefit Building Society

December 1970Change of name to The Jamaica National Building Society

1976St. Thomas Mutual Building Society

1977Jamaica Permanent Building Society

1983St. Mary Benefit Building Society

1996Hanover Benefit Building Society

2001Jamaica Savings & Loans Building Society

OUR FOUNDERS

REVEREND HENRYCLARKE

Founder of the Westmoreland Building Society

(1874)

REVEREND JOSIAS CORKThis photograph is believed to bethat of the Reverend Josias Cork,

founder of the St. Ann Benefit Building Society

(1874)

JOHN E. KERRChairman of the St. James

Building Society from 1883 to 1903.The Society was founded in 1874.

J. H. ALLWOOD

Solicitor and founder of the Brown’s Town Benefit Building

Society (1893)

ERNEST CLARKOne of the founders and firstChairman of the Manchester

Mutual Building Society (1955)

JOHN GERRARD MARCHALLECK, JPOne of the two persons

spearheading the move from the St. Thomas Mutual Building

Society, which had its first meeting on June 1, 1897

REVEREND EDWIN JAMES TOUZALIN, JP

Founder of the St. Mary Benefit

Building Society (1915)


Chairpersons & General Managers

GENERAL MANAGERSCHAIRPERSONS

REVEREND HENRY CLARKE1874 - 1907

HUGH CLARKE1907 - 1944

J. OSMOND H. HUDSON SNR.1966 - 1976

HON. OLIVER CLARKE, OJ, JP1976

ERIC CLARKE1944 - 1966

J. OSMOND H. HUDSON SNR.1966 - 1976

LANCELOT REYNOLDS, OD, JP1976 - 1999

EARL JARRETT, JP1999 - PRESENT

HON. OLIVER CLARKE, OJ, JP1977 - 1997 & 2002 - PRESENT

KEITH FRANCIS, JP1997 - 2002

7

Board of Directors

HON OLIVER F. CLARKE, OJ, JPF.C.A., B.SC. (ECON.)

CHAIRMAN

Mr Clarke worked with theSociety firstly as AssistantGeneral Manager and thenGeneral Manager from 1971 to1976. He held the position ofChairman of JNBS for twentyyears, from 1977 to 1997. Heserved as Deputy Chairmanfrom 1997 until 2002 when he was reappointed Chairman.Mr Clarke is Chairman ofJN Small Business Loans Ltd.and the JNBS Foundation. He isa Director of JN Fund ManagersLtd. and a member of the JNBSInvestment Committee. He isChairman of JN Money ServicesLtd., the parent company of theJamaica National Overseascompanies in the USA, Canadaand United Kingdom.

Mr Clarke, a Chartered Accountant,is Chairman and ManagingDirector of The Gleaner CompanyLtd., Past President of thePrivate Sector Organisation ofJamaica and Chairman ofSangster's Book Stores Limited.He is President of theCommonwealth Press Union(CPU) and former President,Inter American PressAssociation (IAPA). He is aBoard Member of severalorganisations and also served asChairman of National Commercial

Bank Jamaica Limited. In 1990,he received the Americas Awardfrom the Americas Foundation,and in 1996 the Private SectorOrganisation of Jamaica inductedhim into its Hall of Fame. In1998 Mr Clarke was conferredwith the Order of Jamaica fordistinguished service in the areaof business. In 2004 he wasrecognised as a CaribbeanLuminary of the AmericanFoundation for the University ofthe West Indies. The AmericanFriends of Jamaica awardedMr Clarke its InternationalHumanitarian Award in April2006.

Mr Magnus has been a Directorof the Society since 1983 andDeputy Chairman since 2002.He is Chairman of N.E.M.Insurance Company (Jamaica)Ltd. and former DeputyChairman of the St. MaryRegional Board of the Society.He is a Director of JN FundManagers Ltd. and the JNBSFoundation, and a member ofthe JNBS Investment Committee.

Mr Magnus, an Attorney-at-Law, is the Senior Partner in thelaw firm of Abendana &Abendana, with offices in PortMaria and Ocho Rios, and is a

member of the General LegalCouncil. Mr Magnus has alsoserved as a Director of severalcompanies involved in thedevelopment of land in St. Maryand St. Ann.

Mr Jarrett was appointedGeneral Manager of JNBS inOctober 1999. He joined theSociety in May 1997 asExecutive with responsibilityfor Compliance and OverseasSubsidiaries. Mr Jarrett is amember of the Society’s Boardand all its local and overseassubsidiaries, as well as theJNBS Foundation. He is theChairman of the JamaicaAutomobile Association (Services)Ltd. (JAA), and the JamaicaNational Overseas companies.

A Chartered Accountant and agraduate of the University of theWest Indies, Mr Jarrett is aVice-President of the PrivateSector Organisation of Jamaica(PSOJ) and a member of theExecutive Board of theCaribbean Association ofHousing Finance Institutions(CASHFI). He is also theChairman of the Jamaica CancerSociety and a Trustee of theDudley Grant Memorial Trust

GEORGE I. MAGNUS, JPDEPUTY CHAIRMAN

EARL JARRETT, JPF.C.A., M.SC. (ACCOUNTING)

GENERAL MANAGER


8

Board of Directors

and the YWCA Trust. He is aDirector of The GleanerCompany’s (UK) and NorthAmerican Boards. He is aformer Council Member ofthe Institute of CharteredAccountants of Jamaica and pastPresident of the Rotary Club ofNew Kingston. He also servedas a member of the NationalTask Force on Political Tribalism.

Mr Brown serves as a Directorof the Society and several of itssubsidiaries. He joined JNBS inJanuary 1985 as Deputy GeneralManager and retired from thatposition in December 1997 buthas remained a Director of theSociety. Mr Brown is a Directorof JN Fund Managers Ltd. and amember of the JNBS InvestmentCommittee.

An Economist by profession,Mr Brown is a former DeputyGovernor of the Bank ofJamaica, and a former Directorof the Institute of Jamaica(Publications), Independent RadioCompany Limited (Power 106)and Trafalgar Commercial Bank.Mr Brown has also served asChairman of the BuildingSocieties Association (BSAJ) andthe Jamaica Institute of Bankers.

Dr Brown became a member ofthe Board in 1970 on the mergerof the St. James BenefitBuilding Society with JNBS.He later resigned from theBoard to pursue activities inrepresentational politics. In1989, following his retirementfrom active politics, he rejoinedthe JNBS Board. He has beenrecognised for his contributionto national life by the award ofthe Order of Distinction(Commander Class). Dr Brownis a medical practitioner inMontego Bay, St. James.

Mr Cunningham has been amember of the Board sinceSeptember 1999. He hasconsiderable experience inbusiness, information technology,marketing and finance. He is aTrustee of the JNBS GroupPension Plan, a Director of the

JNBS Foundation and N.E.M.Insurance Company (Jamaica)Ltd. Mr Cunningham holds aBachelor of Applied Sciencedegree and a Masters inBusiness Administration withspecialisation in Marketing andFinance from the University ofToronto.

Mr Cunningham is the ManagingDirector of Pioneer ChocolateCompany Ltd. and sits on theBoard of the Belair School inMandeville.

Mr Parris A. Lyew-Ayee joinedthe Board of Directors inJune 2007, having previouslyserved as a Director of N.E.M.Insurance Co. (Jamaica) Ltd.,a subsidiary of the Society.He is a member of the Boards ofDirectors of the JamaicaBauxite Institute, St. AnnJamaica Bauxite Partners Ltd.,the Water Resources Authority andthe National Resources ConservationAuthority and Caribbean CementCo. Ltd. He also serves on theBoard of the King’s HouseFoundation and on the CampusCouncil and the Finance andGeneral Purposes Committee ofthe Mona Campus of theUniversity of the West Indies.

CLARENCE T. BROWN B.A., M.A.

DR HENRY A. A. P. BROWN, C.D., JPM.D., L.R.C.P., L.R.C.S.


JOHN CUNNINGHAM, JPB.A.SC., M.B.A.

PARRIS LYEW-AYEE, CDBSc., M.Eng.

9

Board of Directors

CONTINUED

Mr Lyew-Ayee is a member (andcurrent President) of theGeological Society of Jamaica,the International Committee forStudies of Bauxites, Aluminaand Aluminium (ICSOBA), andthe Society of Mining Engineersof the American Institute ofMining, Metallurgical andPetroleum Engineers. He iscurrently the Deputy Chairmanof the Stella Maris ChurchCouncil.

A geologist and mineral engineer,Mr Lyew-Ayee is the ExecutiveDirector of the Jamaica BauxiteInstitute, where he has spentalmost his entire working life.He is acknowledged as an experton Jamaican bauxites and thebauxite industry in general, onwhich he has had more than twodozen papers published, bothlocally and internationally. He isalso known for his work on themanagement of local andregional geological and mineralresources for development andenvironmental sustainability.

Mr Lyew-Ayee’s many years ofservice in the public sector, aswell as his engagement in theprivate sector and nationaldevelopment, will be of greatvalue to the Society.

Mr Mahfood was appointed tothe Board in July 2006. Heholds the degree of Bachelor ofScience in Industrial Engineering& Management InformationSystems from NortheasternUniversity, Boston, Massachusetts.Prior to joining the JNBS Board,Mr Mahfood was a Director ofJN Small Business Loans Ltd.

Mr Mahfood joined the familybusiness in 1988 and has beenthe Managing Director ofWisynco Group Ltd. since 1994.He is very active in outreachefforts in Spanish Town and itsenvirons.

Mrs Jennifer Alayne Martin, anAttorney-at-Law, has been aDirector of the Board since themerger of the Jamaica Savings

& Loans Building Society andthe Society in 2001.

She served as Director of theJamaica Savings & LoanBuilding Society from 1996 to2001. Mrs Martin is also aTrustee of the JNBS GroupPension Plan. A partner with thelaw firm Robinson, Phillips &Whitehorne with offices inOcho Rios, St Ann, Mrs Martinwas admitted to practice as aSolicitor in Jamaica in 1970 andhas extensive experience inconveyancing. She is a memberof the Jamaican Bar Associationand the Northern Jamaica LawSociety.

Mrs Dorothy Pine-McLarty hasbeen a member of the Boardsince September 1998. She isthe Chairperson of the Board ofTrustees of the JNBS GroupPension Plan and a Director ofJN Money Services Ltd.

A practising Attorney-at-Lawfor some thirty-six years, sheretired from the partnership ofthe law firm Myers, Fletcher &Gordon, but remains a Consultant.She served as the Head of thatfirm’s Property Departmentfrom 1992 to 1995 and was

JENNIFER MARTIN

HON DOROTHY PINE-MCLARTY, OJ


WILLIAM MAHFOODB.Sc.

10

Board of Directors

Managing Partner of the firm’sLondon office from its inceptionin 1995 until June 1998.Admitted as a Solicitor of theSupreme Court of the UnitedKingdom in 1995, Mrs Pine-McLarty serves on the Boards ofseveral organisations includingthe Jamaica Basic Schools’Foundation (United Kingdom)Limited. Mrs Pine-McLarty is amember of the Board ofGovernors of the St. AndrewHigh School for Girls, theChancellor’s appointee to theCouncil of the University ofTechnology, Chairperson of theAccess to Information Tribunaland an independent member ofthe Electoral Commission ofJamaica (formerly the ElectoralAdvisory Committee).

Mrs Pine-McLarty was awardedthe Order of Jamaica in October2007 for outstanding publicservice.

Mr Morris was appointed to theJNBS Board in January 1993.He is a Director of JN FundManagers Ltd., N.E.M. InsuranceCompany (Jamaica) Ltd. andPelican Finance Ltd., and amember of the JNBS InvestmentCommittee.

Mr Morris has a Bachelor’sDegree in Economics from theUniversity of the West Indiesand an MBA in Finance from theColumbia University GraduateSchool of Business. He hasextensive management andBoard experience, including 7 yearsas Chief Operating Officer ofJamaica Producers GroupLimited.

Mr Small has been a Director ofthe Society since September 1998.He is a former Deputy Directorof Social Services for theLondon Borough of Hackney,England, and a former non-executive Director of NorthLondon University.

Mr Small is a member of theBoard of Governors of UnitedWay of Jamaica and is aLecturer in the Department ofSociology, Psychology andSocial Work at the Universityof the West Indies, where hespecialises in Human ServicesManagement and InternationalMigration. He was Chairman ofthe Planning Institute ofJamaica’s “Working Group onInternational Migration” andfounder and President of the International ReturningResidents’ Association.

Dr Tanna has been a member ofthe JNBS Board since 1981,Chairman of JN Fund ManagersLtd. since 2005 and a longstanding member of theSociety’s Investment Committee.He is also a Director of theSociety’s subsidiary, the NationalBuilding Society of Cayman.

A graduate of the University ofLondon and the University ofCalifornia, Berkeley, Dr Tannais an Economist. He is a formerDirector and Chairman of anumber of Jamaican and WestIndian companies. His careerspans assignments in Uganda,the U.S.A., Puerto Rico andseveral organisations in Jamaicaas well as the rest of Caricom,including Neal & MassyHoldings Ltd., University of theWest Indies, Jamaica NationalInvestment Co. Ltd. (JNIC) andCapital Development Fund. Heis the Managing Director ofLumber Depot, a buildingmaterials outlet in Kingston andBlue Power Ltd. which is a soapmanufacturer.

JOHN SMALLBA (HONS.), CQSW, FBMI

DR DHIRU TANNAB.SC. (ECON.), M.A., PH.D.


PETER MORRISB.SC. (HONS.), M.B.A.

11

Board of Directors

Mr Maximilian Campbell joined the Societyin 1998. He has served in the areas ofbranch operations and human resourcedevelopment. He is presently thePerformance Management Specialist in theHuman Resource Division. He is currently theChairman of the Daisy Thompson EarlyChildhood Institution and past ExecutiveDirector of the Clarendon Association ofStreet People (CLASP).

A graduate of the University Collegeof the Caribbean, Mr Campbell recentlycompleted a Master of Science in WorkforceEducation and Development at theUniversity of Technology. He also holds adiploma in teacher education from ChurchTeachers’ College and a certificate inJamaican Securities from the JamaicaInstitute of Management.

Mr Ward joined the Society in 1995. Hefunctions as Corporate Secretary & LegalCounsel to the Society and a number of itssubsidiaries and the Trust Secretary of theJNBS Group Pension Plan.

He is a graduate of the University of the WestIndies and the Norman Manley Law School.He was admitted to practice as an Attorney-at-Law in 1983. Mr Ward is a member of theJamaican Bar Association.

BYRON WARDCORPORATE SECRETARY

& LEGAL COUNSEL

MAXIMILIAN CAMPBELLM.SC.

STAFF DIRECTOR



Retired Directors

Dr Johnson was a member of the Board ofJNBS since 1983 when the St. Mary BenefitBuilding Society merged with JNBS. Hewas the Chairman of the St. Mary RegionalBoard of the Society, a Past President of theSt. Mary Chamber of Commerce andformer Chairman of the St. Mary Boys’Scouts Local Association. He has beenrecognised for his contribution to nationallife by the award of the Order of Distinction(Officer Class). Dr Johnson is a Dentist inHighgate, St. Mary.

Dr Johnson retired from the Board onDecember 31, 2006.

Mr Francis served as Chairman of JNBSbetween November 1997 and September2002. Prior to that, he was DeputyChairman of the Board from 1976 when hebecame a member of the Board followingon the merger of the former St. ThomasMutual Building Society (of which he was aDirector) with JNBS.

Mr Francis was the Chairman of theRegional Board for St. Thomas and was aDirector of JN Fund Managers Ltd., JN Small Business Loans Ltd., JN RealEstate Company Ltd. and JN Properties Ltd. He was also a member of the JNBSInvestment Committee.

A retired Agriculturalist, Mr Francis is aformer Chairman of the All Island BananaGrowers' Association and the BananaBoard. For many years he also served on anumber of Government Boards andCommittees related to Agriculture. He is aformer Director of the National CommercialBank Jamaica Ltd. Mr Francis also actedas Custos of St. Thomas on a number ofoccasions.

Mr Francis retired from the Board onDecember 31, 2006.

KEITH FRANCIS, JPDR NOEL JOHNSON, O.D., JPB.Sc., D.D.S.

13

Pictorial

Ms Karen Turner, former Mission Director for the United StatesAgency for International Development (USAID) has the raptattention of Mr Earl Jarrett, (2nd left) General Manager, JamaicaNational Building Society, Mr Frank Whylie, (2nd right) GeneralManager, JN Small Business Loans Limited, and Mr James Burrowes,USAID Business Development Specialist. The occasion was afarewell breakfast, hosted by JNBS in her honour at the Terra NovaAll-Suite Hotel in May 2007.

JN Small Business Loansclient, Grace AnnHanson (left), a milliner,displays one of herc rea t ions to HerExcellency Mrs BrendaLaGrange Johnson,United States ofAmerica Ambassador toJamaica (centre), HisExcellency Dr VolkerSchlegel (2nd left),

German Ambassador, and Mr Earl Jarrett, General Manager of theJamaica National Building Society. Mrs Hanson was one of twelveJNSBL clients whose products were displayed at the company’s annualboard luncheon held at Alhambra Inn in November 2006.

Then Prime Minister, the MostHon. Portia Simpson Miller andMr Earl Jarrett, GeneralManager, JNBS, exchangecopies of the Memorandum ofUnderstanding, signed inNovember 2006, to providefinancing for obtaining landtitles under the government’sLand Admin is t ra t ion &

Management Programme (LAMP).

Dr Ruth Potopsingh(right), Group ManagingDirector of PetroleumCorporation of Jamaica,a c c e p t s a J G R AADVANCE card fromMrs Enola Beharie-Williams, GeneralManager of ManufacturersCredit & InformationServices Limited (MCIS),a member of the JNGroup. Dr Potopsinghwas guest speaker at the launch of the JGRA ADVANCE card in November 2006.

Ms Paulette Simpson (seated), JNBS ChiefRepresentative Officer in the United Kingdom,notes information from a pensioner at the MayPen leg of the JNBS Pension Expediter Seminar.The seminars were held to promote the JN Pensioner Expediter Service to Members andnon-members who receive pension paymentsfrom the UK.

Mrs Valerie Holness, Manager of theMorant Bay Branch who has servedthe Society for more than 40 years,receives a long service award fromMr Earl Jarrett, General Manager,JNBS. Mrs Holness was among108 JN Group staff membershonoured at the Staff Long ServiceAwards ceremony held at the SunsetJamaica Grande Hotel in September2006.

Mr Michael Evelyn, JNBS RegionalManager, presents a gift to a Memberof the Half-Way-Tree Branch at theannual Members’ Appreciation Dayon December 13, 2006. The eventprovided an avenue for the promotionof products within the JN Group.



Pictorial

Deputy Commissioner of Police,Jevene Bent (right), shares a lightmoment with Ms Ava-DaughnSinclair, JNBS Promotions and SalesRepresentative. DCP Bent wasintroduced to the JNBS Women’sMortgage Product at the AnnualInternational Women’s DayConference hosted by the Bureau ofWomen’s Affairs at the JamaicaConference Centre on March 8, 2007.

Ms Janice Henlin (left) greets adelegate at the JN-sponsoredJamaica Diaspora Conferenceheld at the Jamaica ConferenceCentre in June 2006. The eventwas attended by some 700Jamaicans who reside overseas.

Khadean Moncrieffe (centre), JNBSGSAT Scholarship recipient forSt. Catherine, smiles as sheaccepts her scholarship awardfrom Mrs Mary Smith (left)Executive, Corporate Planning,Budgeting and Special Projectsand Mrs Janice Mills, BranchManager, JNBS Half-Way-Tree.

Mr Jason Taylor, Customer Service Representative, assists a Memberat the newest addition to the JN Overseas family, the Miramar MoneyShop in Florida. The unique combination of services offered at thefacility makes it a one-stop centre for a wide range of financial andbusiness services.

With the December 9, 2006launch of the JNBS MobileUnit, the Society is the firstCaribbean entity to offermobile financial services toseveral communities in theUnited Kingdom. TheMobile Unit facilitatesaccess to accoun tinformation and thesending of remittances.

Members of the JN Football Team show off their awards received inthe 2006 Inter-Bank Football league. Several sectional prizes went tomembers of the Team: Kirk White, Coach of the Year; Richard Forrest,Goal Keeper of the Year; and, Andrew Gill, Most Valuable Player.

His Excellency Dr VolkerSchlegel (left), GermanAmbassador, presents acertificate of excellence toAnthony and DonnaleeDouglas, clients of the JN Small Business LoansLimited (JNSBL). Mr and Mrs Douglas were commended for their creativity andprofessionalism in operatingtheir craft production business.Witnessing the award is Mr Omar Cooper, FieldOfficer at JNSBL.


Corporate Governance Statement

The JNBS Board of Directors is committed toupholding high standards of governance in allareas of the Society and the Group. Through awell established governance framework, theBoard provides leadership and monitors thebusiness affairs of the JNBS Group on behalf ofthe members and other stakeholders to whomthey are accountable.

EXTERNAL REGULATORS

JNBS, which is established under the BuildingSocieties Act, is licensed as a building societyunder the Bank of Jamaica (Building Societies)Regulations 1995 and is, therefore, regulated bythe Bank of Jamaica. JNBS is also accountableto the relevant financial authorities overseaswhich grant licences for the Society to operateRepresentative Offices in the United Kingdom,Florida in the United States of America andCanada. All of these external bodies haveestablished regulations and timelines forcompliance, and these requirements are adheredto by the Society and all entities within theGroup.

THE BOARD

The JNBS Board is comprised mainly ofindependent directors who bring characteristicsthat allow for a balance of qualifications, skills,expertise and experience. The mandate of theDirectors is to ensure that the Society operateswithin stipulated ethical and legal guidelines,and that proper records and accountabilitystandards are established, maintained,documented and audited.

The Board reviews its composition on anannual basis in order to maintain theappropriate mix of experience and competence.Where it is considered that the Board wouldbenefit from the services of a new director withparticular skills, the Board conducts criticalassessment of qualified candidates and selectsthe most suitable individual.

INTERNAL CONTROLS

The Board reviews the business risks to whichthe Society may be exposed through integratedrisk management programmes, which ensurethat risks are identified, assessed andappropriately managed. Mechanisms are put inplace to facilitate effective implementation ofthese programmes. Some of these systemsinclude the Audit Committee that overseesinternal audit matters, and the recentlyestablished Risk Management Unit, whichconsistently reviews the adequacy of strategiesand policies for risk management. Theseinternal control systems enable the Society toachieve its corporate objectives within amanaged environment of research, analysis andprudent decision making in the best interest ofmembers and in compliance with all regulatoryrequirements.

BOARD COMMITTEES

In addition to the Audit Committee, the Boardhas three committees through which it ensuresthat good governance is achieved. Theseinclude the Proxy Committee, which authorisesthe Chairman of the Board to carry, if necessary,the votes of members in absentia, at the AnnualGeneral Meeting and the CompensationCommittee, responsible for reviewing andsetting the compensation levels for seniorofficers of the Society. An InvestmentCommittee oversees investment and finance-related matters. The names of the members ofthese committees are listed in this annual report.

Good corporate governance is fundamental tothe Society’s culture and business practices.The Board of Directors remains committed tothese principles, as it seeks to protect itsmembers and maintain the integrity of theJamaica National Building Society.


Chairman’s Report 2006/07

The Jamaica National BuildingSociety (JNBS) is a mutualorganisation which means thatthe Society is owned by itsmembers and is run for thebenefit of its members. Ourmembers are automaticallyeligible to vote, unlike the bankswhere, to have a voting right, thecustomer also has to be ashareholder. As a member ofJNBS you come first, and our aimis to continuously improve ourfinancial strength so that we canenhance the services and thebenefits we provide to ourmembers, as well as thecustomers and clients of oursubsidiaries. The achievementsfor Financial Year 2006/2007show that the Society and theGroup were successful inmeeting these aims.

FINANCIAL RANKING

JNBS is the leading BuildingSociety in Jamaica and theCaribbean, and maintains anenviable position as one of themost successful providers offinancial services in Jamaica. It

holds the largest savings and loanportfolio among building societiesand licensees under the FinancialInstitutions Act. The unauditedfinancial results released by theBank of Jamaica once againreflect that our Society remainsthe third largest financialinstitution in terms of its assets,capital base and savings amonglocal commercial banks, buildingsocieties and licensees under theFinancial Institutions Act, for thefinancial year ended March 31, 2007.

FINANCIAL RESULTS

During the reporting period,our Group’s assets strengthenedby 17.5% from $63 billion to$74 billion. The Group’s netsurplus after tax was good,moving from $1.46 billion lastyear to $1.68 billion at the end ofMarch 31, 2007. The closing netsurplus was underpinned by thestrong contribution from JNBS of$1.22 billion, evidencing that theSociety continued to performwell in the face of a tight interestrate environment.

SAVINGS MOBILISATION

The Society’s savings fundgrew by 23% moving f rom$35 billion to $43 billion in the2006/2007 financial year. Thisgrowth reflected the faithful andoverwhelming support given byour members to the new savingsproducts introduced during theyear. These included the SolidGrowth and High Yield productswhich were offered to membersin Jamaica, Canada, the UnitedStates of America and the UnitedKingdom. The High Yield savingsaccount is a contractual savingsinstrument which rewards regularsavings with better ratesguaranteed over a twelve-monthperiod. The High Yield instrumentis ongoing while the SolidGrowth product was part of aone-month promotional campaignwhich offered competitive ratesfor five-year long term tax-freesavings and one year short termsavings.

HON. OLIVER F. CLARKE, OJ

CHAIRMAN


Chairman’s Report

The following chart shows thesupport given by our overseasmembers in relation to our savingsfund for the last three years.

LOAN GROWTHDespite strong competition in the mortgage market the Societyremained committed to itsmandate to help members to owntheir homes. This saw us offeringrates as low as 11.99% onresidential home loans. As suchthe Society was able to increaseits loan portfolio value by 27%achieving a loan book value at theend of March 2007 of $23 billion.As at March 31, 2007, thenumber of loans in the portfoliostood at 18,070 compared to16,954 loans at March 31, 2006.

REGULATORY COMPLIANCE

The Society is fully compliantwith the Bank of Jamaica’sprovisioning guidelines thatrequire 50% provisioning for the principal balance of loanswhich are in arrears for twelve to eighteen months, and fullprovisioning for loans in arrears

for over eighteen months. Loansand advances on which interest isno longer accrued amounted to$3.3 billion at March 31, 2007,

compared to $2.5 billionat the end of March 2006.We also report that theSociety’s risk-based capitalratio ended positively at21.69% this year, asa g a i n s t 2 5 . 5 % a t March 31, 2006 and14.1% at March 31, 2005.The Bank of Jamaica’srequirement is set at 10%.

The graph below shows thesupport given by our overseasmembers to the Society’s loanbusiness with respect to the lastthree years.

GROUP SYNERGY FORMEMBER BENEFITS

We made membership real forour members during the year.Members got real value for theirinvestments and our businessdecisions were taken withmembers in mind. The Societyworked with members to ensurethat they obtained benefits acrossthe JNBS Group by way ofseveral strategic initiatives.

Synergies among companies(within the Group) were strengthenedto make it easier for members toaccess benefits within the Group.For example, N.E.M. InsuranceCompany now offers generalinsurance services in ten JNBSbranches and shortly these will beprovided in three other branchesacross the island. In addition,N.E.M. offers up to $200,000 freeon contents insurance for policies

valued at a minimum of $1M andincluding peril (homeowners)insurance coverage. The companyalso provides roadside assistanceand wrecker services through theJamaica Automobile Association,

which offers a 20% discount onits fees to JNBS members.

Our members and customerscontinue to enjoy benefits notprovided by other financialinstitutions. In particular, holdersof the JN Teller 24/7 ATM debitcard are able to use these cards atany JNBS or Multilink AutomatedTeller Machine without incurringtransaction fees. In addition, JNBSremains one of the few institutionsthat do not charge members orcustomers a transaction fee forbill payments. The value of thesebenefits, which accrue to ourmembers and customers, isestimated at $61 million asagainst $45 million for the yearended March 2006.

Benefits to JNBS members havealso been enhanced throughreduced interest rates on mortgages.This includes the Women’sMortgage product geared primarilyat assisting single women inacquiring a home. Information onthese and other member benefitsare outlined in this AnnualReport.

The varied means by which JNBSMembers can conduct businesshave also been expanded with theintroduction of Live by JN, theSociety’s internet banking service.This was officially launched to thepublic on Tuesday, May 1, 2007under the mantra ‘Have more! Bemore! Do more!’ Members ofthe public are now able to accessJNBS’ internet banking to payutility bills, transfer funds and topup on call credit.

Members have also been enjoyingimproved service delivery in theUnited Kingdom. In an effort totake our services to Jamaicansacross the United Kingdom, theMobile Unit was introduced inDecember 2006. This Unit is afully functional office fromwhich members are able to accessthe services which are providedin Jamaica by JNBS and itssubsidiaries.

To better serve our overseasmembers and friends of the JNBSfamily, our access network andservices in the United States ofAmerica were also improvedwith the opening of ourcommunity friendly money shop,in Miramar, Florida.

COMMUNITY BANKING

The focus of the community banking concept is on building andmaintaining close relationships atthe community level. This hasbeen achieved over the last threeyears with the opening of fiveMoney Shops locally at 45 SpanishTown Road, Kingston; Whitehouse,Westmoreland; AZ Mart inBarbican, St. Andrew; KnutsfordBoulevard, St Andrew; and themost recent, a cash-less facility atthe Loshusan Shopping Centre inBarbican, St. Andrew.

In order to maintain a close link with various communities,the Community Banking Unitcontinues to support community-based projects which foster socialand economic growth. One suchproject is the establishment of ‘The Source’ which was opened in

April 2007. ‘The Source’ providesservices such as computer andInternet access, small businessdevelopment and support,employment information andcomputer literacy classes. ‘TheSource’ is located at the Bryce HillPlaza in August Town, St. Andrew,and provides these services topersons from various communitiesin and around August Town.

AWARDS TO JNBS

We are proud to report that yourSociety received two prestigiousawards during the year, namely: theBureau of Standards/Ministry of Commerce, Science &Technology’s National QualityAward for Human Resource Focus,and the Jamaica Chamber ofCommerce Entrepreneurial (Large)Award.

The National Quality Award isdefined by the Bureau as a results-driven award which recognises andrewards Jamaican companieswhich adopt excellent qualitysystems and apply these systems intheir operations. The awards werecreated to motivate companies toachieve and maintain highstandards.

The Jamaica Chamber ofCommerce Entrepreneurial (Large)Award is presented in recognitionof entrepreneurial leadership andinnovation. In addition, awardeesmust demonstrate successfulmarketing, business expansion,fiscal management and goodcorporate citizenship. JNBS wonthis award ahead of four otherstrong nominees.


Chairman’s Report


Chairman’s Report

COMMUNITY AND MEMBERINVOLVEMENT

We continue to ensure that ourmembers are involved in theactivities of the Society, and weintensified our efforts in thisregard during the year underreview. Many of these initiativesare highlighted in the CommunityOutreach as well as the JNBSFoundation segments in thisDirectors’ Report.

Members, in exercising theirright to vote and assist in thedecision making process at thelast Annual General Meeting,chose to have the Societycontribute to three projects beingundertaken by communities inTrelawny and St. Ann. We arepleased to report that two of theprojects selected have beencompleted, while the third hasbeen aborted as plans for thereceiving entity have changed,rendering the proposedrenovations unnecessary. Thetwo projects completed were theupgrading of the sanitationsystem at the Martha Brae BasicSchool in Trelawny and theconstruction of a perimeter fencewhich has helped to improvesecurity at the Eltham BasicSchool in St. Ann.

OUR STAFFWe are grateful for thecommitment and professionalservice given by all our staffduring the year, in enabling theachievements presented. The2006/2007 financial year wasone of successful transition,accomplishment and building forthe future. On behalf of ourmembers and the Board, wewholeheartedly thank our staff,past and present, for theircontribution to our Society’ssteady growth over the past year.

RETIRING DIRECTORSPursuant to Rules 24 (a) and (b)of the Society’s Rules, theretiring Directors by rotation are: a) Hon. Oliver F Clarke, OJb) Hon. Dorothy Pine-McLarty, OJc) John Cunninghamd) Parris Lyew-Ayee, CD who

having been appointed in June of this year, subsequentto our last Annual General Meeting, comes up for re-election.

These four Directors beingeligible offer themselves for re-election.

In January 2007, the JNBS Boardof Directors bade farewell to twoof its members: Dr Noel Johnson,and Mr Keith Francis, a formerChairman of the Board. Dr Johnsonand Mr Francis served for twentythree years and thirty years,respectively. We salute them fortheir sterling contribution andwish for them continuedblessings.

AUDITORSThe firm of KPMG PeatMarwick, auditors of the Society,retires in accordance with theRules of the Society and beingeligible, offers itself for re-appointment.

Hon. Oliver Clarke, OJChairman

20

General Manager’s Report 2006/07

The Jamaica National BuildingSociety (JNBS) is justly proud ofits 133 year history as a proactivefinancial organisation servingJamaicans at home and abroad.Our record of success wasbolstered by the confidence andsupport of our Members, and thiswas most evident during the pastfinancial year.

During the year, your Societyachieved profit of $1.22 billioncompared to $1.31 billion in2005/2006. This was impacted bylowering interest rates andincreased costs in areas such asstaff remuneration. However,given the variables involved, ourcommitment was to achieveoptimistic results in keyperformance indicators. As such,the Society’s financial performancemoved in a positive directionwith a net savings inflow of$9 billion and a total savings fundof $43 billion; member growthevidenced by the opening ofapproximately 50,000 savingsaccounts; and mortgage growthresulting in new loans with avalue of $4.4 billion beingwritten, accounting for a loan bookof $23 billion. Our investmentincome totalled $2.31 billion andforeign exchange gain on trading

was at $0.47 billion. Data fromthe Bank of Jamaica indicatesthat we outpaced other buildingsocieties in market share andmortgage growth, with JamaicaNational’s assets accounting forapproximately half of thereported $108.7 billion assetbase.

MEMBER PRODUCT& SERVICESThese achievements wereunderpinned by the creation ofinnovative savings and mortgageproducts in response to, and inanticipation of, the needs ofMembers, as well as thecompetitive marketplace. Ouraim is to offer an extensive rangeof competitive and attractivegreat-value mortgages andsavings. We believe in givingMembers great rates andexcellent service.

In response to market trends, theSolid Growth Account wasintroduced to offer Membersmore creative avenues to achievegrowth on funds and to obtainhigh market rates on long andshort term lump-sum deposits.The revised High YieldContractual Saving Account inJamaican, US and Canadian

dollars and Pounds Sterling didso well that we have incorporatedit into our suite of savingsproducts. We also branded ourTerm Share Account with thename “Direct Gain”, whichspeaks to the benifits of investingin this account.

Our 12.99% mortgage sale,solidified our position as pacesetters in the market - byoffering low, competitive rates;the rest of the market had nochoice, but to respond. TheForeign Currency Mortgage loanwas also a welcomed addition toour range of mortgage products.

On the service side, overseasMembers and customers in theUnited Kingdom were pleasedwith the introduction of our JNMobile Unit, which offersservices equivalent to that of anyJNBS Representative Office inthe UK or branch in Jamaica.This enabled us to take ourproducts and services toMembers who reside or work farfrom our established UnitedKingdom locations. Already, wehave seen an overwhelmingresponse to the Mobile Unit andthe convenience that it offers toour Members.

EARL JARRETT, JPGENERAL MANAGER


21

General Manager’s Report

Approval was also given by theBank of Jamaica for theimplementation of LIVE by JN,our e-banking channel, whichnow provides service to morethan 4,000 persons. Since itspublic launch, customers haveconducted in excess of 4,500transactions each month.

Our refurbishing and expansionproject continued as we workedto increase the number andimprove the look of our locations.We undertook the physicalrestructuring of the NewKingston and Portmore Pinesbranches to introduce a consistentlook and level of service acrossthe JN network, while ensuringthat the facilities are moreconducive to doing business witha greater sense of privacy.

One location of which we arevery proud is the Falmouthbranch, which opened its doors inMay 2006 to meet the growingdemand for service in that parish.Since then, the branch hasperformed exceptionally well,with a membership base ofapproximately 3,900 persons.

Plans are far advanced for theopening of the JN MortgageCentre which will offer exclusiveservice to mortgage applicantsand Members who will benefitfrom specialised assistance by aselect management team.

This comes on the heels of aninsightful Bill Johnson survey,which assessed the satisfactionlevels among members. While

more than half of our memberscome to us because they aresatisfied customers, many are nothappy with the experience theyhave doing business with us.

The satisfaction levels amongmortgage customers ranged from59% to 78% for new customers,and 63% to 83% for allcustomers. Among the areas forimprovement cited was the needfor more detailed informationwhen applying for a mortgageloan; regular updates on the statusof their mortgages; and a contactperson to call for information atany time during the mortgageprocess. We have taken thesesuggestions on board and haveimplemented programmes toaddress these areas.

MEMBERSHIPGiven these concerns, and ourdesire to highlight the benefits ofbeing a Member of the JamaicaNational Building Society, wehave employed some dynamicstrategies to strengthen ourmembership. Through theMembership programme, wecontinued with methodspreviously introduced to impoveour communication with you.Members’ meetings were held atall locations, and, our quarterlyMember Newsletter waswelcomed and praised by manypersons. We have also renewedour effort to locate members whohave not kept their accountsactive, so that we can introduceinnovative measures to ensurethat they have access to theirfunds.

One major project undertakenduring the year was the expansionof the Member Care Centre from14 to 31 Member Care Agents toimprove our ability to connectwith members via direct calls andemail, and we are also exploringother avenues to provide addedcommunication channels to them.The Member Care Centre is nowhandling an average 35,000inbound and outbound callsmonthly, thereby providingMembers with increased accessto information from both thebuilding society and thesubsidiary companies.

Our Representative Offices havealso sought to improve our levelof output to the 115,000 membersin the Jamaican Diaspora who weserve. One of the chief activitieswhich we undertake annually is aseries of meetings, entitled:Outlook for the Future. Thesemeetings provide a comprehensiveperspective on Jamaica andhighlight opportunities forinvestment; as well as, outlineprogrammes and policies toimprove the quality of life inJamaica. Our services toJamaicans overseas also extendto the bi-annual DiasporaConference held here in Jamaica.At the last conference in 2006,we gave the visiting delegates ataste of Jamaican theatre as wellas a tour of famous landmarks inKingston.

Another important avenuethrough which we have beenboosting membership in theSociety is the School Savers’


22


Programme. This has broughtimmense pride and a sense offulfillment when the work toinstill the importance ofmanaging their finances inchildren from a very early age,bears fruit. Over the past year,11,900 new savings accountswere opened which increased theProgramme’s membership tosome 79,650 students. Thestudents, whose ages range fromthree to eighteen, are drawn from626 infant/basic; p r imary /prepara to ry and secondary/all-age schools across the island.

Our overall membership rostergrew by some eight percent,representing more than 50,000new accounts which were openedduring the year. This is a directresult of the competitive, timely,quality products and servicesprovided for Members.

This growth path is symbiotic ofour mantra: “Our Members areEverything,” and, therefore, ouractivities were geared to reinforcethis belief. Coupled with this wasthe tangible demonstration ofbenefits such as free ATM services,and discount programmes fromthe Society and its subsidiarycompanies. Since 2005, the valueof these 'mutual' benefits hassurpassed $100 million.

CORPORATERESTRUCTURING ANDOPERATIONAL CHANGEThe year was also one ofsignificant change as the Societyand several subsidiary companieswere structurally adjusted to

enable tighter, more efficientlevels of service delivery. Areview was conducted of ourbranches, looking specifically attheir levels of profitability. Thisled to Regional Managers beingaligned to branches and givenresponsibility for their day-to-dayoperations to ensure that thelocations deliver quality service.The Regional Managers werealso given greater autonomy tomake decisions in the bestinterest of the local Member.

Staff rationalisation in theSociety also resulted in changesat the managerial level in somebranches, while selectedfunctions were incorporated intoour community banking concept.The outcome resulted in a roll outof several Money Shops, whichare semi-branches, thus creatinggreater focus on savings andservices, as against mortgageorigination.

There was also corporaterestructuring at the Group level.The decision was taken to windup the operations of JN RealEstate Company Limited, andto incorporate aspects of itsactivities into the servicesprovided by the Building Society.Consequently, JNBS no longercompetes with its important realestate brokers, valuers and otherreal estate partners; instead, wehave developed strategicpartnerships to ensure that ourmembers’ real estate objectivesare achieved through a networkof committed service providers.

Pelican Finance Limited, asubsidiary of N.E.M. Insurance,was acquired by JNBS to align itslending functions to the needs ofthe membership. The objective isto expand lending from premiumfinancing to consumer loans, aswell as development andcommercial lending. Therefore,Members can now borrow forpurposes in addition to real estateacquisition.

The process to change the nameof N.E.M. Insurance Company(Jamaica) Limited to reflect itsassociation with the JN Groupwas consolidated and the newname will be announced in thenext financial year. In the interim,substantial changes were effectedin the operation of the company,to increase focus on providing thehighest level of customer serviceto clients. Departments wererestructured to centralise theiroperations and increase the levelof service efficiency.

To support the change, SIRIUS, acomputer software for insurancecompanies, was installed. Despitethe challenges, SIRIUS hasallowed staff to operate moreefficiently in accessing customerinformation and underwritingpolicies. Additionally, representativesof N.E.M. were placed in severalJNBS Branches to offer greaterease and convenience tocustomers interested in obtaininginsurance services, as well as toincrease awareness that N.E.M.Insurance is a member of the JNGroup.


23


JN Money Services Limitedwas established as a subsidiarycompany to coordinate ourthriving remittance service.During the financial year, thecompany has expanded itsoperations and continues to dowell, not only in the overseasmarket, but also locally, with therecent commissioning of its firstlocal agent in May Pen,Clarendon to promote its servicesto rural Members and customersalike.

JN Fund Managers Limitedbroadened its product offeringswith the introduction of theJNFM Portfolio Managementproduct, designed to guide itsexisting and prospective clientsthrough the process of realisingtheir financial independence.This came closely on the heels ofthe launch of the Pension FundManagement service, whichinvolves the set up andmaintenance of pension schemes.A further addition to JNFM’srange of products and serviceswas the introduction of aCanadian Mutual Fund (CI Funds),which is tailored to suit theclient’s needs; this has led to anincrease in profitability levelsover the past year.

The Jamaica AutomobileAssociation (JAA) was relocatedto new offices to facilitate anexpansion of its services, whichnow include a comprehensiveemergency roadside assistanceand recovery programme.Membership grew from 2,270members at the end of December

2006 to a current membership ofapproximately 22,241 persons,which is due, in part, to the cross-selling of services to Membersacross the JN Group.

The subsidiaries are all aligned toprovide support to the Society’sbroad-based membership throughcross-selling the diverse, yetconnected, range of products and services, thus making the JN Group offerings an inclusiveand complete experience.

One key element that supportsthis approach is the recognition ofthe risks involved in our range ofbusiness, and, in that regard, aRisk Management AssessmentUnit was established to assess thelevels of exposure of the Societyand its subsidiaries, and toimplement measures to mitigateand prevent them.

CORPORATE SOCIALRESPONSIBILITYThe Society continues torecognise that its continuedgrowth and development areintricately linked to that of ourcountry and people. We have,therefore, sought to commit ourresources in the community,particularly rural communities,through social engagementinitiatives at various levels.

Our financial developmentstrategies in these areas remainsolid, because we are mindful ofthe strong community foundationon which our Society was built,and the mandate we follow whichis - to help others find a way. As

such, we responded to the needsof pensioners from the UnitedKingdom by encouraging them toretain their pension payments inPounds Sterling by availingthemselves of the JN PensionExpediter Service. This awarenesscampaign was conducted throughmeetings in six towns across theisland.

There was also the first in a seriesof hurricane preparedness meetingsto sensitise the public aboutimportant tips on ‘weathering thestorm’ during and after a hurricane,and ways in which JNBS andN.E.M. Insurance could assistthrough the provision of financialsolutions and insurance services.

The Jamaica AutomobileAssociation was integrallyassociated with the launch of theUnited Nation’s first Global RoadSafety Week, here in Jamaica.This is reported on extensively inthe Business Review section ofthis Annual Report.

From a community-basedperspective, residents of AugustTown, St Andrew welcomed TheSource, a facility which providesa cyber cafe, computer literacyclasses, small businessdevelopment and support, as wellas career and job-placementopportunities. It also provides theresources to transform the socialand economic activities in thatcommunity. Since its opening,The Source has providedemployment for approximately30 residents.


24


Another important corporateinitiative was the partnershipwith the Land Administration andManagement Project (LAMP) to provide financing, through JN Small Business Loans Limited,for persons to obtain registeredland titles under the government’sland regularisation programme.

Through Branch AdvisoryCouncils, established last yearunder the aegis of the JNBSFoundation, our social outreacharm, we have undertaken socialdevelopment projects in allparishes. I am pleased to notethat, through these Councils, thelives of thousands of Jamaicanshave been touched.

The flashing traffic signal,erected at the pedestrian crossingnear the Port Antonio Primaryschool, to alert motorists toreduce their speed in the zone,has improved road safety. Thenew bathroom and recreationalfacilities for the children ofMartha Brae Basic School inTrelawny were most welcomed.The medical equipment andmedication for residents ofLinstead and its environs in St Catherine to access improvedhealth care… are but a few of theways that the interventions ofBranch Advisory Councils havemade a difference in the lives ofrural Jamaicans.

Additionally, through the work ofthe JNBS Foundation, we haveimplemented several interventionstrategies which have had alasting impact on the lives of

many persons. A joint project wasundertaken with the Rotary Clubof St. Andrew, to providewheelchairs for 280 persons aswell as infirmaries, churches, andpolice personnel who wereinjured in the line of duty, as wellas other persons who areincapacitated.

Another important socialintervention project was thecollaborative effort with Food forthe Poor to replace pit latrineswith new sanitary facilities inschools across the island. AChallenge Grant was offered bythe JNBS Foundation to matchfunds obtained by Food for thePoor to develop and improvesanitary facilities in schools withpit latrines.

We have also partnered with thePrivate Sector Organisation ofJamaica in trade meetings to givepersons an opportunity todialogue on the country’s tradechallenges and the opportunitiesthat exist to stimulate growth inour economy.

STAFF INVOLVEMENTI could not speak of theachievements of the JN Groupwithout acknowledging thesterling contribution that theemployees have given to theorganisation, as well as tocommunity-based programmes,and their commitment to nationaldevelopment.

Our staff numbers declined insome areas while there was agrowth in salaries and benefits

due to an increase in personnel inthe branches and the expansion ofthe Member Care Centre.Mindful of the need to assess thesatisfaction levels of staff, weconducted a series of internalsurveys on our organisation andthe perceptions of customerservice. The results indicatedthat more work needs to be doneto improve staff satisfaction on ayear-by-year basis, and we havesought to improve in thecommunication flow through theintroduction of staff newsletters:the JN Weekly Voice and NEMLink; and a series of staffmeetings, as well as regularlyscheduled staff training sessions.

However, in spite of thechallenges given our staffrelations, we are proud of thestaff stock we have, and theloyalty displayed to theorganisation. Both the longservice awards event inSeptember 2006, and the five-year awards in December of thatyear, at which approximately 200members of staff were recognisedfor service to the Group, indicatethe level of employee commitmentto the organisation. Approximately25 per cent of employees haveserved the Society for five yearsor more. This attests to the solidfoundation of the Group, thecommitment of staff, and thegeneral positive work environment.

Even as we celebrated thelongevity and commitment ofsome, we said goodbye to otherswho moved on to give serviceelsewhere; and, we welcomed


25


more who have decided to makethe JN Group an important part oftheir lives’ experience. Among themare our Group CommunicationsExecutive, Carmen Tipling; GroupBusiness Development SeniorManagers, Gavin Beckford andAnthony Robinson.

OUTLOOKIn the face of the changingeconomic landscape in which weoperate with reducing interestmargins, cost reserves, and morehighly sophisticated globallyconnected competition, the

Management and staff of theSociety and subsidiaries arecommitted to remaining relevant.

There is the need to adopt anapproach to sustainability, andthe success of the JamaicaNational Building Society lies inthe professional operation of ourbusiness, to meet the needs of ourcurrent Members, even as weplan for future generations. Ourmore than a century of expertiseand experience as a buildingsociety, and maintaining theinterests of our members is

evidence of the success of thisstrategy. And, we are indeeddetermined to continue to delivergreat value to our members - as amodern, mutual building societyfor many years to come.

Earl W. JarrettGeneral Manager


26

Values Statement

The success of the Jamaica National Building Society is dependent on a set of core values, which relates to our dealings with our

customers, colleagues, members, suppliers, regulators and the communities that we serve.

We are committed to the highest ethical standards, integrity, respect for all and excellence in all we do.

CCuuss ttoommeerrss

We will provide innovative, high valueproducts and services delivered in acour teous , swi f t , accura te andpersonalised manner that meet or exceedour customers’ needs.

SS ttaa ffff

We will create a safe working environmentthat fosters opportunities for meaningful,challenging and rewarding work, and theempowerment of all staff. We willencourage open communication andteamwork throughout the organisation.We are committed to being an equalopportunity employer and to staffad vancemen t and compe t i t i v ecompensation, which is based onconsistently excellent performance.

MMeemmbbee rr ss

We are committed to preserving capital,providing competitive returns andrepresenting the interests of members. Wewill seek opportunities to provide servicesand benefits that are exclusive to ourmembers and will encourage theirparticipation in charting the direction oftheir Building Society.

SSuuppppll iieerrss

We will honour our agreements and treatour suppliers fairly and will ensure thatmutually rewarding relationships arefostered as we seek to obtain the bestcompetitive advantage.

CCoommmmuunnii tt iieess

We will be a good corporate citizen,respected and admired as much for ourintegrity, insight and progressiveness, asfor our financial success. We will take anactive interest in the communities in whichwe serve and will encourage our staff todo likewise.

RReegguu llaa ttoorr ss

We will know and comply with the letterand spirit of all relevant laws andregulations governing our operations inthose countries in which we operate andkeep the regulators informed about keyissues relating to our business.


27

Exclusive JN Member Benefits


F

P

H

W

• ree ATM transactions at any Multilink location

• Free Point of Sale transactions

• Free Bill payment

• Free Money Transfer card

(collect your remittance at your convenience)

• Free Internet banking

• Up to $200,000 free on contents insurance if member insures contents for a minimum of $1M and

has peril (homeowners) insurance with N.E.M. Insurance

• Merchant discounts linked to ATM card

• Low money transfer fees

• Expansive network of money transfer agents overseas

• Saturday opening at most Jamaican locations with extended hours on Fridays

• Low mortgage rates

• Convenient access to NHT benefits

• Access to an affordable health plan

• Discounts at N.E.M. Insurance and Jamaica Automobile Association

• 20% discount on JAA Membership fees

ENSION EXPEDITER BENEFITS:

• No fees for cheque withdrawals

• Free JAA membership for one year

• 20% discount on motor insurance from N.E.M. Insurance (subject to normal underwriting guidelines)

• Up to $200,000 free on contents insurance if member insures contents for a minimum of $1M and

has peril (homeowners) insurance with N.E.M.

• Financial advice from JNFM (this could take the form of discounts)

IGH YIELD SAVINGS ACCOUNT BENEFITS:

• 10% discount on motor insurance at N.E.M.

OMEN’S MORTGAGE PRODUCT

• Free Health Insurance (JN Health) for one year

• Free JAA membership for one year (roadside assistance)

• Free financial advice from JNFM (Annual Women’s Seminar)

• Discount coupons for select home décor companies and spas

• Discount on Home Security System

• Free Mammogram – Jamaica Cancer Society

• No processing fees

28

Business Review

GROUP OVERVIEWThe JNBS Group operates in fourmain business sectors to provide awide range of financial servicesand other personal and professionalservices to our members. Theseare:

• Financial: The Jamaica National Building Society,JN Small Business Loans, JN Fund Managers andNational Building Society of Cayman.

• Money Transfer: JN MoneyServices

• Service: The Creative Unit and Management Control Systems

• Insurance: N.E.M. InsuranceCo.

In providing our services, theGroup’s strategy is to recognisethe members of the Society as themost critical part of our business,and to invest resources to createan enduring relationship throughcourteous, fast, and valuableone-stop knowledgeable servicethroughout all delivery channelsin the organisation. The activitiesand focus of our subsidiaries areoutlined in the following sections.

FINANCIAL SECTOR

NET INCOMEThe Jamaica National BuildingSociety generated net surplus of$1.22 billion for the financialyear ended March 2007. TheSociety continued to performwell in its core business in a tightinterest rate environment. This

saw interest income from loansincreasing from $2.2 billion inthe pr ior year, by 14% to$2 .5 billion. Total interestrevenue for the review periodamounted to $4.8 billionrepresenting an 8.8% increaseover the $4.4 billion level in2005/2006.

MEMBER SAVINGSThe Society’s savings fund grewby 23% up from $34.9 billion in2005/2006 to $42.6 billion in the2006/2007 financial year. Theasset base also strengthened,recording an 18.6% increase intotal assets in 2006/2007, closingthe year at $55 billion.

LENDINGThe Society remained committedto helping its members to becomehomeowners, and so achieved anincrease in the value of its loanportfolio of 26.8% or $4.8 billionto end the financial year at$22.5 billion.

As at March 31, 2007 the numberof loans in the portfolio stood at18,070 being 6.6% higher than atMarch 31, 2006.

The Society is fully compliantwith the Bank of Jamaica’sprovisioning guidelines whichrequire 50% provisioning for theprincipal balance of loans whichare in arrears for twelve toeighteen months, and fullprovisioning for loans in arrearsfor over eighteen months. Debtprovisions amounted to 2.6% ofthe total loan portfolio in theamount of $590.8 million at theend of March 2007.

During the year under review JN Small Business LoansLimited (JNSBL) extended itsresources to deliver innovativeand accessible credit in a timelyand profitable manner to smallbusiness people. The companyalso positioned itself to contributeto the sustained growth anddevelopment of Jamaica’s micro,small and medium businesssector, by increasing its clients’productivity and improving theireconomic and social status.

In 2006/2007, JNSBL disbursedmore than 31,000 loans for avalue of $1.128 billion; representingincreases of 33% and 44%,respectively, over the previousyear, 2005/2006. Importantly, thecompany was able to maintain its portfolio at risk over 30 days at1.15%, better than the internationalbenchmark.

At March 31, 2007, the combinedportfolio of JNSBL had 13,119loans with a principal balance of$271.79 million, representingincreases over March 31, 2006 of 36% and 48%, respectively.

FRANK WHYLIEGENERAL MANAGER


29

Business Review

Interestingly, women account for74% of the borrowers. Inaddition, approximately 17,000persons were employed as aresult of the loans disbursed bythe company.

JNSBL offers four loan productsbranded “BizGrow”, “Biz Start”,“BizEvents” and “BizBoost”.“BizGrow” assists persons whohave been in business for at leastone year by providing fundsto expand their operation.“BizStart” provides start-up capitalfor micro entrepreneurs, while“BizEvents” offers loans to microentrepreneurs seeking to capitaliseon seasonal opportunities, such asValentine’s Day.

JNSBL introduced “BizBoost” inMarch 2007. This loan productoffers small and medium-sizedenterprises in the productivesector loans between $300,000and $3 million at an interest rateof 10% per annum. Theprogramme, which is fundedunder the National InsuranceFund’s Small and MediumEnterprises Credit Facility,supports the production of craftitems, light manufacturing,agriculture, agro-processing,tourism, mining and professionalservices.

The company currently operatesfrom 30 locations in JNBSbranches, JN Money Shops andPost Offices across the island. Themost recent location was openedin Albert Town, South Trelawny.In the past year, JNSBL maintainedits partnerships with the United

States Agency for InternationalDevelopment (USAID) and theJamaica Business DevelopmentCentre (JBDC). The company’srelationship with USAID involvesthe management of variousportfolio risks under theDevelopment Credit Authority(DCA) Guarantee Programme.JNSBL, in conjunction with theJBDC, also provided businesstraining to 1,018 clients island-wide, 78% of whom werewomen. The training programmeintroduced participants to recordkeeping, basic accounting,marketing, as well as, the skillsto manage and grow theirbusinesses.

JNSBL approaches the futureconfident that it will continue to overcome challenges in theaggressive market environment,supported by its committed anddedicated staff.

JN Fund Managers Limited(JNFM) prudent management ofits comprehensive and innovativefinancial and investment portfoliosresulted in the company closing thefinancial year, March 31, 2007 on a

successful note with funds undermanagement rising to J$11.9 billion,up 8.03% from the precedingtwelve months.

Bolstered by its superior productsand customer-centric service,its untarnished business reputation,integrity, and credibility, thecompany continued to expand itsfinancial base, achieving growthof 55.64% over the last threeyears.

During the 2006/2007 financialyear, JNFM expanded its suite ofservices to include pensionadministration and pensionmanagement, having successfullyimplemented a state-of-the-artsoftware system that facilitatesconvenient, online access tomember accounts and timelydelivery of statements.

Today, JNFM’s Pens ionAdministration Services areamong the recognised marketleaders, offering clientsprofessional planning andcounselling, as well as value-added complementary services.

During the year, JNFM alsolaunched its Portfolio Managementproduct, and expanded its suite ofinvestment solutions to includemutual funds. The company wasappointed a local agent for theCanadian Mutual Fund company,CI Investments, which is one ofthe largest and most respectedentities in the North Americanfinancial service industry. Thepartnership with CI Investmentsis consistent with JNFM’s initiatives

KEITH SENIORGENERAL MANAGER


30

Business Review


to diversify its product offeringsand place members of the publicin a position to access theinvestment opportunities thatexist in the overseas markets ofNorth America, Europe, Asia andLatin America.

JN Fund Managers remainscommitted to creating wealth forits valued clients through capitalpreservation, and by craftingcustomised portfolios that willassist them in meeting theirinvestment objectives.

The year ended March 31, 2007was a very productive one for theNational Building Society ofCayman (NBSC). In the area ofmortgages, NBSC wrote moreloans than it did previously withthe support of its parent, JamaicaNational Building Society (JNBS).Approximately J$1.5 billion ofnew mortgages were recordedduring the year, thus allowingNBSC to benefit from managementof this portfolio.

On the income side, NBSCenjoyed substantial increases in

interest earned from mortgageloans, fees from the remittancebusiness, as well as, from foreignexchange transactions. While totalexpenses were twice as high overthe past year, total income movedfrom J$114M in March 2006to J$280M in March 2007,an increase of some 145%.

By developing a more meaningfuldeposit portfolio, NBSC’s visionis to become the financialinstitution of choice in theCayman Islands. This is assured,given the continued commitmentof staff, the loyalty of itsexpanding customer base, the co-operation of business partnersand suppliers, as well as thesupport of its principals.

We take this opportunity to expressour thanks and appreciation to allour stakeholders.

MONEY TRANSFER SECTOR

JN Money Services Ltd. (JNMS)is one of the newer subsidiaries ofJNBS. JNMS provides moneytransfer services locally andinternationally, as well as a localbill payment facility. It hasresponsibility for the JN MoneyTransfer and JN Bill Pay brands,and is a licensed agent forMoneyGram in Jamaica.

Through its network of more than165 agents and 23 branches in theoverseas markets, JNMS providesmoney transfer services in theUnited Kingdom, United Statesof America, Cayman Islands andSt. Vincent and the Grenadines.During the 2006/2007 financialyear, remittances from thesecountries through JNMS grew by15% over the previous year.

For customers in the localmarket, JNMS offers remittanceservices to any country in theworld as an Agent of MoneyGram,

EMILE SPENCEGENERAL MANAGER

C A Y M A NC A Y M A N

DUNBAR MCFARLANEGENERAL MANAGER

31

Business Review


as well as, through its own brand,JN Money Transfer. This areaperformed well, achieving up to32% growth in outboundremittances for the 2006/2007financial year. The intra-islandfacility also grew by 42.6% in2006, as more persons tookadvantage of this facility to sendperson-to-person funds withinJamaica.

The Bill Pay facility of JNMScontinues its steady growth. In2006/2007, there was a 55%increase in transactions over theprevious year. Collections aredone through all JNBS locations,and the new internet channel,LIVE by JN.

JNMS is about connecting livesof Jamaicans throughout theDiaspora, and, in particular, theUnited Kingdom, the UnitedStates of America and Canada. Inthis regard, funds transmittedsupport families in Jamaica;educate children, provide healthcare for elderly parents andhousing for loved ones.

As the remittance marketworldwide continues to grow,new challenges related tomigration and regulatory controlscome to the fore. JNMS, inmanaging its business, ensuresthat it has the requisite systems inplace to facilitate full compliancein host and home countries,safeguarding the interests of allits stakeholders. As JNMS

continues to expand, it isemploying strategies gearedtowards greater efficiency andprofitability, while improving theservice it provides for itscustomers.

SERVICE SECTOR

During the year 2006/2007, TheCreative Unit Limited (TCU)continued to improve its service,and strengthen its business toachieve growth. TCU’s performancewas underpinned by its renewedfocus on increasing efficiency, asstated in its mantra “Paving theway through CreativeExcellence”.

In an effort to be fully in-tunewith its clients’ needs andexpectations, TCU has implementeda feedback system whichprovides an effective barometerfor assessment of its servicedelivery.

During the year under review, thecompany’s computer networkinfrastructure was enhanced to

handle the movement of largeelectronic data files. An updatedAgency Management softwaresystem was also installed tofacilitate the implementation ofimproved internal controls. Withthese technological upgrades,TCU now has the ability torespond to its clients in a moretimely manner, and produceindepth analysis for trackingfinancial performance and trends.

TCU is widening its menu ofservices to provide more costeffective solutions for the Group.It is anticipated that thecompany’s future growth will bedriven by the non-traditionalservices now being included in itsportfolio.

TCU is proud of its involvementin the many exciting launches ofnew products and services withinthe Group and the creative flair ithas added to these events.

Founded in 1973, ManagementControl Systems (MCS) continueson a growth path, endinganother profitable andinnovative year of operation. In

DONNA CARROLLGENERAL MANAGER

SHEREEN JONESGENERAL MANAGER

32

Business Review

the 2006/2007 financial year,MCS posted an increase of morethan 100% in profit over theprevious year.

The Transaction ProcessingDivision remains the strongestperformer, as MCS continues tobe the dominant providerof technology that deliverselectronic phone top-up for all themajor cellular phone providers.MCS continues to expand itsnetwork of partners, both locallyand regionally, and furthergrowth is expected in this vitalarea of its business.

Over the year, MCS alsoincreased its delivery of ITproducts and services to thecorporate market. Revenues inthis area rose 200% over theprevious year and continue to grow. A renewed focus onappropriate training, andenhancing key partnerrelationships has resulted in theachievement of many significantgoals including: PlatinumPartnership with Hewlett Packard;Gold Partnership with Microsoft,Verifone VIP Partnership and theattainment of five (5) Microsoftcompetencies, such as– NetworkingInfrastructure, Advanced Infrastructure,Microsoft Business Solutions,Independent Software Vendorand Information Worker.

Manufacturers Credit andInformation Services Ltd. (MCIS),a 75%-owned subsidiary, alsoremained profitable over the year –with the introduction of newproducts and service offerings,including the JGRA ADVANCEcard and the ADVANCE corporateand vendor portals. These productshave brought the convenience ofvehicle-expense management to theretail consumer. They havefacilitated more timely oversightand management of corporatefleets, as well as, increasedinformation gathering and datamining for all our partners –cardholders, corporate administratorsand vendors.

ADVANCE customers are also ableto access the value-added servicesof the Jamaica AutomobileAssociation (JAA) through thedirect link between ADVANCE andthe JAA. The ADVANCE cardcontinues to be the most widely-used, flexible and comprehensivefuel and vehicle management cardon the market; and plannedenhancements to the benifitsassociated with the ADVANCEcard are expected to increase itsdominance in this sector.

All in all, the 2006/2007 financialyear saw both MCS and MCISundergoing significant change tomore effectively position thecompanies to attain their goals ofproviding innovative, value-addedtechnology solutions to the regionalcorporate market through a cadre of

highly skilled, motivated employeesand partners employing efficient,effective and flexible processes. Inthe comming year, these companieswill continue to provide innovativeand diversified product and serviceofferings.

Customers can also look forward tothe establishment of a full serviceIT Solutions company, as we seekto become the undisputed providerof choice for informationtechnology solutions, and vehiclemanagement services regionally.

The past year was one in which theJamaica Automobile (Services)Limited (JAA) experiencedsignificant change and growth.

JAA has now establishedcorporate offices at a beautifulyellow and black complex,strategically located across fromthe Swallowfield ExaminationDepot on Central Avenue, inSt Andrew. This will allow theJAA to more effectively deliver itsvarious services to its members.

During the year, the JAAundertook several initiativeswhich moved its membership baseto the highest point since 1924.JAA membership now stands atmore than 25,000 and this figureis projected to continueclimbing in the short andmedium term.


33

Business Review

Supported by its re-brandedimage, the JAA has garneredseveral coveted contracts, enablingthe company to provide emergencyroadside assistance to motorists onJamaica’s most used highways. Inkeeping with its slogan “The Key toSafe Motoring”, JAA hasspearheaded several campaigns toencourage road safety. Theseinclude the “Think Before YouDrive” promotion through whichmore than 100,000 tyre pressuregauges and booklets weredistributed to assist motorists toobserve road safety precautions,and think before they drive.

In April 2007, the JAA was amajor participant in the “GlobalRoad Safety Week” programme,which marked the launch of theUnited Nations’ “Make RoadsSafe” campaign. During that week, apetition, encouraging leaders tokeep our roads safe was signed bythousands of Jamaicans led byformer Prime Minsister, the MostHonourable Portia SimpsonMiller. At the “Global Road SafetyExpo”, held at Emancipation Park onMay 3, patrons who signed thepetition signalled their commitmentto strengthen the lobby to makeour roads safe.

In its drive to provide tangiblesupport to national initiatives, theJAA has donated a MitsubishiCantor Truck, equipped with propsfor road safety demonstrations, tothe Traffic Division of the JamaicaConstabulary Force (JCF). Thetruck and its equipment will becomean integral part of the JCF’s RoadSafety in Schools Programme.

The JAA’s activities have propelledthe Association into theinternational arena, as it wasinvited to make a presentation atthe working conference of theFederation Internationale DeL’Automobile (FIA), held in CapeTown, South Africa, from May 28through June 1, 2007. At thisconference, the General Managerspoke about the work of theAutomobile Association inJamaica and highlighted recentdevelopments in the country’s roadsafety programmes.

INSURANCE SECTOR

N.E.M. Insurance Company(Jamaica) Ltd. (N.E.M.) is one ofJamaica’s largest and mostprofitable general insurers, withpremium growth of approximately18% in the financial year endedDecember 2006. This growthtranslated into gross revenues ofmore than $2.5 billion for the year.As a result, N.E.M. maintained theindustry’s largest capital base, evenas it continued to reduce thecompany’s loss ratios incomparison to previous years.

During 2006 the companysuccessfully introduced its newoperating technology platform,SIRIUS, while embarking onseveral other major initiatives,which equipped N.E.M. to dobusiness more efficiently inJamaica’s increasingly competitivegeneral insurance market.

In the area of back officeprocessing, initiatives wereundertaken to improve the service tointermediaries, and enable expertunderwriters to focus on riskmanagement to significantlyincrease underwriting levels. Inrelation to business acquisition, a“broker management team” hasbeen established to better serveN.E.M.’s key partners, while directaccess is being expanded to includestrategic branches within the JNBSislandwide network.

These major programmes will becompleted in 2007, as N.E.M.strengthens its reservoir oftechnical expertise and aligns theorganisation more closely with theJNBS Group. In addition toconsolidating its branch networkwith that of the Building Society,the company will be changing itsname to identify more effectivelywith its parent’s powerful brand.

These initiatives place N.E.M. in aposition to fulfill its shareholders’desire for operational efficiencyand profitable underwriting, whiledelivering on its key businessobjectives of achieving excellencein processing and intermediaryrelationship management.

DOUGLAS PEEBLESCHIEF OPERATING OFFICER


34

Vision Statement

e are the premier provider offinancial and other services, notonly in Jamaica, but with certainproducts internationally. We arethe institution of first choice againstwhich other financial institutions inJamaica are benchmarked.

Our image of excellence,trustworthiness and high standardsis clearly etched in our philosophyand values, and reflected in thetreatment of members, customersand the community. We haveattained full mission, vision andgoal congruence within JNBS andits subsidiaries.

We are an organisation enabledby cutting-edge technology, whichallows us to deliver superiorproducts and excellent servicequickly and efficiently resulting intrue customer satisfaction. Ourproducts and services aredelivered through all channels.

We have a working environment,which keeps staff happy andmotivated. All the members of ourteam are knowledgeable and wellqualified. Our staff membersunderstand the JNBS philosophyand are committed to excellence inall areas of their work especially inthe delivery of customer service.

We have established a clearunderstanding of the value ofmembership in the Society. Themany special benefits that accrueto our ever-expanding group ofloyal members have validated theconcept of mutuality. We are wellpositioned to approach the futurewith confidence and continue tobe vigorous participants in thedevelopment of Jamaica.

W


35

Top Performance

For the second time in threeyears, Kendal Smith, a CustomerService Representative, is theJamaica National BuildingSociety’s (JNBS) Employee ofthe Year.

He joined the Society in 1997,and in the past decade hasmaintained a record of sterlingperformance in customer service,working at the St. Ann’s Bay,Spanish Town, and Linsteadbranches.

“Kendal is a one-of-a-kindemployee. He is proactive, self-motivated and is an honest,respectful individual. He takesgreat pride in performing at thehighest level at all times,”observed Zola Miller, LinsteadBranch Supervisor.

She pointed out that he maintainsgood relationships with Membersat the Linstead Branch, andensures that he keeps theminformed about the Society’sproducts and services.

“Kendal is skilled at cross-selling.He refers Members to investment

products offered by JN FundManagers, and goes the extramile by setting up appointmentsto visit persons who can benefitfrom specific investment optionsoffered by the Society and itssubsidiaries,” she explained.

Miss Miller said that Kendal getsfeedback from customers whosend in their suggestions on ways to improve service, and hepursues each customer’s suggestionto ensure that something can bedone.

“He has received written lettersof commendation from customerson several occasions, and isgenerally very pleasant, warm,and exceptionally proficient.Most times, customers ask forhim by name,” she added.

Kendal explains that he hasgrown tremendously since hestarted working at the Society.

“I enjoy my job, and thrive in theenvironment because of theexcellent team spirit. I havedeveloped my presentation skillsand I take every opportunity tospeak with the Members in thebanking hall, telling them aboutthe products and services that areavailable,” he said.

“I have a strong passion for mywork, and I always try to do myvery best. I maintain that the veryfirst encounter with me should besuperb, and each encounter mustimprove as the relationshipbuilds,” the St. Jago High Schoolgraduate pointed out.

Mr Smith also stated that hekeeps Members happy bytailoring his approach to suit theMember he is serving.

“I communicate in the languageof the Member in a bid to nurturethe open, friendly environmentthat members of the Linsteadcommunity enjoy. Name recognitionis critical; and, it is important tomake sure that banking andinvestment terms are clearlyexplained. This makes thebusiness relationship much moreproductive as Members are a partof the family, and they alwayswant to be adequately informed.” He advised staff members tocontinue to perfect their craft bylearning about the industry, andequipping themselves with skillsto improve their performance.

“We should all know about thefinancial sector, and read as muchas possible about the bestpractices in customer service, andthe areas that complement ourindividual functions,” Mr Smithadvised. “That way, we will notonly improve JNBS; but, we willalso project ourselves asknowledgeable and marketableprofessionals.”

Kendal is looking forward tomeeting new challenges withinthe JN Group.

“I welcome the diversity thatJNBS offers, and I anticipategrowing even further with theorganisation.”

KENDAL SMITHEMPLOYEE OF THE YEAR 2006/2007


36

Community Outreach/JNBS Foundation

Since 2003, the Jamaica NationalBuilding Society (JNBS) and TheGleaner Company Limited havebeen hosting a series of economicforums dubbed “Outlook for theFuture.” These fora have giventhousands of Jamaicans in theDiaspora in the United Kingdom,United States of America andCanada, an opportunity to receivefirst-hand information on currentdevelopments in Jamaica as wellas investment opportunities. Thefora also provide an avenue formembers of the JamaicanDiaspora to have open dialoguewith government and sectorleaders.

The theme for the 2006 Outlookfor the Future series was “DoingBusiness in Jamaica” and featuredthe Hon. Dr Carlton Davis,Cabinet Secretary and Head of theCivil Service, as the main guestpresenter. Other presentersincluded senior governmentofficials such as: Dr PatriciaHolness, Chief Executive Officerof the Registrar General’sDepartment; Mrs Elizabeth Stair,Chief Executive Officer of theNational Land Agency; Ms CarolCharlton, Senior Director of thePassport and Immigration Office;Mr Robert Bryan, ExecutiveDirector of the World Cup Cricket2007 and Mr Melvin Smith,Regional Manager of JAMPRONew York.

Key Jamaican decision makers whohave participated in previous foraincluded the then Leader of thethen Opposition, Mr BruceGolding; Hon. Dr Peter Phillips,former Minister of NationalSecurity; and the Hon. Dr OmarDavies, former Minister ofFinance and Planning.

During the year the Foundationchanged its logo and added a tagline which captures the image thatthe Foundation wishes to convey:Building Partnerships...ChangingLives.

Some of the programmes andprojects funded during the yearinclude:

H.A. Clarke Rural RegenerationProgramme:This programme which is in its5th year continues to benefit manypersons and groups within ruralcommunities. The primary projectsunder this programme are:

RUTH JANKEEGENERAL MANAGER


Youth Zoom Competition: Training workshops were held inthe parishes of Portland,Manchester, St. Catherine,St. James, St. Elizabeth, andClarendon.

With an average of 6-8 schoolsattending each workshop with 10students each, the programme hastrained almost 500 high schoolstudents. Each school also sent ateacher representative who hasthe responsibility to support thestudent teams in identifying theirissues and also liaising with theFoundation to ensure entries aresubmitted. Sessions were taughtby renowned artist andphotographer Howard MooYoung and other professionalphotographers. Althea Buchanan,Advocacy and CommunicationsAdvisor from United NationsPopulation Fund (UNFPA)participated in a number of theworkshops providing a wellreceived session on Advocacy. Inaddition, UNFPA has committedto providing approximatelyJ$450,000 to assist in costsrelated to workshops and theawards function.

Advocacy Fora: Working incollaboration with the ParishDevelopment Committees,Chambers of Commerce and theSocial Development Commission,four fora were held. At each eventcommunity members were askedto identify key issues affectingthem in their communities, whatwas being done, and what should

37

JNBS Foundation

Food for the Poor:A challenge grant of $5 millionoffered in 2005 was matched bycontributions of other privatesector organisations. The projectis to replace pit toilets with flushwater closets and was launched atthe Mina Carr Basic School in thehills of St. Thomas. The BuildJamaica Foundation willcolloborate on the distributionprocess.

Tools for Development:The Foundation purchased anumber of table saws at the endingof this project and these weredistributed to technical schoolsacross the island at a brieffunction held at the Tools forDevelopment office.

Rotary Club:A second contribution of just over$300,000 was used to purchase250 wheelchairs. These continueto be distributed to needy personsacross the island, with 30 beingdistributed through JNBSbranches and subsidiaries.

Marlie Mount CommunityProject:The Foundation helped the MarlieMount Citizens Association to getfunding of approximately $1.5 Mfrom the Sports DevelopmentFoundation for the building of anetball court. In order to ensuresafety and security however, theyrequested additional funding forfencing at a cost of $422,675.00which was approved and fundedby the Foundation.

JNBS Branch Advisory CouncilsProgramme:The Foundation’s RegionalManagers endeavored to workclosely with the Branch AdvisoryCouncils of the Society in theidentification and selection ofprojects. Efforts have been madeto support projects that impact onthe communities. A summary onthe projects supported under thisprogramme and the projectswhich were approved at the2005/2006 Annual General

Meeting of the Society is carriedin the following segment.

COMMUNITY OUTREACH Community and AGM Projects

The Society continues to beheavily involved in the communitywith active participation ofMembers in the decision makingand implementation process. Atthe Annual General Meeting inSeptember 2006, members votedfor the Society to provide supportfor three (3) community projectsin the parishes of Trelawny andSt. Ann. A total of $1 million wasallocated to these projects.

Two of the three selected projectshave now been completed. Theyare the sanitation programme atthe Martha Brae Basic School inTrelawny to which $250,000 wasallotted, and the security andupgrading programme at theEltham Basic School in St. Annfor which $500,000 was allocated.The sanitation programme at theMartha Brae Basic School hasresulted in the provision ofsuitable bathrooms and arecreation area for the children atthe school. Perimeter fencing hasbeen provided for the ElthamBasic School and provision madefor the installation of ceiling fansin classrooms, as well as roofrepairs and painting.

The third project was for theconstruction of a waiting area atthe Ocho Rios Health Centre.This project has since beenaborted as the projected plans forthe Health Centre involve


be done. Follow up is being doneby the Regional Managers tohelp to develop, where possible,projects that can be assisted bythe Foundation.

Computers in Schools: The wrapup ceremony for the project washeld on March 7 at OrangefieldPrimary in instead, St. Catherine.Presentations were made byMr. Llewelyn Bailey on behalf ofMr. Jarrett and Ms Karen Turnerof USAID as well as a number ofprincipals and board membersfrom schools who had receivedcomputers. Most of them notedthat they were using thecomputers to not only teachacademic subjects to thestudents, but they were alsosaving money by doing their ownprogrammes and other graphics,services for which they wouldnormally have paid. In addition,many of the schools wereoffering a service to the widercommunity for persons to use thecomputer labs at a cost.

38

JNBS Foundation

relocation of the facility in therelatively near future. The JNOcho Rios Branch AdvisoryCouncil has however identified areplacement project. This is toassist the Grierfield Basic Schoolwith the construction of kitchenfacilities and the supply ofequipment as well as theinstallation of windows inclassrooms to ensure thatchildren have a secure andwholesome environment in

which learning can be facilitated.

In addition to the three mentionedcommunity projects selected atthe last Annual General Meeting,each JN Branch is involved invarious projects within theircommunities under theadvisement of their respectiveAdvisory Councils, which isprimarily made up of JN Membersfrom within the community. Asa result, during the financial year,

the Society supported more thanthirty community projects whichhave included contributions toschools, skills training programmes,health centres, agricultural andenvironmental initiatives, boys’and girls’ clubs, children’shomes, sporting programmes andthe Jamaica Constabulary Force.

Towards Improving Sanitary FacilitiesIn SchoolsMr Earl Jarrett, (left), General Manager,Jamaica National Building Society(JNBS), presents the JNBS Foundation’sChallenge Grant to Mr Bradley Finzi-Smith, (right), Executive Director, FoodFor The Poor. The Grant was provided tomatch funds obtained by Food For ThePoor to develop and improve sanitaryfacilities in schools with pit latrines.Witnessing the occasion is Mrs RuthJankee, General Manager, JNBSFoundation. The Sanitation Programmewas officially launched recently at theMina Carr Basic School in Bull Bay, St. Andrew, which is the first beneficiaryof the Programme.

Renowned photographer, Mr Howard Moo-Young, showed students an

example of a human-interest photograph.The occasion was ‘Youth Zoom’ HighSchool Photography Workshop heldMarch 22 at the Dinthill Technical HighSchool. The workshop, sponsored by theJamaica National Building Society(JNBS) Foundation, was one in a seriesheld in rural parishes to prepare studentsfor the ‘Youth Zoom’ High SchoolPhotography Competition. Contestantswere required to submit photo-journalistic pieces which highlighted anissue or achievement in theircommunities. A camera was presented toeach participating school.

New Traffic Safety Feature onAllan AvenueAn elated Mrs Ruth Jankee (left),General Manager of the JamaicaNational Building Society (JNBS)Foundation, prepares to cut theribbon markingthe switching onof two newflashing trafficsignals installedon Allan Avenuein Pt. Antonio.S h a r i n g t h eoccas ion a reMs WinsomeCallum, Head of Communications,Jamaica Public Service; TiannaValentine, student of the PortAnton io Pr imary School , and

Mr Locksley Johnson, Principal ofthe school. The lights were installedto alert motorists that they areentering a school zone.

Two enthusiastic students ofOrangefield Primary School paidclose attention to an interactivelesson on the computer. Observingare Mrs Ruth Jankee (right), GeneralManager, Jamaica National BuildingSociety (JNBS) Foundation; Mrs Mary Smith (left), Executive,Corporate Planning, Budgeting &Special Projects, JNBS; and Ms Christine Long (partly hidden),Regional Manager, Region 3, JNBS.Occasion was a tour of the school’scomputer lab following the ClosingCeremony for the Computers inSchools Project held on March 7 atthe school. Under the Project, theJNBS Foundation and the UnitedStates Agency for InternationalDevelopment (USAID) provided 65schools, including OrangefieldPrimary, with 314 new computersand relevant software.


39

Financial Highlights

JNBS GROUP 2003 2004 2005 2006 2007

Total Assets (J$ M) 35,354 46,833 57,013 63,469 73,927Capital & Reserves (J$ M) 6,868 10,471 13,691 12,792 14,101Loan balances (J$ M) 9,403 11,648 14,482 18,837 24,427Total Savings Fund J$ M) 22,001 25,878 30,540 35,166 43,138Liquid Funds (J$ M) 25,056 32,672 39,381 40,179 44,922Revenues (J$ M) 6,285 8,868 9,206 9,483 10,595Surplus before taxes (J$M) 1,786 2,817 2,410 1,745 1,998Number of Loans 18,602 21,784 25,832 28,239 33,106

• Total assets up 16.48 % from $63.47 billion to $73.93 billion• Capital & Reserves up 10.23% from $12.79 billion to $14.10 billion• Member savings balances up 22.67% from $35.17 billion to $43.14 billion• Loans to members up 29.68% from $18.84 billion to $24.43 billion• Liquid Funds up by 11.80% from $40.18 billion to $ 44.92 billion• Total Revenues up 11.73% from $9.48 billion to $10.59 billion• Surplus before tax $1.99 billion, up 19.26% from $1.74 billion last year• 33,106 loans, 17.24% more than 28,239 last year

Total Assets (J$ M) Liquid Funds (J$ M) Total Savings Fund (J$ M)

73,9

27

35,3

54 46,8

33

57,0

13 63,4

69 44,9

22

25,0

56 32,6

72

39,3

81 40,1

79 43,1

38

22,0

01 25,8

78

30,5

40 35,1

66

2007

2003

2004

2005

2006

2007

2003

2004

2005

2006

2007

2003

2004

2005

2006

Loan Balance (J$ M) No. of loans

24,4

27

9,40

3

11,6

48 14,4

82

18,8

37 33,1

06

18,6

02 21,7

84

25,8

32 28,2

39

2007

2003

2004

2005

2006

2007

2003

2004

2005

2006


Miss Margaret Barrett has beenwith the Society since 1987 andwas appointed the ChiefRepresentative Officer of theRepresentative Office in Floridain 2003.

Miss Paulette Simpson joined theJamaica National BuildingSociety family in November2002. She is the ChiefRepresentative Officer for theRepresentative Offices in theUnited Kingdom.

Mrs Alison Martin joined theSociety in October 2004 as ChiefRepresentative Officer for theToronto Representative Office inCanada.

40

JNBS Overseas Offices

MARGARET BARRETTCHIEF REPRESENTATIVE OFFICER

JNBS REPRESENTATIVE OFFICE

FT. LAUDERDALE, FLORIDA

PAULETTE SIMPSONCHIEF REPRESENTATIVE OFFICER

JNBS REPRESENTATIVE OFFICE

UNITED KINGDOM

ALISON MARTINCHIEF REPRESENTATIVE OFFICER

JNBS TORONTO REPRESENTATIVE OFFICE

CANADA

JNBS REPRESENTATIVEOFFICE FLORIDA, USA

JNBS REPRESENTATIVEOFFICE UK

JNBS REPRESENTATIVEOFFICE CANADA


41

Executives

LLEWELYN BAILEYASSISTANT GENERAL MANAGER

CARL BLISSHUMAN RESOURCES

WANICA PURKISSMORTGAGE & OPERATIONS

MARY SMITHCORPORATE PLANNING, BUDGETING

& SPECIAL PROJECTS

CARMEN TIPLINGCORPORATE COMMUNICATIONS

DR HOWARD HAUGHTONCHIEF RISK OFFICER

LEESA KOWMARKETING, PROMOTIONS

AND SALES (ACTING)

DELROY BOWENCOMPLIANCE & SECURITY

CARLTON BARCLAYASSISTANT GENERAL MANAGER

FINANCE, ADMINISTRATION &PLANNING

WENDELL SMITHASSISTANT GENERAL MANAGER

MANAGEMENT INFORMATION

SYSTEMS & OPERATIONS


LEON MITCHELLBUSINESS DEVELOPMENT

42

Senior & Regional Managers

PAT AUSTININSURANCE SERVICES

PAUL COLECONSULTANT

GAVIN BECKFORDBUSINESS DEVELOPMENT

JOY BRADYFINANCE

TONYA GRANTINTERNAL AUDIT

PHILIP BERNARDCOMMUNITY BANKING, ATM SERVICES

& REGION 6

ANTHONY ROBINSONBUSINESS DEVELOPMENT

MICHELE POLLARD-GONZALEZQUALITY ASSURANCE

ELAINE RIETTIE-PITTEXECUTIVE INVESTMENT ADVISOR


43

Senior & Regional Managers

MARGARET RAMSAYREGIONAL MANAGER,

REGION 5

LESLIE ‘TED’ WILLIAMSSENIOR REGIONAL MANAGER,

REGION 4

ANTHONY WALTERADMINISTRATION & SPECIAL PROJECTS

HILRET HANSONREGIONAL MANAGER,

REGION 2

MICHAEL EVELYNREGIONAL MANAGER,

REGION 1

CHRISTINE LONGREGIONAL MANAGER,

REGION 3

ERROL STAIROPERATIONS


44

Chief Office & Overseas Managers

GEORGE BAKERProcess Analysis &Improvement

PATRICK BARRETTSecurity

OBINNA BLAKEProjects

DAVIA BROWNFinance

RICHARD BROWNEProduct & Business Development& Internet Websites

BEVERLEY BURNETTGeneral Manager’s Office

JOSCELYN CAMPBELLCompliance

DIANE CHAMBERSFinance

SIMONE CHAMBERSBusiness Planner

NADIA CHONGRisk Management

SHERON CHUNGForeign Exchange

MAXIEN DAVISMortgage

DAHLIA DAWN FULLER-PHILIPSLearning & Development

MITSY GRAYForeign Exchange

JANICE HENLINMarketing & Advertising

JEROME HENRYMortgage, Credit Analyst

CARLA HENRY-FARQUHARSONInternal Audit

GILLIAN HYDEFinancial Planner

KATHLEEN LYNIT Testing & ReleaseManagement

CAROL MADDENMember Care Centre

JANICE MCINTOSHPromotions

KEISHA MELHADOMortgage Centre

ROSE MILLERMail & Courier Services

PHILLIP POWEApplications & DatabaseManagement

WESLEY SCOTTNational Mortgage SalesCoordinator

MARIE STEWARTCorporate Communications

BEVERLEY SUDINEInternal Processing Centre

NIGEL THOMASTechnical Services

SHELLY-ANN WALKERCompliance

MICHAEL WHYTEIT Incident & ProblemManagement

ELAINE WILLIAMSLegal & Securities

MARIE WILLIAMSAdministration

CARMEN BARTLETTJamaica National Overseas(U.S.A.) Inc., Florida,U.S.A.

HARRY BHOORASINGHJamaica National Ovevrseas(U.S.A.) Inc., New YorkU.S.A.

JULIA NEMBHARDCompliance, North America

ROBERT OSBOURNEJamaica National Overseas(Canada) Ltd.

HOPE SORTIECompliance and InternalAudit, United Kingdom

OVERSEAS


45

Branches, Team Leaders & Member Ambassadors

REGION 1HALF-WAY-TREE2-4 Constant Spring Rd St. AndrewTel: 929-8052-3, 968-1290,

960-5708 Fax: 968-6595Team Leader - Janice MillsAmbassadors - Maria Clarke &

Anna Hutchinson

NEW KINGSTON10-12 Grenada Crescent St. AndrewTel: 929-3734-7, 926-6871 Fax: 906-8720Team Leader - Catherine BrownAmbassador - Tanya Lindo

DOWNTOWN KGN.321/2 Duke Street, KingstonTel: 924-9366, 922-3905/6,

922-3366/7, 922-5432Fax: 922-2869, 948-334Team Leader - Sharon SpenceAmbassador - Jason Martin

MORANT BAY10 Queen StreetMorant Bay, St. ThomasTel: 982-2226, 982-1231 Fax: 982-2588Team Leader - Valerie HolnessAmbassador - Terrian Evans

REGION 2

CHRISTIANAMain StreetChristiana, ManchesterTel: 964-2529, 964-4672/3Fax: 964-4674Team Leader - Orett DouglasAmbassador - Takeese Turner

JUNCTION Shop #7, Roye’s ShoppingCentreJunction, St. ElizabethTel: 965-5387, 965-5959,

965-8742 Fax: 965-8243Team Leader - Troy BygraveAmbassador - Stacey Marshall

MANDEVILLEMandeville Plaza Mandeville, ManchesterTel: 962-2179, 962-2724 Fax: 962-0204Team Leader - Doreen

AlexanderAmbassador - Etvern Daley

SANTA CRUZ85 Main Street Santa Cruz, St. ElizabethTel: 966-2231, 966-2742,

966-9446 Fax: 966-2741Team Leader - Alethia

Carpenter-PeartAmbassador - Sacha Neil

REGION 3

LINSTEAD27 King StreetLinstead, St. CatherineTel: 985-7749, 985-2525,

985-6602, 985-6380 Fax: 985-2506Team Leader - Jennifer TwiddleAmbassador - Dorcia Williams

MAY PEN45A Main Street May Pen, ClarendonTel: 986-2551, 986-4759Fax: 986-9764Team Leader - Paulette

ChambersAmbassador - Joel Burke

PORTMORE PINESShop #29 Portmore Pines, ShoppingCentre St. CatherineTel: 949-2196, 949-3350,

949-2221, 949-9233Fax: 949-1690Team Leader - Marcia LettmanAmbassador - Chaneen Walker

SPANISH TOWN26-28 Wellington Street Spanish Town, St. CatherineTel: 984-2473, 984-2637,

984-7908, 943-9987Fax: 984-7798Team Leader - Michelle HinesAmbassador - Winston Wong

REGION 4

FALMOUTH1 Officer’s AlleyFalmouth, TrelawnyTel: 954-4421-2, 954-4961Fax: 954-5992Team Leader - Claude

ThompsonAmbassador - Junior Campbell

LUCEAMoseley Drive Lucea, HanoverTel: 956-2344, 956-9828Fax: 956-3323Team Leader - Angella HinesAmbassador - Michelle Simms

MONTEGO BAY2 Market Street Montego Bay, St. JamesTel: 952-4561-3, 952-7180-2Fax: 952-8307/8308Team Leader - Shernette

CallamAmbassador - Deletha

Rosewell

SAVANNA-LA-MARHendon Corner Savanna-La-Mar,WestmorelandTel: 955-2525, 955-2843 Fax: 955-2774Team Leader - Canute SimpsonAmbassador - Orlando

Lewinson

REGION 5

BROWN'S TOWNMusgrave Square Browns Town, St. AnnTel: 975-2243, 917-8272/3 Fax: 917-8322Team Leader - Ransford

DavidsonAmbassador - Samantha

Newby

OCHO RIOSCorner of Graham Street &DaCosta Drive Ocho Rios, St. AnnTel: 974-5537, 974-4723 Fax: 974-4724Team Leader - Ena BryantAmbassador - Cheri Powell

ST ANN'S BAY10 Bravo Street St. Ann's Bay, St. AnnTel: 972-2235, 972-9191 Fax: 972-2657Team Leader - Winsome

RickettsAmbassador - Oraine Thompson

REGION 6

ANNOTTO BAYMain StreetAnnotto Bay, St. MaryTel: 996-2215, 996-2350Fax: 996-9732Team Leader - Omar HayeAmbassador - Annika Hyman

GAYLEP.O. Box 1Main Street, St MaryTel: 975-8103, 975-8406Fax: 975-8214Team Leader - Alverine

Moodie-DavisAmbassador - Rose Campbell

PAPINE 17C Gordon Town Road St. AndrewTel: 970-0774, 977-5758 Fax: 702-4286Team Leader - Jacqueline

RobothamAmbassador - Althea Edwards

PORT ANTONIO21 Harbour StreetPort Antonio, PortlandTel: 993-3006, 993-2339,

993-9151, 993-9652 Fax: 993-9670Team Leader - Edison TaylorAmbassador - Charlene Watson

PORT MARIA1 Stennett StreetPort Maria, St. MaryTel: 994-2471, 994-2671, Fax: 994-2123Team Leader - Karen MarshAmbassador - Laura Plunkett

JN FINANCIAL CENTERBarbican Square (Loshusan)29 East Kings House Road,Kingston 6978-2253; 927-6221927-3853Team Leader & MemberAmbassador - Shani Maxwell

MONEY SHOPSBarbican, AZMart, Knutsford Blvd., New Kingston,Tivoli, Spanish Town Road,Whitehouse, WestmorelandTeam Leader - Philip BernardAmbassador - Ariel Sinclair


46

Directory Listings

OVERSEAS MONEY TRANSFER LOCATIONS& LOCAL JNBS ATMS

JNBS ATM LOCATIONS

JNBS ATMS, OFFICES & OVERSEAS LOCATIONS

UNITED KINGDOMToll Free - Tel: 1-800-328-0387

BALHAM5 Hildreth StreetBalham, London SW12 9RQTel: 208-675-4951Fax: 208-675-4932

BIRMINGHAM6 Suffolk Street (near Alexander Theatre)Queensway, Birmingham B1 1LTTel: 121-600-7461Fax: 121-643-3010

BRISTOL248 Stapleton Road, Easton, Bristol, BS5 0NTTel: 117-939-5895Fax: 117-939-5547

BRIXTON389-391 Brixton RoadLondon SW9 7DETel: 207-737-7244Fax: 207-737-6951

ELEPHANT & CASTLEUnit #234, Elephant & Castle Shopping Centre,London SE1 6TETel: 207-708-6621-23Fax: 207-701-9374

HANDSWORTH311A Soho Road, Birmingham, B21 9SDTel: 121-551-5362Fax: 121-554-7553

HORNSEY8 Turnpike Lane, HornseyLondon N8 0PTTel: 208-888-8882Fax: 208-889-3219

PECKHAM175 Rye Lane, Peckham, London, SE15 4TLTel: 207-639-3149Fax: 207-639-4983

PERRY BARRUnit #1, Inshops One Stop Shopping Centre PerryBarr, Birmingham, London B42 1SFTel: 121-344-3630Fax: 121-344-4256

SHEPHERD’S BUSHUnit #4, 5 Uxbridge Road, Shepherds Bush, London W12 8LGTel: 208-743-5940Fax: 208-743-6771

STRATFORDUnit 13, 70-73 The Mall, Stratford Shopping Centre,London E15 IXQTel: 208-522-1093Fax: 208-519-8416

TOTTENHAM550-552 High Road, Tottenham, London N17 9SYTel: 208-885-3807Fax: 208-885-3209

CANADAToll Free - Tel: 1-800-462-9003TORONTO1672 Eglinton AvenueWest TorontoOntario M6E 2H2, CanadaTel: 416-784-2075,

416-784-9611Fax: 416-784-2076email: [email protected]

GRAND CAYMANNATIONAL BUILDING SOCIETYOF CAYMAN71 Eastern Avenue, Trinity Square,P.O. Box 504 G.T., Grand CaymanTel: 345-945-2014Fax: 345-945-2015email: [email protected]

U.S.A.Toll Free - Tel: 1-800-462-9003NEW YORK 690-700 Utica Avenue, Brooklyn,New York, N.Y. 11203, USATel: 718-756-2355

718-756-2810718-756-2827

Fax: 718-756-6674email: [email protected]

TOLL FREE NUMBERTel: 1-800-322-3773

404 Utica Avenue, Brooklyn,New York, N.Y. 11213, USATel: 718-804-1925Fax: 718-756-3929email: [email protected]


4158 White Plains Road, Bronx, N.Y. 10466Tel: 718-882-5776Fax: 718-882-6937email: [email protected]


FLORIDA3895 NW 24th StreetLauderdale Lakes, Florida 33311Tel: 954-676-5755-6Fax: 954-676-5571email: [email protected]


6905 Miramar Parkway,Miramar, Florida 33311Tel: 954-983-6480email: [email protected]


¸

KINGSTON & ST ANDREW

• Customs Hall, Norman Manley International Airport

• JNBS, 32 1/2 Duke Street, Kingston• JNBS Money Shop, Spanish Town Road • Mico Teachers College,

1A Marescaux Road, Kingston• Cross Roads Post Office, Cross Roads• JNBS Money Shop,

75 Knutsford Boulevard, Kgn 5• JNBS Papine,

17C Gordon Town Road, Kgn 7• Azmart Superstore,

34 East Kings House Road, Barbican• JNBS,

2-4 Constant Spring Road, Kgn 10• Constant Spring Post Office,

Constant Spring RoadCLARENDON

• JNBS, 45 Main Street, May Pen

MANCHESTER

• JNBS, Mandeville Plaza, Mandeville


47

Directory Listings

PORTLAND

• JNBS, Harbour Street, Port Antonio

ST ANN

• JNBS Ocho Rios, Corner of Graham St and DaCosta Drive

ST CATHERINE

• Rapid Sheffield Super Centre, Port Henderson Road

• JNBS, Portmore Pines Plaza• JNBS, 26 Wellington Street,

Spanish Town• Bog Walk Post Office, Bog Walk

ST ELIZABETH

• JNBS, Junction, Roye's Shopping Centre

• JNBS, Santa Cruz, Main Street

ST JAMES

• JNBS, 2 Market Street, Montego Bay

ST MARY

• JNBS, Main Street, Annotto Bay• JNBS, 1 Stennett Street, Port Maria• JNBS, Main Street, Gayle

ST THOMAS

• JNBS, 10 Queen Street, Morant Bay

TRELAWNY

• JNBS, 1 Officer Alley, Falmouth

WESTMORELAND

• JNBS, Hendon Corner, Savanna-La-Mar

• JNBS Money Shop, Lawrence Plaza, Whitehouse

• Texaco Service Station, Whitehall Road, Negril

CHIEF OFFICE2–4 Constant Spring Road,Kingston 10Tel: 926-1344-9, 926-1364

926-1600-3, 926-1643-5926-8285, 906-5340-7

Fax: 926-7661, 968-6596S/Board 926-1344-9

(Ext. 2346,2408)Email: [email protected]

TOLL FREE NUMBERSJa: 1-888-991-4065/4066

CANADAToll Free: 1-800-565-2632TORONTO1390 Eglinton Avenue West,Toronto, Ontario M6C 2E4CanadaTel: 416-784-2074

416-784-9434Fax: 416-784-9434email: [email protected]

UNITED KINGDOMLONDONToll Free: 0-800-328-1622Unit #235, Elephant & Castle Shopping CentreLondon SE1 6TE, EnglandTel: 207-708-2442-3Fax: 207-708-5040

SHEPHERDS BUSHUnit #3, 5 Uxbridge Road,Shepherds BushLondon W12 8LGEnglandTel: 208-743-2358

208-743-9056Fax: 208-735-2896

HANDSWORTHToll Free: 0-800-085-6302311A Soho Road,Birmingham B21 9SDEnglandTel: 121-551-5569Fax: 121-551-5592

UNITED STATES OF AMERICAFLORIDAToll Free: 1-800-390-78505039 North State Road 7Tamarac, Florida 33319, USATel: 954-485-0444Fax: 954-485-0300

JN FUND MANAGERS LIMITED17 Belmont Road, Kingston 5Tel: 929-7159, 929-2289Fax: 926-4375email: [email protected]

JN SMALL BUSINESS LOANS LIMITED32 1/2 Duke Street, Kingston Tel: 948-7454/5Fax: 948-7452email: [email protected]

JN MONEY SERVICES LIMITED26 Trafalgar Road, Kingston 5Tel: 920-7530Fax: 920-4768 email: [email protected]

MANAGEMENT CONTROLSYSTEMS LIMITED10-12 Grenada CrescentKingston 5Tel: 929-8661, 926-0104Fax: 929-5678 email: [email protected]

N.E.M. INSURANCE COMPANY(JA)LIMITED9 King Street, Kingston Tel: 922-1460-5Fax: 922-4045email: [email protected]: www.nemjam.com

THE CREATIVE UNIT LIMITED1 Holborn Road, Kingston 10Tel: 926-4414Fax: 960-0501email: [email protected]

JAMAICA AUTOMOBILEASSOCIATION (SERVICES) LIMITED7 Central Avenue, Kingston 5Tel: 929-1200, 968-6007Fax: 929-4377Website: www.calljaa.com

TOLL FREE NUMBERTel: 1 888 2255 522

MANUFACTURERS CREDIT &INFORMATION SERVICES LIMITED8 Grenada Crescent, Kingston 5Tel: 926-1939Fax: 929-1535Islandwide Tel: 663-MCIS (6247)email: [email protected]

JAMAICA

JNBS REPRESENTATIVEOFFICES LOCATIONS

LOCAL SUBSIDIARIES & ASSOCIATED COMPANIES

ATM LOCATIONS, OVERSEAS OFFICES AND LOCAL SUBSIDIARIES & ASSOCIATED COMPANIES

JNBS ATM LOCATIONS (Continued)


48

NAME OF COMPANY, OWNERSHIP

JN FUND MANAGERS LIMITED 100%Provision of consumer financing, money market fund management services, pension fund managementand administration services.

17 Belmont Road, Kingston 5Tel: 929-7159, 929-2289Fax: 926-4375email: [email protected]: www.jnfunds.com

JAMAICA POPULAR INVESTMENT CO. LIMITED 100%Owners of commercial buildings

JN SMALL BUSINESS LOANS LIMITED 100%Operates microfinance programmes for thebenefit and assistance of micro entrepreneurs.

321/2 Duke Street, KingstonTel: 948-7454-5 Fax: 948-7452email: [email protected]

JN MONEY SERVICES LIMITED 100%Money transmission and bill payment services.

26 Trafalgar Road, Kingston 5Tel: 920-7530 Fax: 920-4768

MANAGEMENT CONTROLSYSTEMS LIMITED 94.5%Provision of information and technology solutions and data entry services.

10-12 Grenada, Kingston 5Tel: 929-8661, 926-0104 Fax: 929-5678email: [email protected]

NAME OF COMPANY, OWNERSHIPN.E.M. INSURANCE COMPANY(JAMAICA) LIMITED 99%General Insurance services.

9 King Street, KingstonTel: 922-1460-5 Fax: 922-4045email: [email protected]: www.nemjam.com

PELICAN FINANCE LIMITED 100%Insurance premium financing.

3 Barbados Avenue, Kingston 5Tel:929-6604/968-2038email: [email protected]

THE CREATIVE UNIT LIMITED 100%Provision of advertisingand events planning services.

1 Holborn Road, Kingston 10Tel: 926-4414 Fax: 960-0501email: [email protected]

NATIONAL BUILDING SOCIETYOF CAYMAN 96.7%Provides savings and lending on residentialreal estate in the Cayman Islands; licensed moneytransmission services from the Cayman Islands

KNUTSFORD HOLDINGS LIMITED 40%Owners of commercial buildings

JAMAICA NATIONAL BUILDINGSOCIETY FOUNDATION 100%An approved charitable organisation funded by contributions from JNBS.

Subsidiaries & Associated Companies


49

Membership of Boards & Committees

JN FUND MANAGERS LIMITEDDr Dhiru Tanna, ChairmanKeith SeniorClarence T BrownHon Oliver F Clarke, OJEarl Jarrett Monica LaddGeorge MagnusPeter MorrisChristopher Roberts

JN MONEY SERVICES LIMITEDHon Oliver F Clarke, OJ, ChairmanEarl JarrettLord William “Bill” Morris, OJHon. Dorothy Pine-McLarty, OJDr Don RobothamAlfred SimmsJ. A. Lester Spaulding, CD

JN SMALL BUSINESS LOANS LIMITEDHon Oliver F Clarke, OJ, ChairmanFrank WhylieDr Aston BarnesLarklin Hall, ODEarl JarrettRoy MegarryMary Smith

MANAGEMENT CONTROLSYSTEMS LIMITEDWendell Smith, ChairmanLlewelyn BaileyEarl JarrettDr Parris Lyew-Ayee, JrMolly Rhone, O.D.

N.E.M. INSURANCE COMPANY (JAMAICA) LIMITEDGeorge Magnus, ChairmanJohn CunninghamEarl JarrettDr Parris Lyew-Ayee, JrPeter MorrisKathleen MossChristopher RobertsErrol Ziadie

THE CREATIVE UNITLIMITEDEarl Jarrett, Chairman Donna Carroll Carlton BarclayEmile Spence

NATIONAL BUILDING SOCIETY OF CAYMANEarl Jarrett, Chairman (Acting) Robert HamatyDunbar McFarlaneA Spencer MarshallDr Dhiru Tanna

JNBS FOUNDATIONHon Oliver F Clarke, OJ, ChairmanJohn CunninghamEarl Jarrett George MagnusJennifer Martin

COMMITTEES OF THE JNBS BOARD

AUDIT COMMITTEELloyd G Gooden, ChairmanLlewelyn A BaileyEarl JarrettS Kumaraswamy Kathleen Moss

FINANCE & INVESTMENTCOMMITTEEHon Oliver F Clarke, OJ, ChairmanClarence T BrownEarl Jarrett George MagnusPeter MorrisDr Dhiru Tanna

PROXY COMMITTEEHon Oliver F Clarke, OJ, ChairmanDr H A A “Marco” Brown, CDEarl JarrettGeorge MagnusHon. Dorothy Pine-McLarty, OJ

COMPENSATION COMMITTEEHon Oliver F Clarke, OJ, ChairmanEarl JarrettGeorge MagnusPeter MorrisDr Dhiru Tanna


50

ATTORNEYS-AT-LAWABENDANA & ABENDANA

CLARK, ROBB & CO.

CLINTON HART & CO.

CRAFTON MILLER & CO.

DABDOUB DABDOUB & CO.

DELROY CHUCK & CO.

DUNNCOX

EDWARD HANNA & CO.

FRATER ENNIS & GORDON

G ANTHONY LEVY & CO.

GENTLES & WILLIS

GRANT, STEWART, PHILLIPS & CO.

IAN PHILLIPSON & CO.

JENNIFER MESSADO & CO.

KEITH SMITH & CO.

L HOWARD FACEY & CO.

LANGRIN, PARRIS-WOODSTOCK

LEX CARIBBEAN

LIVINGSTON, ALEXANDER & LEVY

MN HAMATY & CO.

MYERS, FLETCHER & GORDON

NAYLOR & TURNQUEST

NICHOLSON, PHILLIPS

NUNES, SCHOLEFIELD, DELEON & CO.

OG HARDING & CO.

PALOMINO, GORDON-PALOMINO

PHILLIPS, MALCOLM, MORGAN & MATTHIES

RATTRAY, PATTERSON & RATTRAY

ROBERTSON, SMITH, LEDGISTER & CO.

ROBINSON, PHILLIPS & WHITEHORNE

SCOTT, BHOORASINGH & BONNICK

TAYLOR, DEACON & JAMES

TENN, RUSSELL, CHIN-SANG, HAMILTON &

RAMSAY

VACCIANNA & WHITTINGHAM

WATSON & WATSON

WATT, KING & ROBINSON

WILLIAMS, MCKOY & PALMER

ZIADIE, REID & CO.

AUDITORSKPMG

BANKERSBANK OF AMERICA

BANK OF NOVA SCOTIA JAMAICA LTD.

BANK OF NOVA SCOTIA, TORONTO, CANADA

BARCLAYS BANK PLC

CITIBANK, CANADA

CITIBANK, LONDON, U.K.

CITIBANK, WALL STREET, NEW YORK, U.S.A.

HSBC

LLOYD’S TSB

NATIONAL COMMERCIAL BANK JAMAICA LTD.

RBTT BANK JAMAICA LTD.

WACHOVIA BANK, N.A.

Attorneys-at-law, Auditors & Bankers


51

Auditors’ Report


52

Auditors’ Report


Financial Statements


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NOTES TO Financial Statements


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table of contents - jn bank...bank jamaica limited. in 1990, he received the americas award from the...

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