Your Say In Where The Credit Union Is
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VanemadUuemad
Shareholder20 Apr 2017 08:05
Thank you Allan for this information. I can only hope that Estonians will start seeing the truth and understanding the gravity of the situation facing the Estonian House.
estonian20 Apr 2017 21:02
now this makes sense - acting in good faith. thanks allan!
25. aprill21 Apr 2017 06:37
Millest ma ei saa aru on miks teha selle koosoleku sel teisipäeva õhtul mil Eesti Majas käimas Eesti kool (88 õpilasega ja veel õpetajad ja lapsevanemad), pluss meeskoori harjutus PLUSS just sel päeval AKEN võtab vastu annetusi kuni kell 9:30 õhtul. Miks ei saanud koosolek olla kolmapäeval, siis kui Eesti Majas palju vähem inimesi.
Unistaja22 Apr 2017 20:08
I'm surprised that the bank hasn't responded to this. But I'm sure they know what they're doing.
My few thoughts about the bank. I'll quote Linda first: During my tenure at the Estonian Credit Union (“ECU”) as a teller during my university studies in pursuit of my accounting designation, weather forecasts sometimes played into my end of day procedures. If a storm was brewing we knew to clean off desks, and cover computer equipment with layers of plastic. Regardless of best preparations, we would return the following day to often find our desks awash with brown water. Everything was cleaned up before opening the doors to members, but the buckets to catch dripping water dotted the branch floor to prevent further damage to the floor below and from mold developing in the carpeting.
My question: if the bank is shut down by the health inspectors or whoever looks after the acceptable working conditions, does this mean that the shareholders have the right to override it and say that the office has to continue operating at Eesti Maja. Sorry, seems like a naljakoht!
I don't know much about the work they do every day but I can't imagine them closing the branch for even a few days. I see where they stand. It's important for them to make sure they can do their work without any interruptions.
Something else I recall from a few years back. I happened to visit the branch when there was no electricity. They had lit candles to serve clients. I was surprised they even had candles but I was told this was not an uncommon occurance, so they had candles and matches ready. Talk about fire hazard...
Right now it looks to me as if Mr. Meiusi has no regard to the employees who have to put up with not the most ideal working conditions. Cudos to them for not complaining and being there for us every day. I for one had no idea until now about so serious leakage/ heating / a/c problems they face. I'm quite sure that cleaning up water damage is not part of their job description. So, if ECU says they have to move, they will get my vote for sure. Because I care!!! Thanks again for all your great work!
To unistaja23 Apr 2017 08:43
"Seems like a naljakoht".
That is the intention when a place is deliberately neglected. History is full of examples where people are made to feel just awful in a place that had long been their home so at least some actually look forward to the group being forcibly relocated in a land grab.
To: To unistaja23 Apr 2017 10:41
I agree with you that the deliberate neglect is probably what has been going on. Especially since the EM Board posted a notice telling the volunteer fundraisers for fixing roof to basically cease and desist.

We get a lot of double speak, for example:

'The consultants say the EM space is too awkward' and then: 'EM2 house with classrooms only in the basement and second floor is a way better design'

'The consultants say it is way too expensive to build around a heritage building' and then: 'The heritage home on Madison that we bought will be perfect for incorporating into our EM2'

And then we get the predictions that the sky is falling so we must rush into a real estate deal immediately. At how many meetings have we heard: 'EM will be bankrupt in two months if we don't sign agree to this deal'?
In regards to the roof23 Apr 2017 12:03
They did address the roofing grants at the Town Hall, There were many terms and conditions applied to the grant - it would have tied our hands and prevented us from tearing down or selling and moving as we would have had to guarantee staying for a period of time.
Karl Otsa22 Apr 2017 21:02
Now Allan Meiusi is an expert in Credit Unions?
What a talented resource.
Allan Meiusi23 Apr 2017 06:31
Just for your information Karl, before the story was written it was fact checked by someone with direct experience in credit union administration and regulation. The contents of the article were confirmed based on that expertise not solely on my research.
FSCO priorities24 Apr 2017 09:21
FSCO regulates financial institutions in Ontario to protect public interest and ensure public confidence. With only 100 credit unions left in Ontario, FSCO is certainly well aware of ETCU, its operations and its business plans. During audits and field visits to ETCU, FSCO will have seen the dated, unreliable building ETCU calls home. Perhaps FSCO has expressed concern about the current facility at some point? Certainly FSCO is also aware of the 11 Madison purchase made a few years back. Should a formal resolution to change ETCU’s HQ be tabled in the future, and should it fail to pass thanks to efforts of a small minority of ETCU members, hopefully FSCO has contingency measures available to intervene in support of ETCU business continuity. Neither FSCO nor ETCU could withstand the public embarrassment and protests should some major disaster on Broadview put ETCU out of commission for even a few days, let alone weeks or months. Regardless of the above, the upcoming Esto House vote on April 25 is only to approve the next phase of Madison due diligence wherein sale of Esto House is a key assumption. The sale of Esto House and resultant implications will form part of the due diligence effort. Only if this produces a favourable outcome would the sale process begin. The upcoming April 25 vote does not launch the actual sales effort.
Samalt IP numbrilt on siin varem kommenteerinud: Shareholder (08:05)
obfuscation24 Apr 2017 10:49
"The sale of Esto House and resultant implications will form part of the due diligence effort. Only if this produces a favourable outcome would the sale process begin." What does this mean?
Samalt IP numbrilt on siin varem kommenteerinud: To unistaja (08:43)
Due diligence24 Apr 2017 12:13
What this means is that if the vote is yes the 4 orgs will start down the road of getting all the ducks in a row to make Madison happen. That means getting all the final approvals, solidifying the site plan and floor plans, confirming the management and ownership structures, and getting all the financing in order and a solid workable plan to obtain outstanding amounts. Then and only if all of the above passes and proves feasible will the Estonian house be sold andshovels can hit the ground.

If however they discover there are roadblocks in the way that are insurmountable and the project cannot proceed, we are back at square one and the esto house remains as is.

Nothing will be sold until due diligence proves that it can be done successfully.

The issue is they cannot proceed with the due diligence unless the shareholders agree in principle to sell the building, otherwise it would be a waste of time and money.
little guy without a share24 Apr 2017 16:16
You rock, Allan!
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