decisions and allow us to use the latest technologies to streamline our processes. Combined with our ever-expanding network of mobile relationship managers and our expert branch lending specialists, we are confident that we will be able to assist even more members over the coming years. For the first time in 12 years, the Reserve Bank of Australia increased interest rates. Although loan interest rates are still low by historical standards, rate increases are still a new experience for many borrowers. Our members are well placed to meet the higher repayments having built up substantial levels of savings and additional repayments over previous years. However, should borrowers ever be experiencing financial stress from these increases, or any other factors, they are always encouraged to talk to us at an early stage so we can work with them and explore all options to assist and help manage through this period. The Russian invasion of Ukraine is having a devastating effect on the population of Ukraine and our thoughts are with those impacted by this needless war. Credit unions operate throughout
Ukraine, with a considerable number located in those areas directly impacted by the war and occupation. The World Council of Credit Unions has launched a fund-raising campaign to assist Ukrainian credit unions keep their operations going so that they can help their members with reconstruction, access to their savings and provision of loans to farmers to assist with easing food shortages. We are proud to stand with our Ukrainian comrades and have made a donation of UD$15,000 to assist with the effort. The Board This year, the Board saw the retirement of director Raad Richards after 21 years of dedicated service to the former Bankstown City Credit Union and Unity Bank. Raad has been a great director over the years providing wise input to the wide range of regulatory requirements and commercial challenges. We wish him well.
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