Cash-strapped Bermuda Industrial Union’s credit union has published a list of 49 delinquents amid frustration from members unable to get loans.The credit union disbursed just over $2 million in loans throughout 2009, about $1 million less than it did two years earlier, according to its annual report for 2011 which has been tabled in the House of Assembly.A shrinking loan portfolio has led to “untold frustration” for members denied in their requests for loans, president of the board directors Graham Nesbitt wrote in the report.Asset growth and net surplus have both also declined as the union tries to weather the economic storm.The credit union says despite recovering more than $600,000 from delinquents since December 2007, it will continue pursuing those that owe a total of $1.27 million.A list of names and last known addresses is included in the back of the report, underneath the message: “Anyone knowing the whereabouts of the following members is being asked to contact the credit union immediately.”The loan portfolio in December 2009 was $6.93 million, according to the report, a 16 percent decline since December 2007, when it stood at $8.20 million.“This was as a direct result of a measure that was placed on the restriction which led to the truncating of lending, followed by stringent measures to our lending when this embargo was removed,” wrote Mr Nesbitt.“This sustained period of penury did no little harm to the organisation’s loan portfolio as well as untold frustration to the members as they sought loans from the credit union.”Credit committee chairman Lawrence Holder wrote: “This rather long and sustained period of decline in the credit union’s loan portfolio has had an adverse impact on the credit union’s ability to not only deal with the members’ loans needs but has prevented the saving members who make funds available to the borrowing members to realise any dividends on their savings.“If it were not for the higher order philosophical motive, namely being his brother’s keeper, the saving member would have shown a loss to him as he has been forced to accept a declining savings value over these years.”The credit union’s net surplus has fallen from $363,000 in 2007 to $25,198 in 2010, with another drop expected for 2011.Asset growth between December 2007 and December 2008 declined by 7.59 percent from $9.2 million to $8.52 million; it fell again by 2.75 percent to $8.29 million in December 2010.“This negative growth though disappointing was expected. This was due in the main to our shrunken loan portfolio,” wrote Mr Nesbitt.