KILDARE Credit Union has managed to trade its way out of a deficit, which occurred for the first time last year in its 45-year history.
Treasurer, Edward Dillon told last week’s AGM on November 28 that it had a surplus at the end of the year and proposed a dividend of 0.165%.
There were 142 people in attendance, which was a great turn-out considering the very cold weather that night.
Representatives from 11 neighbouring credit unions were also in attendance.
There was also a car draw held on the night – and the lucky winner of a Hydundai i20 was Janette Geoghegan from Kildare Town.
The board of directors’ report noted; “There is no doubt that the past financial year has been another difficult year for the Irish economy and the Credit Union movement.
“Kildare Credit Union has been directly affected by the difficulties that our members have faced, mainly due to unemployment.”
“Kildare Credit Union will continue to make prudent and responsible decisions on behalf of its members and will continue to prioritise provisioning, to protect members’ interests.”
During the year, the computer system was upgraded and the Central Bank introduced a new supervisory tool: the Probability Risk and Impact System (PRISM) to enhance the assessment and regulation of Credit Unions.
The members were informed that The Credit Union Commission Report has been published, and the Government has issued a new Credit Union Bill which takes into account the not-for-profit ethos.
Rita Stynes, Edwina Hanley and Justin Blennerhassett were congratulated on the successful completion of the Advanced Certificate in Credit Union Practice.
Manager Michelle Kemmy was also lauded for her professionalism, great leadership and organisational skills and the staff were complimented on the professional manner in which they performed their duties.
The car draw continues to be very successful, as is the third level bursary, the sponsorship of Kildare Drama Festival and community sponsorship.
The chairperson, Jim Rea, was also thanked.
“Our loan book is down 17.3% on last year. As a result our total income is down 3.3% on last year and this is due mainly to a reduced income from members’ loans. On the positive side expenditure decreased by 26.3% and investment income increased by 49% giving a return of 606,822,” said Mr. Dillon.
Assets stand at 33.5 million.
“The results show Kildare Credit Union in a strong position. Our Statutory Reserve/Total Assets stands at 13.57%, which is 3.57% above the minimum requirement of 10%,” the report noted.