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Leixlip Credit Union hope to avoid merger

Leixlip Credit Union  Brendan Ardiff Bursary Award 2013 presented by Keneth Gleeson to Deirdre Hynes.Deirdre's mother Mary and her year head Mary Fox are also pictured. Photo John Barrett.

Leixlip Credit Union Brendan Ardiff Bursary Award 2013 presented by Keneth Gleeson to Deirdre Hynes.Deirdre's mother Mary and her year head Mary Fox are also pictured. Photo John Barrett.

LEIXLIP and District Credit Union board directors would like to avoid merging with another credit union, if possible, members heard at their AGM on 4 December.

During question time at Leixlip House Hotel, chairman, Ken Gleeson, said that following the new legislation there was talk of mergers.

But in most cases, except maybe where a credit union was in great difficulty, mergers would be voluntary and members would be consulted in a general meeting.

He said that reports from the Central Bank suggested Leixlip as one of the healthier credit unions.

Board director, Vincent Hendrick, said the Board was close to completing a Strategic Development Plan, which is required under the new legislation and would be sent to the Central Bank outlining the credit union’s plans over the next three years.

He said the credit union is lending money but this has to be done safely. The members, both for their own sake and the credit union, would have to show they could pay it back. Those refused loans by a loan officer can appeal to the Board, secretary, Ann Keating, said.

A dividend of 1% shares was agreed.

The credit union had a surplus of €501,319 for the year and members agreed a dividend of around €263,000.

As with many credit unions, there is a trend towards less lending and increased investments.

The Board will recommending giving €263,200 back to members and will transfer €100,000 to its statutory reserves.

The chairman paid tribute to retiring director, Mary McArdle, for five years volunteering as a supervisor and director.

 

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