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Leixlip & District Credit Union records surplus

At the Leixlip Credit Union stage 1 school quiz in Scoil San Carlos were, Team A 1st place. Tara Lynn-Mahady, Jack Maher, James Dalen and Daniel O Sullivan. Team B 1st place. Connall Forrest, Cormac Slattery, Siriol Duffy and Ciaran Neville. Photo John Barrett.

At the Leixlip Credit Union stage 1 school quiz in Scoil San Carlos were, Team A 1st place. Tara Lynn-Mahady, Jack Maher, James Dalen and Daniel O Sullivan. Team B 1st place. Connall Forrest, Cormac Slattery, Siriol Duffy and Ciaran Neville. Photo John Barrett.

A dividend of one percent on their shares will be recommended to the members of Leixlip & District Credit Union when it holds its agm at Leixlip House Hotel tomorrow, 4 December.

The member’s annual report to 30 September was delivered to members recently and shows that the union had a surplus of €501,319 for the year.

The figures is a 11% reduction on the previous year due to a drop in loans out to members.

Income, at €1.43m, was 7% down on last year. Spending, which included a €200,000 provision for bad and doubtful debts, was down 6% to €936,973.

The credit union earnings from loan interest fell 16% to €688,314 and income from its investments rose 3% to €764,437.

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

The credit unions investments assets stood at €24.7m compared to €22.6m a year earlier and a calculations suggests a return on that money of 3.22%, compared to an average return on loans of 8.61% - the credit union has a standard interest rate and a lower one for secured loans.

In the report of the Board, chairman, Ken Gleeson, said the credit union was undergoing major changes in regulation and that it was “financially sound with excellent reserves which continue to build each year.”

The notes show a rise in “compliance costs” from €5,111 in 2012 to €22,685 for the year to 30 September last.

The Board will recommending giving €263,200 in shares dividend and transfer €100,000 to its statutory reserves.

 

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