Naas Credit Union will report slightly disappointing financial results at the annual general meeting scheduled for tonight (7.30pm) at the Osprey Hotel.
The “profit” figure for the past year has fallen to €1.52m, as compared with €1.79m for 2012.
This is because the day-to-day cost of running Naas CU broke €3m. - a rise of more than €600,000 when compared with the expenditure figures for 2012.
These included some €188,000 paid out on legal and professional fees - more than double that spent in 2012. Salaries paid to staff are almost at €800,000 - an increase of €49,000. The Credit Union spent some €470,000 pursuing the idea of merging with the bankrupt Newbridge Credit Union but this money will effectively be recouped from the Government.
Income from interest paid by members on loans was down marginally. Also down was the amount of loans given out (€25.1m. as against €26.6m in loans approved in ‘12).
There was a decent dollop of good news too. The amount of bad debts recovered increased to €136,000 from €104,000. A dividend of 1.5% on members’ savings is set to be approved - generous when compared with many other CUs. The CU has invested heavily in marketing and promotion and has a presence in all the primary schools in its catchment area.
Membership is increasing and Naas CU has 1,220 members more than it had in 2012; the majority are adults (18,900) with almost 3,900 children. Chairman Peter Fullam expressed concern about the 4.6% drop in loans given out and says this is unlikely to change until “money and confidence return to the local economy.” General Manager Sean Murray reiterated the CU is committed to a town centre presence, despite opening a second office in Monread.