Kildare Credit Union is in a healthy solid position despite the recent troubles in the movement, the AGM heard last Wednesday November 27.
It would have been understandable if members had been concerned in light of the recent loss of Newbridge Credit Union.
However, Chairman Jim Rea resolutely moved to reassure those attending the meeting at the CYMS.
“We have a healthy situation in this Credit Union. We’ve had a difficult few years - there is no doubt, but we have turned the corner. We are giving out a larger dividend than last year and a small interest rebate,” he declared.
Members approved a 1% dividend and 2% interest rebate. The meeting heard the branch turned an accumulated deficit of €30,000 two years ago into an accumulated surplus of €540,000 this year.
There are 7,017 members with a combined savings of €28.2m. In the past year €2.7m was given out in loans. Mr Rea said the average loan size was approximately €7,000. Of those loans, 98% were between €50 and €10,000. He said there were two loans above €25,000. He said a total of nine loans amounting to €20,000 were given out in loans to directors - none of which were in arrears.
During the year a greater emphasis was put on bad debt recovery resulting in the collection of over €86,700. It has also increased its bad debt provision to €4.2m - well ahead of the Central Bank’s provision.
He said the Credit Union was open for business and loan applications. He said the Central Bank were more than happy with the way things were being done. He was asked by a member about the biggest loans given out during the boom.
Mr Rea responded that the largest loan given out during that time would have been €50,000 to €60,000. There was a debate about whether the car draw could be changed to a cash draw but the members voted to retain it. Mr Rae announced he was stepping down as chairman.