Rathangan Credit Union overturns small deficit

Rathangan Credit Union has overturned a small deficit of €1,300, and offered a dividend of .5% at its AGM last week.

Rathangan Credit Union has overturned a small deficit of €1,300, and offered a dividend of .5% at its AGM last week.

Chairman Colm Ruffley – pictured – told the 80-strong attendance at the Credit Union building last Wednesday December 12 that the branch had emerged a “stronger and more efficient financial service provider in the continuing global financial downturn.”

“I urge members in fiancial difficulty with the credit union to maintain contact. In such cases, sympathetic and fair hearings are offered with the aim of reaching just solutions,” he outlined.

Treasurer Margaret O’Riordan explained that financial difficulties reflected a drop in demand for loans and withdrawal of shares. She said it had been a “moderately successful year” with the deficit reversed. She said that although loan interest had declined, return on investments was favourable. Bill Kiernan noted the recession had impacted on people’s ability to save and that the budget would have a further effect on the domestic economy and families’ incomes. He praised the staff and singled out Rose Martin, Mary Martin and Josie Martin for their courtesy, hard work and professionalism.

Rathangan Credit Union’s total income for 2012 was €778,812, up from last year’s total of €709,785, mainly due to a good return on investments. Expenditure came down from €722,951 to €633,183. The board proposed a loan interest rebate of 2.5%

The number of loans granted during the year amounted to 650 totalling €1.46 million.

The P.J. Kelly Education bursary was presented to former Ardscoil Rath Iomghain students, Alan Price, Shannon Horan, Gary Cross, and Laura O’Rourke. Gary thanked the board for its support on behalf of the students.

Principal of Ardscoil Rath Iomghain, Paul Murphy expressed the gratitude of the school. He congratulated the students and wished them continued success in their studies.

“Thank you to the Credit Union. It has been a very difficult time for the school, thank you for all the help you have given to the young people, the staff and the school. It is really appreciated,” he said.

Credit Union Vice Chairperson, George Hipwell congratulated Bunscoil Bride on its success in the quiz and Bridie Hoey for coming second in the poster competition at Chapter 7 level.

Members from Kildare, Monasterevin, Mountmellick, Edenderry, Naas, Kilcullen and Blessington Credit Unions were present.

Breda Brophy, Chairperson of Chapter 7, congratulated the credit union on a successful year in overturning the deficit.

Fr. Gerard O’Byrne urged anyone who was worried about their financial situation, to talk to the staff. The Credit Union also donated €1,500 to the Parish Welfare, and €1,500 to the 3rd World Development Fund.

- Niamh O’Donoghue