Naas Credit Union AGM goes ahead in December

Naas Credit Union.     Photo Tony Keane
The postponed annual general meeting of Naas Credit Union will now take place a week before Christmas.

The postponed annual general meeting of Naas Credit Union will now take place a week before Christmas.

No official reason for the deferral has so far been put forward but it’s likely to do with a desire to put some distance between the meeting and demise of the financially poleaxed Newbridge Credit Union.

Naas CU was linked with moves to merge with the debt ridden Newbridge CU but its interest came with a price tag of up to €70m.

In the end Naas CU pulled out of tentative merger talks and members may be interested to know how much was spent on costs associated with the merger project.

It’s AGM has now been arranged for December 17 at the Osprey Hotel, with an 8pm start.

The AGM normally takes place earlier in December.

The directors are likely to present a healthy set of accounts with a dividend set to be around 1.5% on members’ savings.

Naas CU is in very good financial health and has in the region of €30m to lend. It reported a “profit” of almost €1.8m for 2012 - three times the figure returned for 2011.

- Paul O’Meara