Life Credit Union handed out over €30m in loans in 2019, AGM hears

Senan Hogan

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Senan Hogan

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Life Credit Union's loan book grew to over €57m in 2018, AGM hears

Jenny Lawlor, Tara Murphy, Joan Butler at the AGM. PHOTO: TONY KEANE

Life Credit Union’s total loan book grew by 11% in 2019 to €57.3 million, this week's AGM heard. 

The AGM at Lawlor’s Hotel in Naas on Tuesday saw strong participation from members.

Speaking after the meeting, Life Credit Union Vice-Chair Aidan Dunning thanked members for their attendance and
engagement: “We value the strong attachment and commitment that our members show to Life Credit Union, and
always appreciate the feedback that we receive through the AGM process.”

The meeting saw the Vice-Chair give a comprehensive overview of the previous year’s highlights including growth in
loans to the community, and the successful launch of the credit union Current Account, giving members the
opportunity to manage all of their day to day finances with their trusted credit union.

Mr Dunning also discussed the challenges facing credit unions in the current low interest rate environment.

He noted the adverse impact this was having on the investment income of the credit union.

He emphasised the importance for Life Credit Union to grow their loans to the community and urged members to utilise the wide range of competitive loan products available from the credit union.

Mr Dunning also outlined the rationale behind the decision of the Board to introduce a savings cap of €20,000 per
person and dealt with questions from the floor in this matter.

Chief Financial Officer Lorraine Greville spoke in detail on the financial figures and reported a profitable year, with particular positive emphasis on the increase in loans to members.

New loans to members for 2019 were €30.2 million, with the total loan book growing to €57.3 million, a growth of 11% on 2018.

Ms Greville added: “The introduction of our savings cap has strengthened our reserve position, which at end December 2019 stood at 12.9%, a significant improvement of 0.3 % over the 3 months since the cap was introduced”.

The meeting approved a dividend of 0.01% proposed by the Board.

Vice-Chair Aidan Dunning explained: “This year the Board have had to make some difficult decisions on behalf of our members. We will continue to make responsible and prudent decisions going forward to position our Credit Union for future growth.”

Two new members were elected to the Board – Tracy O’Brien and Eilis Quinlan.

Gerry Thompson, President of the Irish League of Credit Unions, who attended the AGM, emphasised the positive
results of Life Credit Union in the current difficult interest rate and regulatory environment.

Mr Thompson praised the level of engagement by members at the AGM. He commended the Board, Management and Staff of Life Credit Union for their innovative products and commitment to the communities that they serve and reflected on the
challenges facing the wider Credit Union movement.

The evening concluded with a Car Draw, and an attendee draw, which saw six lucky attendees winning a large hamper.