The 43rd Annual General Meeting of Cahir Credit Union Ltd took place on Wednesday, December 14, in Cahir House Hotel.
A large attendance was welcomed by the Chairperson of the Credit Union Ms. Karen Prendergast. In her Director’s Report for 2011 the Chairperson outlined a challenging eventful 12 months. The year had seen unemployment grow and incomes decline and the Board of the Credit Union had taken the necessary steps to guide it through the turbulent financial waters. Through prudent and careful management they had ensured the welfare of the Savings and Assets of their Members, while at the same time giving every assistance to those borrowers who were in financial difficulties. A major drive was undertaken to increase training and development for directors, management and staff during the course of the year in line with Irish League of Credit Union and Central Bank guidelines. The Credit Union had experienced a large increase in the number of new members joining during the year. The overall financial figures would show that prudent management had helped Cahir Credit Union weather the financial storms. The Credit Union took part at local, regional and national level at all events of the Credit Union calendar and continued to support the national advertising campaign as well as local advertising and sponsorship.
The Treasurer Mr. Jim Haide gave a detailed outline of the financial affairs of the Credit Union over the past year. He outlined that tight control of costs and good loan control measures had helped reduce expenditure and consolidate income. On the investment front all surplus funds were invested where possible in guaranteed Irish owned financial institutions which held the 100% government guarantee. All funds were held in deposit accounts and guaranteed bonds. This ensured a reasonable income with no risk to the capital funds. The amount of bad debts written down for the year showed a marked decrease and a large proportion of bad debts were also recovered during the same period.
All statutory returns and obligations were met and returned on time. No loan restrictions had been imposed on Cahir Credit Union. We were happy to grant loans to our members, providing all the necessary requirements were met by the borrower.
A dividend of 1.25% was approved by the members together with 1% Interest on deposit accounts and a 10% rebate of loan interest for all borrowing members.
In other reports the Credit Committee reported a healthy 19% increase in the number of loans passed and an 11% increase in the value of loans issued, for a total of €2,778,101 for the year. Credit Control Officers reported an active year in contacting and assisting borrowers who were in difficulty with their obligations and in many cases helped them to sort out their problems. The Credit Union officers and staff were ready at all times to discuss with the members their individual circumstances in a confidential and helpful manner. The Membership Report showed a very busy year with over 245 new members joining and the overall membership of the Credit Union reaching 6,057 by year end.
The newly formed Promotion and Advertising Committee had been very active over the year with a programme of events ranging from sponsorship of the St. Patrick’s Day Parade in Cahir, to local radio advertising, sponsorship and donations to local groups and clubs. In particular the ever popular Art Competition and Schools Quiz had proven a great success for all who had participated. Some of the winners had gone on to compete at Regional and National Level. Congratulations to all the schools and individuals who took part.
The meeting concluded with a Christmas Raffle for all in attendance and refreshments were served.