President Alice Twomey stated at last week’s AGM of Clonmel Credit Union that “Clonmel Credit Union Ltd. continues to operate very successfully, with a surplus of income over expenditure in 2011. The Board has recommended to its members a 1.25% dividend and 7.5% interest rebate. This performance continues the consistent track record of positive results since the foundation of the credit Union. The assets now stand at €135m.”
The meeting approved the payment of the dividend and loan interest rebate.
Treasurer Jimmy Ahearne highlighted the financial strength of the Clonmel branch when he pointed to the regulatory reserves of the Credit Union now standing at a massive 14.91% (€20.2m), well above the 10% level required. He went on to say “Clonmel Credit Union also increased its Loan provision to €11.3m, or 26.5% of the net loan book, to provide further protection against the non-payment of loans. To have increased the regulatory reserves by €4.9m in a single year underlines the strength of Clonmel Credit Union”.
Seamus Moore, the incoming President stated that “In the year to September 2011 7,950 loans were issued to members, amounting to €18.8m in total. In the year ahead Clonmel Credit Union confirmed that they have the ability, resources and ambition to repeat this level of performance in 2012”.
Andrew Bourke, Secretary advised the meeting of the new services - “2011 saw the introduction of Pay Point, Quick lodge and the instant access ATM account. As no transactional charges apply for their use, demand has been very strong. The opening hours of the Fethard office were extended to an additional half-day on Thursday morning.”
The President said “the Clonmel community can be assured that we will continue our efforts on building up the strength and services of this Credit Union through a prudent and progressive management policy”.