The inclement weather failed to deter a good turnout at the 42nd AGM of Cahir Credit Union in Cahir House Hotel on Tuesday night, December 14.
The members received detailed reports from the Officers of the Board of Directors, auditor and management on the Credit Union accounts over the last twelve months.
Chairman Mr. Jim Haide outlined the overall picture in the report of the Board of Directors. The Treasurer Mr. Michael Berry gave a very detailed outline of the Credit Union's finances for the year. He took the members through the income
and expenditure and balance sheet for 2009-2010. A comprehensive picture of the investments held by the Credit Union was also given showing where the investments were held and the value of each one together with the income earned
for the year. The priority at all times is to secure the safest possible investment product that is capital guaranteed. The conservative policy of the board over the past year had ensured the maximum use of all resources for the members' benefit.
A cut in overall expenditure in all areas had also taken place resulting in a 14% reduction in expenditure over all. The message going out from Cahir Credit Union was that it was safe, strong and secure place for members' savings and money was readily available for members' loan requirements.
A dividend of 1.25% on shares was proposed and approved.
An interest rebate to borrowers was also approved together with the payment of 1% interest on all deposits for the year
ending September 30.
Other reports on membership, insurance, credit committee, credit control and promotion education and supervisory committee were given by other members of the board, management and supervisors.
The Treasurer paid well deserved tributes to outgoing directors Mr. Ed. O'Brien and Mr. Denis O'Mahony for their diligent and wholehearted voluntary service over many years.
Elections were held for four Directors and the following members were elected: Sean Duggan, Carmel Fennessy, Karen Murphy and Liam Reidy.
Eileen Quirke was elected to the Supervisory Committee.
O'Gorman, Brannigan, Purtill & Co, were elected as auditors.
The meeting concluded with a free draw for all member and juveniles present and refreshments were