Credit Union reports successful year and pays 1% divident to members

Carrick-on-Suir Credit Union advanced loans totalling €5.06 million in the financial year up to September 30 last and boasts overall assets of €57.5 million, its agm heard last week.

Carrick-on-Suir Credit Union advanced loans totalling €5.06 million in the financial year up to September 30 last and boasts overall assets of €57.5 million, its agm heard last week.

The 49th annual general meeting of Carrick-on-Suir Credit Union took place in The Strand Theatre on Monday, December 12.

The Chairperson told the meeting it was a pleasure to report on another successful year for Carrick on Suir Credit Union, and it was success achieved in most difficult and uncertain times.

Members were thanked for their continued support, as were directors, committee members and staff for their continued dedication to duties.

Members were informed that during the Financial Year ending 30th September last, the Credit Union advanced loans totalling €5.06 and has an overall asset size of €57.5 with very strong regulatory and delinquency reserves.

The proposed dividend payment for the year was 1% adding that while this return may be lower than returns offered by other financial institutions, the statement reminded members of the Credit Union’s core operating principles and the many other benefits that members can avail of, free of charge.

The Chairperson’s statement also conveyed to members that savings remain protected by the Government’s Deposit Guarantee Scheme up to €100,000; that their Credit Union has a rich history in the local area and exists only to serve loyal members and not to profit from their needs.

It also highlighted that the Credit Union remains different to banks, operating as a not for profit cooperative as well as providing a safe environment for savings and competitively priced loans.

The various reports were passed, as were the elections to fill vacancies.

The Independent Auditors’ Report concluded that in their opinion the Financial Statements give a true and fair view of the state of affairs of the Carrick on Suir Credit Union as at September 30 last and of its income and expenditure and that they have been properly prepared in accordance with Generally Accepted Accounting Practices in Ireland and in accordance with the requirements of the Credit Union Act 1997.