Good year for Mitchelstown Credit Union

The 46th Annual General Meeting of Mitchelstown Credit Union was held in the Firgrove Hotel on Tuesday night last. There were about 130 people in attendance. Miceal O’h-Aonghusa President opened the meeting. He welcomed the attendance and paid tribute to all who supported the Credit Union over the past 12 months. During the year the President stated we continued to trade successfully and recorded an operating surplus of $984.610. This is a significant improvement on the previous year, when the Credit Union had an overall deficit of €1,700.581 mainly due to investment losses of €2,372.399.00. However despite the excellent results with a near $1m surplus in the year, due to losses carried forward no dividend is proposed for 2012. The President outlined Electronic Funds Transfer (EFT) stating EFT is now up and running successfully, it offers you, our members, the convenience of the following services without paying a fee (a) bill paying which includes ESB, Eircom, Bord Gais, and many more. (b) wages, social welfare, pensions and agricultural grants may be paid directly into your Credit Union account.

The 46th Annual General Meeting of Mitchelstown Credit Union was held in the Firgrove Hotel on Tuesday night last. There were about 130 people in attendance. Miceal O’h-Aonghusa President opened the meeting. He welcomed the attendance and paid tribute to all who supported the Credit Union over the past 12 months. During the year the President stated we continued to trade successfully and recorded an operating surplus of $984.610. This is a significant improvement on the previous year, when the Credit Union had an overall deficit of €1,700.581 mainly due to investment losses of €2,372.399.00. However despite the excellent results with a near $1m surplus in the year, due to losses carried forward no dividend is proposed for 2012. The President outlined Electronic Funds Transfer (EFT) stating EFT is now up and running successfully, it offers you, our members, the convenience of the following services without paying a fee (a) bill paying which includes ESB, Eircom, Bord Gais, and many more. (b) wages, social welfare, pensions and agricultural grants may be paid directly into your Credit Union account.

Website : The website is currently being updated. When completed, it will provide members with several additional options including (1) making loan enquiries online, (2) the ability to apply online for sponsorship. The Income and Expenditure Account showed total assets to an amount of $69,964,205.00. During the year loans amounting to €232,200 were approved for officers (including Directors) of the Credit Union. These loans were approved in accordance with the Standard Credit Union Rules. The aggregate amount of loans owed by officers at September 30 2012 was €129.824. The aggregate amount of shares held at September 30 2012 was €313,895. Isabel Smith presented a very detailed Secretary’s Report. Pat Kent presented the report of the Supervisory Committee which stated that both Board and committee meeting were regularly attended. Member accounts were picked at random by the computer and ‘Letter of Verification’ sent to members asking them to confirm their balances. The Supervisory Committee were satisfied that the business of the Credit Union was conducted in a proper manner. Ian Malcolm presented the Report of the Credit Committee – It showed 2012 as a very busy year for the committee with a total of 1633 applications made of which 1424 were successful and the committee hoed that going forward they can be of continued support to the members. Maurice Madden presented the report of Credit Control committee which showed the number of members increased to 19,240 an increase of 1.8% on the previous year. Many of these were juveniles which was very encouraging. Ian Malcolm presented the Planning and Development Committee Report. Third level bursaries building our youth for the future is one of teh primary aims of the Planning and Development Committee. The purpose of the bursary is to ease the financial burden of third level education.

Officers 2013:

President: Miceal O h-Aonghusa, Vice President Michael Coughlan.

Hon Secretary Isabel Smith.

Treasurer Sean Casey.

Committee: Bridget Leddy, Maurice Madden, Ian Malcolm, Michael McEldowney, Conor O’Brien, Terence O’Donnell, Kevin O’Flynn, Liam O’Sullivan, Eileen Whelan.

Supervisory Committee : Pat Kent, Martin Lane, Andrew O’Regan,

Credit Committee: Michael Coughlan, David Kent, Ian Malcolm, Terence O’Donnell, Donal Smith.

Insurance Officer John Collins.

Membership Committee: Isabel Smith, Liam O’Sullivan, Miceal O’h-Aonghusa.

Nominating committee: Kieran O’Connor, Isabel Smith, Eileen Whelan.

Planning & Development Committee: Shane Hanley, Bridget Leddy, Declan Masterson, Ian Malcolm, Joe Sherlock, Miceal O’h-Aonghusa, Conor O’Brien, Isabel Smith, Liam O’Sullivan,

Credit Control Committee : Maurice Madden, Eileen Whelan, Kevin O’Flynn, Thomas O’Flynn, Michael McEldowney.

Investment & Finance Committee: Sean Casey, Bridget Leddy, Kevin O’Flynn, John Collins, Tracy McCarthy.

I.T. Security Committee : Sean Casey, Shane Hanley, Ian Malcolm.