Carrick-on-Suir Credit Union announced a half a per cent increase in the annual dividend it pays to members at its 50th annual general meeting in the Carraig Hotel.
Credit Union Chairman John Casey told the large attendance he was glad to report that the Credit Union has had another successful year while trading in most difficult times.
He proposed a dividend payment of 1.5%, having significantly increased the statutory reserve and bad debt provision to strengthen the balance sheet. It was a half per cent increase on last year’s dividend.
He pointed out that the Credit Union also provides much appreciated loan, share and death benefit insurance cover free of charge to all qualifying members.
The Chairman said the Credit Union movement across Ireland is currently undergoing great change and will be faced with significant challenges in 2013 following the enactment of the new Credit Union Bill, which will present the movement with important changes in many areas.
Increased levels of regulation and control will require the Carrick on Suir office to engage with other credit unions with a view to providing members with the services they expect and require.
Mr Casey assured members that Carrick on Suir Credit Union remains steadfast in its belief that it will retain its presence and importance in the community.
The Chairman thanked all those who have held membership since the beginning, adding that the loyalty and support of members is the lifeblood of any credit union.
He also thanked those who had served as officers through the past fifty years and finally he thanked his fellow volunteer directors and supervisors, management and staff for their continued dedication to duties. The Director’s Report mentioned that many members continue to have trouble with their loan payments.
However, the Directors appreciate the circumstances in which members may find themselves and encourage those experiencing difficulties to meet them at the earliest opportunity.
In the year in review, the bad debts written off figure had decreased significantly, which allowed an increase in dividend as well as prudently strengthening the Credit Union’s reserves and balance sheet.
The present bad debt provision is €2,550,000 and the increased dividend amounted to €715,442.
The principal risks and uncertainties facing the Credit Union movement are loan default, not lending a sufficient proportion of funds so that too much of the resources are tied up in investment products and the performance of these investments.
Anne Marie Power, speaking on behalf of the Credit Union’s Auditors, gave a brief synopsis of the year’s accounts up to September 30.
She said the audit was conducted in accordance with International Standards on Auditing (UK and Ireland), and in her opinion the financial statements gave a true and fair view of the state of affairs of Carrick-on-Suir Credit Union and of its income and expenditure for the year ending September 30.
During the course of the meeting various cash draws were held before Office Manager Sean McDonnell closed the meeting and invited all present to enjoy nice refreshments.