Clonmel Credit Union assets at €186m with no cost involved in failed merger approach

Clonmel Credit Union assets at €186m with no cost involved in failed merger approach

 

No cost had arisen to Clonmel Credit Union from the failed approach by Charleville Credit Union to it in late 2016 about a possible merger. 

Credit Union president Andrew Bourke told the annual meeting that no cost had arisen to Clonmel Credit Union by the investigation of the proposal.

CEO Paul Davey detailed the factors that were taken into consideration in the review. Having reviewed a legal report on the title documents, the due diligence process was terminated. 

Based upon a wording provided by Mr Davey, the meeting agreed a motion that the membership would be consulted should a transfer of engagements be recommended in the future.  

The 54th annual meeting was held in Hotel Minella before 86 members, volunteers and staff.  It was Mr Bourke's third and final year as President with Christy Carroll the incoming President.  

The meeting heard that after another successful year, €2m was paid out in dividends and loan interest rebate.

Mr Bourke read the 2017 Directors report which confirmed the continued growth in the services offered to the membership as well as the commitment to maintain the face to face counter service so liked by the membership. 

For members who prefer to use electronic services, the meeting was advised of the plan to roll-out Mortgage facilities and debit cards during the period of the Strategic plan 2017- 2021.

Mr M Frenze, Partner and Auditor with PwC, provided a review of the main elements of the 2017 business accounts which detailed the surplus of €4.13m. The statutory reserves of the credit union had now gone to 15.95% with an additional €6m in an operational risk reserve.  The assets of Credit Union now stand at €186m and a membership of 27800 plus. Clonmel is the largest Credit Union in County Tipperary.

Five directors were elected to the board and four members elected to the oversight committee. PwC were reappointed as Auditors for 2017/18. 

The meeting approved the payment of the 0.15% dividend and the loan interest rebate of 30% of the interest paid during the year to the 30th September 2017.