At the Castlebar Credit Union Ltd’s AGM, which was recently held in the Welcome Inn Hotel, Castlebar, John Burke, chairman of Castlebar Credit Union, said, “It is with pride that I inform you that our credit union has had another very strong and successful year, despite operating in a year which saw the worst economic conditions recorded in the history of our State.”
Castlebar Credit Union is financially stable as proactive and prudent decisions for the past number of years have been made “which will ensure that our credit union can continue to provide service and continue to pay a dividend to its members. In addition our priority is to continue to provide credit for those who need it in these difficult times, while maintaining a strong balance sheet”.
Castlebar Credit Union continues to have lending capacity, and “will continue to offer loan facilities to members on a prudent basis.”
As for savings, members have the protection of the Savings Protection Scheme of the Irish League of Credit Unions and the Government Guarantee Scheme up to €100,000, which, through recent events has effectively become the IMF/EMU Guarantee.
During the year the credit union has enhanced member services. In addition to the loan protection/life savings insurance it has added a death benefit insurance at no extra cost to members.
The credit union has also become a member of the Irish Clearing System and has obtained its own sort code, which enables members to make payments into their accounts, for example direct debit, and indeed departmental payments such as social welfare etc. For the further convenience of members it is hoped to introduce a Laser/ Visa payment facility in early January 2011.
All of the credit union investments are in accordance with regulatory guidance and their liquidity levels are well in excess of the recommended level. Total reserves on the end of year balance sheet stood at €18.6 million. Members’ shares at year end stood at €116 million with member deposits at €1.6 million. Loans issued during the year amounted to in excess of €19 million. Members’ loans currently total €41.3 million. Total assets stand at €136.3 million.
Castlebar Credit Union has survived for over 40 years, through good times and bad, “and we intend to continue to be there for our members for many years to come.”
