TCU reports ‘excellent year’

With a surplus income for the year of over €1.6 million, Tullamore Credit Union (TCU) is reporting another good year with an increase in membership as it gets set to hold its AGM next week.

With a surplus income for the year of over €1.6 million, Tullamore Credit Union (TCU) is reporting another good year with an increase in membership as it gets set to hold its AGM next week.

According to financial highlights for the year to September 2011, net income for the year is over €9 million, up from last year’s figure of over €8 million while the total expenditure figure for the year stands at €7,389,464.

Loans to members stand at €63,696,836 with €23,386,318 was loans to new members. Members savings totalled €161,119,555 for the period while the total assets of the credit union stands at €190 million.

The Credit Union is to hold its Annual General Meeting on Monday, December 5, at 8pm in the Tullamore Court Hotel and all members are invited to attend and participate . Tony Flanagan, Chairman, noted the Credit Union is not only seeing an influx of new members but they are delighted at the increasing numbers of former members, who are reactivating their membership.

“Our members have told us that their primary concern is the safety of their savings and the soundness of their credit union. This has also been borne out by many national and international commentators. Our credit union has been focused, this year, on ensuring that we continue to deliver this soundness to members, who can have full confidence that our credit union remains a safe haven for their savings.”

In reporting on the financial performance of the Credit Union, Larry Lynam, Treasurer, said Tullamore Credit Union had another excellent year. He indicated the focus in 2011 was to consolidate its financial position and to continue reducing its risk exposure in the investment markets. This has been achieved with “considerable success”, the treasurer said.