Positive return to members at AGM of leading credit union in Offaly

St. Brigid’s Credit Union Ltd held their 58th Annual General Meeting virtually via Zoom on Monday, January 19, and was very well attended.

The meeting opened with Chairperson Patrick Cornally giving the report of the Board of Directors. Pat stated that 2025 was another successful year for St. Brigid’s Credit Union and he thanked members for their continued, loyal support. Lending has increased as has savings which is very positive to see.

This year saw the continued growth of the Current Account and Debit Card and the introduction of new services such as Instant Payments and Verification of Payee (VOP). We also launched a new look website and are delighted to say we will have an update coming to our mobile app during 2026 so watch this space! Patrick also reminded those in attendance that we remain committed to in-person service also, but these changes are important to ensure we are catering for those members who prefer a digital journey.

Patrick told the meeting that the Board of Directors would be proposing to pay a dividend of 0.25% on savings and a loan interest rebate of 10% to members for the year. Income from loans remains the primary driver of our surplus and therefore we would strongly encourage our members to continue to borrow to support our Credit Union.

The cost-of-living challenge remains a factor for us all. Patrick took the opportunity to remind all members that the credit union was there to help should anyone require a loan for any purpose. At the same time, trained credit union staff are available to advise should members find themselves in financial difficulty. They will do their utmost to help find a solution that works for all. It is key though that members make contact as early as possible before the account goes into falls behind.

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Climate Action remains a serious consideration for society. The Credit Union continues with its ESG (Environmental, Social, Governance) agenda with our own internal action plan along with the support of some great community projects which you can find examples of in the Promotional Report. During the year we also collaborated with our neighbouring Credit Union in Tullamore with the goal of educating our respective cohort of members on sustainability and the supports available to make such positive changes. Our ECO loan has also gone from strength to strength.

Operational Resilience remained a key focus for the Credit Union this year and will be going forward. This is a process to ensure that we remain available to our members both in person and digitally whichever may be their preferred choice. The Credit Union has made significant investments in IT in order to support this requirement, and it is anticipated that this will continue in the years ahead.

The Death Benefit Insurance (DBI2) Scheme will continue for 2025 at the annual premium of €55, just approximately €1.06 per week. This valuable offering provides help to families in time of bereavement. It is a member pay service, and we must maintain a participation level of at least 2,000 members for the scheme to be viable. Pat encouraged anyone who is interested in joining the scheme to check their eligibility and complete an application form at any of our branches. As this is a member pay service, members must sign up initially to be included and ensure they have available funds to meet the annual premium.

David Coghlan from Hayes, Coghlan, Doolan Auditors, provided a synopsis of the financials for the year and assured members that St. Brigid’s were operating successfully and in a prudent manner. The credit union continues to perform well and maintains strong reserves which are required in order to maintain stability and protect members savings.

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The Chair then thanked the retiring directors and board oversight committee for their time and commitment to the credit union and congratulated those elected in their place

In his closing speech, Patrick, thanked all the members who attended the AGM and for their participation. He encouraged members to continue to use the services and support their local credit union. For families who suffered a bereavement during the year he offered his condolences. Patrick concluded the meeting by wishing members well, congratulating the winners of the Free Draw for attendees and outlining how St. Brigid’s Credit Union continue to look forward to supporting Members through 2026 and beyond.