Assets at Tullamore Credit Union surpass a quarter of billion Euro

Justin Kelly

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Justin Kelly

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news@offalyexpress.ie

Assets at Tullamore Credit Union surpass a quarter of billion Euro

Assets at Tullamore Credit Union surpass a quarter of billion Euro

The 56th Annual General Meeting of Tullamore Credit Union will take place on Monday, December 3, at 8 pm in the Tullamore Court Hotel.

In the 2018 Annual Report - Pat Doheny, Chairperson of Tullamore Credit Union, informed members that “overall this year’s outcome has been strong and has surpassed expectations in a number of areas, with savings, investments and surplus all coming in ahead of budget."

The Chairperson further stated that “this year Tullamore Credit Union achieved a major milestone when our assets surpassed a
quarter of a Billion Euro."

The focus of the Board of Tullamore Credit Union, they insist, is to provide quality service to members and the Chairperson reported that “our new Tullamore Credit Union website went live and in September we introduced a new farm-lending product called Cultivate in conjunction with six other midland based credit unions. Our Member Personal Current Account Services (MPCAS) is planned to come into operation in quarter two of 2019."

The Chairperson reported that Credit Unions have been voted Ireland’s most trusted financial institutions for the fourth year in a row and recently Tullamore Credit Union received the Best Customer Service award for “Finance Service of the Year” at the inaugural Midlands 103 Customer Service Awards.

Pat Doheny also highlighted to members that “the success of Tullamore Credit Union is built on the efforts of our members volunteering their time freely."

He requested members to consider volunteering and informed members seeking more information about participating in the running of the credit union to please contact CEO, Dennis Daly or indeed any member of the Board of Directors.

Tullamore Credit Union’s Finance Officer, Declan McDonnell reported that “the excess of income over expenditure for the year amounted to €4.7 million, which, while up on last year’s figure of €4.3 million was significantly boosted by a “one off” investment gain of €1.9 million."

Declan further stated that “without this “once off” gain our income and surplus figures would have reduced significantly on 2017, primarily as a result of reduced investment income of €1.9 million, down from €3.2 million last year."

The Finance Officer also reported that “the Reserves of Tullamore Credit Union, which are a real measure of the strength of the
credit union, have increased from €61.8 million to €66.1 million at year-end."

CEO Dennis Daly stated that “more and more members are using our services, and more frequently than ever before. We believe that this is a reflection of the quality of service that we provide to members, and of the trust that our members place in our credit union.”

The report also showed 1,376 new members joined, €28.5 million was issued in loans, while €436.2 million was withdrawn from peoples' savings.

In his CEO’s Report, Dennis updated members on the credit unions focus on improved lending processes stating “we are working to ensure that the process of applying for and receiving approval for a loan is as quick and as user-friendly as possible.”

Dennis also stated that “we have also been working on making it easier for members to make online applications either through our website or Facebook on a 24/7 basis.”

Dennis reminded members of the launch of CULTIVATE, a farm finance package providing loans for local farmers, reporting that the level of uptake and interest from farmers has, to date, been very positive. The CEO also reminded members that the credit union is set to launch its Member Personal Current Account Service in 2019. This will be a fully functional current account including overdraft, online and debit card facilities and will provide members with added convenience and greater access to their funds.