06 Oct 2022

Historic Credit Unions merger in Offaly up for approval at AGM tonight

Historic AGM of Offaly Credit Union

Historic Offaly Credit Unions merger up for approval at AGM next week

The 58th Annual General Meeting of Tullamore Credit Union will take place on Monday April 26 at 8pm.

This will be another historic chapter in the evolution of Tullamore Credit Union as it will be the first virtual AGM. Members who intend to participate in the AGM have already received instructions on the process for registration.

The occasion will also mark a second historic milestone, with a special resolution for approval at the meeting to agree a Transfer of Engagements between Tullamore Credit Union Ltd and Kilcormac Credit Union Ltd. This will allow for the amalgamation of both credit unions in the coming months.

The impact of Covid 19 on the Credit Union and its members was noted with Fra Mollen, Chairperson 202, paying a special tribute to the members for their support and encouragement during the past year. Despite the difficult trading conditions, Mr Mollen confirmed that the year has seen growth in several areas, with savings, loans and investments all performing well.

Tullamore Credit Union’s Finance Officer, Declan McDonnell reported that economic conditions, particularly the impact of Covid 19 on the economic environment, which saw a reduction in demand for loans for a significant part of the year, coupled with a huge increase in member savings and the ongoing low interest rate environment, made trading difficult. As a result of these factors, the excess of income over expenditure for the year amounted to €1.15 million, which was significantly down on the 2019 figure of €2.47 million.

The Finance Officer indicated that Covid19 continues to be an ongoing issue into 2021 and it is likely that low interest rates will be a factor for several years to come. Nonetheless, he reported, in many areas, performance was strong and exceeded expectations.

Having considered the current economic climate and in line with the recommendation of the Regulator, the Board have decided that it would not be prudent to pay a dividend for the year ended September 30th, 2020.

CEO Dennis Daly acknowledged the dedication and support of the staff in TCU who, he said, unfailingly adapted to each additional change required by Covid 19 and were wholeheartedly committed to providing a service to members, at times even despite concerns about their own health and that of their families.

Some of the highlights of the past year include:

Membership: 1,399 New Members Joined
Loans Granted: €30.997 Million Issued
Loan Book Growth: An increase of 3.9% to €67.5 Million
Savings Growth: An increase of €28.4 Million to €237.6 Million

He highlighted the success of the Credit Unions Current Account, its Mortgage Package and the Cultivate Farm Lending Programme as examples of the broader range of services to members and indicated that the focus in 2021 will be on developing Green Energy Loans for members to upgrade the efficiency of their homes.

 The Credit Union is sending out a special message to remind members that its success over many years has been dependent on the voluntary input of a large group of members. Current members are asked to consider volunteering to participate in the running of the Credit Union. Anyone interested in receiving further information on the Credit Unions Volunteer Programme contact CEO Dennis Daly or indeed any member of the Board of Directors.

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