Strong financial performance sees Offaly credit union return divided to members

St. Brigid’s Credit Union Ltd held their 56^th Annual General Meeting in the Scouts Hall, Clara on Monday, January 29 last, with a good turnout from members.

In his opening speech the Chair, Pat Cornally welcomed all. Pat stated that 2023 marked 60 years in business for the credit union and with the continued, loyal support of the members it enjoyed another successful year in 2023. Membership had increased while at the same time over €12.5mn in loans were issued during the year to members.

Focus then moved to the Current Account and Debit Mastercard® service. This year also saw the continued growth of the Current Account and Debit Card. During the year, we did switch service provider and all Current Account holders received new debit cards as a result. However, there was no interruption in service to members. This service is a real alternative to the traditional banks with a globally accepted Debit Mastercard®. You can use your card to purchase online and in shops, with contactless payments up to €50 and withdraw from any ATM in the world. With transparent fees, it is a very competitive offering. To date we have opened over 1,100 accounts and continue to see strong interest in the service. If you need a current account or are looking to switch your current account, be sure to contact a member of staff in any of our branches for more information.

The Board of Directors were delighted to announce that they were proposing to return a dividend of 0.25% and a loan interest rebate of 10%. The meeting was told that while investment income has begun to improve with rising interest rates, the income received from loans to members continued to greatly contribute to the strong surplus this year. This, along with our strong reserves and prudent management of costs has allowed the Board to make this proposal. Therefore, they would strongly recommend that members continue to borrow and support their local credit union.

Climate Action is a critical challenge for society and we all must do what we can to ensure a more sustainable future for the generations to come. With that in mind, we were delighted to launch our ECO Loan during the year. This is to help our members become more sustainable and save money whether it be through putting a more cost-effective heating system into their house or switching to a hybrid or electric vehicle. This loan product carries a special interest rate and members can get more information from any member of staff in any of our branches. We continued to do our bit too for the environment – we invested in more energy efficient doors and windows for all of our branches, introduced digital signing pads in all branches to reduce on paper and printing and continued our initiative to encourage our members to go paperless by signing up to receive their AGM Notice via email.

The Death Benefit Insurance (DBI2) Scheme will continue for 2024 – at the same annual premium of €48. Like all insurances, the annual premium is subject to change in future years.

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 maintain strong reserves as are required in order to maintain stability and protect members savings.

The credit committee report was read out by Debbie Stones. During the year a total of 2,322 loans were issued in the four branches of St. Brigid’s Credit Union, totalling €12,547,823. Those in attendance were reminded of the advantages of a credit union loan and members were urged to continue to borrow – for any loan small or big your credit union is here for you.

The credit control committee report was given by Joe Grennan. It gave a detailed report on the actions taken during the year on accounts in arrears. With the cost-of-living crisis at the forefront or everyone’s mind, members were urged to contact the office immediately if they get into difficulty with their loan repayments. St. Brigid’s Credit Union always provides a listening ear and will work with members to find the best solution for them. In the majority of cases satisfactory arrangements can be worked out to help the member through this period. The key element is communication.

The promotional committee report was then presented. The overall function of the committee is to promote the credit union’s role in the communities they serve. Sponsorship plays a key role in promoting the credit union while at the same time creating an opportunity to support local projects that depend on funding to function.

The membership committee report told of the increase in new members over the year and the increase in members availing of the Current Account, online banking and mobile app services. However, while online and mobile services are key, members are reminded that there is still a personal presence in all of our branches, with staff on hand to help and discuss financial needs, in person.

Joseph Flanagan provided the report of the planning and development committee which updated members on the work carried out during the year on the energy efficiency of all branches and the renovation works at the Moate branch.

The Chair, in his closing speech thanked all the members who attended the AGM and for their participation. He encouraged members to continue to borrow and support their local credit union. For families who suffered a bereavement during the year he offered his condolences. Pat concluded the meeting by wishing members well, congratulating the winners of the Free Draw for attendees and outlining how St. Brigid’s Credit Union look forward to supporting them through 2024 and beyond.