CU interest rebate revived

Kilcullen Credit Union had an income of more than 455,000 euros in 2006, the organisation's 36th AGM heard last night.

With total expenditure of some 386,000 euros, the amount available for distribution was 155,272 euros.

The Board of the CU proposed a dividend of 1.5 percent on Shares, 1 percent on SSIAs, 0.5 percent on Deposits, and an Interest Rebate of 5 percent.



"This is the first rebate we have given since starting on our building project," chairman Pat Stafford said in his Report to the meeting. "Though quite small, it is a reward to our borrowers and, hopefully, will grow from now on."

Shares and Deposits grew by 17 percent in the year and Loans by 13.5 percent. During 2006 some 2.1 million euros in new loans were taken out by members. Nearly three-quarters of these related in equal measure to loans for home improvements and cars. Holidays accounted for 7 percent of money borrowed, while a similar amount was identified as for dealing with Debts and Bills.

Shares and Deposits now stand at 5.6 million euros, a growth of 59 percent in five years. Over the same period the Loans account grew by 66 percent to 4.1 million euros.

Membership increased by 14 percent this year and now stands at 2,286, of whom 478 are Juveniles. There are 23 Clubs and Associations with membership, and 625 members have loan balances.

Bad Debt provision is shown in the Accounts as substantially higher than last year's 6,601 euros, at 88,957 euros. Though 11 such accounts were written off as required in regulations, they are being vigorously pursued. According to the Credit Committee's Report, one has been cleared in full and eight are making payments.

KCU organised the annual Schools Quiz and Poster competitions, with 19 teams participating in the Quiz. Two of these went forward to the Chapter Level Quiz.

Adeline Poufong, who won the 14-17 age group in the Poster Competition, was a runner-up at National level and her poster appears in the 2007 Credit Union Calendar.

The CU sponsorship activities for the year included Fr Dan Noud's TOIL, Kilcullen Christmas Lights, the League of the Blind, Ballyshannon and Halverstown national schools, the Ladies GAA Team and the Parish Golf Classic.

At the AGM, Vincent O'Halloran was given a 'big thank you' for his tireless work on the finalisation of the Building project. The problems raised in the final snag list were dealt with last month.

Kilcullen hosted two training sessions during the year -- on Health & Safety and Lending -- which were attended by representatives from other Credit Unions in the area.

A project relating to Brannockstown NS involved joining up the pupils of the school as members.

Brian Byrne.