CU will weather 'turbulent seas'

The coming year will be a 'challenging' one for Kilcullen Credit Union, chairman Pat Stafford said at the organisation's 38th AGM held last night.



"We are sailing through the most turbulent of financial seas," he added. "However, there is an experienced crew aboard in the form of the Board, Supervisors, Staff and Auditor, and I can assure you that they will do their utmost to maintain a justifiable and beneficial course."

He noted that the Kilcullen CU continues to grow in both membership and financial senses, due in no small measure to the 'tremendous commitment and belief' in the organisation from the members.

He also recalled the sad matter that during 2008, Kilcullen Credit Union in particular and the movement in general had lost a good friend and colleague with the untimely death of Anne O'Byrne of Blessington CU.

"Even though her death has left a vacuum, I am sure her legacy and example will be long remembered by all," he said.

The total net assets of Kilcullen Credit Union now stand at €7,741,750, an increase of 5.7 percent on 2007. These include €6,473,273 in members shares and deposits, with the balance comprising a statutory reserve of €800,000 as well as the Building Reserve and Undistributed Surplus.

Treasurer Sheila Schwer said there had been an increase in Shares of some €340,000, or 5.5 percent. Loans had increased by €540,000, or 13 percent. Bad Debt amounted to €60,369, of which €32,743 had already been recovered. She said the Board was recommending a Dividend of 2.25 percent on Shares, and a Loan Interest Rebate of 10 percent.

In all, 804 loans were granted during 2008, an increase of 91 over 2007 and some €404,000 more in value than in the previous year.

Once again, the largest single group of loans were for cars purchase, at €821,309 up by almost a fifth on 2007. The €746,550 given out for Minor Home Improvements was up 11.7 percent, and holiday loans at €168,105, increased by 11.2 percent. Loans for Debts and Bills at €124,722 was substantially down by 11.2 percent, while the School Fees loans were up by 50 percent to €82,480.

The membership of the Credit Union now stands at 2,376, of whom 649 have loans. Some 588 members are Juveniles and 30 local Clubs and Associations have membership.

In the annual Schools Quiz organised by the Credit Union, 20 teams took part, one of whom made it through to the National Finals in the RDS where they acquitted themselves very well.

The Credit Union provided sponsorship during 2008 to the Family Mass Group, Kilcullen Scouts, League for the Blind, Kilcullen Lions, Kilcullen Community Games and Kilcullen GAA.

Among the highest management expenses in the year was the €40,276 for Loan Protection & Life Savings, while the optional Death Benefit Insurance cost €18,067.

Guest speaker Michael Fehily of Mountmellick Credit Union said Kilcullen had by any standard shown a good return on the year. In addition to the work of the directors and the staff, he said this was due to a 'very loyal membership' which year on year has supported Kilcullen Credit Union.

He also noted how Credit Unions are carefully monitored, both internally and externally, and said that if the banking system had been as tightly regulated, what has happened in recent months 'would have been minimised'.

"The turbulence and its associated credit crunch has particularly brought small business to its knees," he said. "But this gives the Credit Union movement a chance to show its worth to its community, because that's where the movement came from."

And he added that the Credit Union is a 'beacon of light' in how cooperative lending can operate.

After the election of directors Pat Goulding, PJ Fagan and new member of the Board Martin Burke, and the election of Mary Carroll as a Supervisor and reappointment of Rory Dowling as Auditor, the meeting concluded with the traditional draw for a variety of prizes.

Brian Byrne.

Slideset from AGM here.