Credit Union 'in healthy state'
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| Kilcullen CU chairperson Philomena Griffin makes a point during the AGM. |
She told a well-attended meeting in Kilcullen Parish Centre that 'a prudent approach' during 2012 had continued the 42-year-old CU in a healthy financial state.
Initiatives such an an in-house quarterly Loan Book Review had contributed to the good performance of the organisation, which saw its Bad Debt write-out in the year reduce by 29.24 percent.
The chairperson said that planned new structures in the Credit Union movement in the areas of governance, lending policy and management will make the movement 'stronger and of more benefit to its members'.
The Treasurer's Report noted that Investment Income for the year was €115,294, an increase of €6,410 on 2011. Management expenses of €129,440 was a decrease of €12,592, and Bad Debts recovery for the year was €57,983. Bad Debts written out were €118,021, a drop of 56 percent on the figure for 2011.
A total of 517 loans were granted during the year, worth €1,313, 121. This was a decrease of 26 in number on the previous year. Once again, the largest amount was for Car loans, but this was substantially down on 2011. Minor Home Improvements came in second place, at a similar level to the previous year, while loans to deal with Debts & Bills were down by 37 percent.
The Credit Committee emphasised that no lending restrictions were placed on Kilcullen CU by the Financial Regulator's Office.
Kilcullen Credit Union has total assets of almost €8.3m. Membership increased by 178 to 2,663 in 2012, of whome 680 are Juveniles and 20 are Clubs & Organisations.
This article was first published on the Kilcullen Page of The Kildare Nationalist.
