Credit Union surplus down, reflects economic climate

Kilcullen Credit Union had a net surplus of €67,429 on its activities in the year ended 30 September 2013, writes Brian Byrne.

The amount was down on the equivalent figure of €76,175 for 2012, due to lower income on the loan accounts and investments. This reflects the current economic climate and people being wary of taking out loans.

There were also increased salaries and administration expenses, up to €157,477 from €129,440. The largest expense is the Share & Loan Insurance at €38,993, followed by Death Benefit Insurance (€17,059), Repairs & Maintenance (€15,193) and Legal Fees for Loan Collection (€10,866).

A dividend of 0.75 percent is being paid to members, the same as last year.

At the recent AGM, the audited accounts were confirmed to show that Kilcullen Credit Union is in a sound position, thanks to prudent management.