Credit Union remains in 'sound position'

Kilcullen Credit Union remains in a 'sound position' despite another very challenging year for the economy and for the Credit Union movement in general, Chairman of the credit union Martin Burke reported to the AGM last evening, writes Brian Byrne.

He said that the past year had brought more responsibility on Board Directors and Board Oversight Committees as well as significant extra work for management, staff and Board members and committees.

These changes had resulted in extra expense in providing training and an Internal Audit function, he said in his report to the 44th AGM of the Kilcullen CU.

He was able to report that members have continued to save and to repay their loans, although the loan book continued to decline during 2014. A dividend of 0.25 percent was being proposed.

He thanked the staff, Board members and Oversight Committee members for their work during the year, and also the Saturday volunteers who had given so generously of their time. In particular he expressed his appreciation for Philomena Griffin and Ann McNally, who had stepped down from the Board during the year due to time constraints.

In asking for a remembrance of members who had passed away during the year, he particularly mentioned the passing of a former Chairman, Padraig Brophy, who died recently.

The three primary officers for 2015 are the same as last year — Chairman Martin Burke, Vice Chair Jim Barker and Secretary Elaine Whyte.

We will have further reports from the AGM in the coming days.