CU lent over €1.1m in 2014

Kilcullen Credit Union advanced 414 loans in 2014, totalling almost €1.19m, writes Brian Byrne.

At the recent AGM, the Credit Committee stressed that Kilcullen CU has had no lending restrictions placed on it by the Central Bank.

During the year, 13 loans totalling €81,950 were transferred to the Bad Debt Ledger, while Bad Debts recovered totalled €45,395. All such loans are continuously monitored and contacted to repay what is affordable.

A Bad Debt Reserve of €410,000 is held as a provision against such debts. A decrease of €40,000 in this reserve was possible for the 2014 accounts.

Legal fees incurred in Loan Collection in 2014 amounted to €7,631, considerably down on the fees incurred in 2013 of €10,866.