'Get your loans at CU' call

An appeal for members of Kilcullen Credit Union to consider the CU for their future loan needs was made at the recent AGM, writes Brian Byrne.

The Investment Committee noted that investment income on the CU's deposits is shrinking, due to all-time lows in the interest rates available, and increased lending is the future for income growth.

Investment income for 2014 was €82,096 compared to €103,108 in 2013, even though the sums invested in 2014 were greater than the previous year.

The total Deposits & Investments in 2014 were €4,851,430 compared to €4,292,076 in 2013. The biggest sums were deposited with Permanent TSB (€1.18m), Ulster Bank (€1.03m) and AIB (€0.86m).

All deposits and investments have guaranteed maturity amounts and fixed maturity dates.

Interest on Members Loans was also down in 2014, to €281,654 compared to €315,162 in 2013.