DIFFICULT YEAR BUT CREDIT UNION TO PAY DIVIDEND
Contrary to earlier reports, it has been confirmed to The Avondhu that, while Mitchelstown Credit Union has experienced a difficult year, it is expected that the board will recommend the payment of a 0.5% dividend to its members.
President, Kevin O’Flynn, is confident that Mitchelstown Credit Union can look forward to a bright future, “The past year has presented its challenges for our credit union, but we have come through them and remain very much at the heart of this community. We are delighted to have in place our new manager, John Collins, who has made a significant impact these past few months.
"We are thankful too, to have had the support and assistance of the Financial Regulator and the Irish League of Credit Unions over the past twelve months,” Mr O’Flynn told The Avondhu.
While looking at the current economic situation nationwide, credit union treasurer, Sean Casey, said that Mitchelstown Credit Union was now in a very good place financially.
“Mitchelstown Credit Union has assets of over €77 million with statutory reserves and liquidity above the Regulator’s guidelines. The credit union’s investment portfolio has been restructured to concentrate on less volatile investments. This will ensure that the credit union is well positioned for the future, with statutory reserves at 12.5% and liquidity in excess of 30% with prudent bad debt provisions,” Mr Casey said.
Notification of the AGM, fixed for Thursday next, December 17, will be sent to all members before this Friday, December 11.
“Mitchelstown Credit Union recognises and appreciates the loyalty and support which has always existed from its members. These are critical factors in the foundation on which the credit union movement was built. The board believes that this unwavering loyalty makes a real difference in our community.
I would like to thank the manager John Collins and his staff for all their hard work and I would like to remind our members that we are open for business. While the credit union will make a loss this year, we are confident that the future is bright. I would also like to thank our members and the community for their support in what has been a difficult year,” Mr O’Flynn concluded.
The Mitchelstown Credit Union AGM, which was last year the scene of much controversy when it attracted an attendance of over 800 members, will take place in The Firgrove Hotel on Thursday next, December 17 at 7.45pm.
Thursday 10th December 7:31pm