MITCHELSTOWN CREDIT UNION AGM TOLD MEMBERS MONEY IN GOOD HANDS
Shareholders attending the Mitchelstown Credit Union annual general meeting on Thursday night last were told that their money is in good hands.
However, there were angry exchanges from the floor when it was alleged that a member of the current board had informed a shareholder that the board of directors would not work with a current board member, should that person be elected to serve.
This statement, it is alleged, led to the person in question withdrawing their name from the ballot papers and to some controversy at the AGM. A speaker from the floor went on to demand that the member of the board who allegedly made the comment should do so again at the meeting, or leave. This was put to the floor and there was a unanimous call for this demand not to be carried out.
Speaking to The Avondhu after the meeting MCU president Jerry Colbert said that if someone wants to canvass members for an individual/individuals running, that is their prerogative.
“Canvassing is part of any election. We have an intelligent membership who will always make their own mind up when it comes to voting,” the president said.
“There was a very large attendance at the AGM, a good debate on the reports, a lot of member participation and it was a very successful meeting.”
STRONG POSITION
Following the voting, the treasurer Sean Casey then outlined the current financial situation to the large crowd that had gathered at The Firgrove Hotel. Mr Casey noted that, given the current economic climate, the MCU is in a very strong position for the future.
“With liquidity of almost 50 percent and reserves at 12.9 percent, Mitchelstown Credit Union is in a very good position going into 2011 and beyond,” Mr Casey told the meeting.
On closer examination of the accounts, the shareholders were informed that a loss of over €700,000 had accrued due to investments in the bond market.
“Total income for 2010 stands at €3,331,993 which is down 8.64 percent from 2009. This shortfall includes a provision for an unrealised loss on investments of €718,910,” Mr Casey said.
SUBSTANTIAL LOSS
Questions from the floor followed as to what had caused this substantial loss. Mr Casey explained: “88 percent of the credit union’s investment portfolio is in bank bonds. In 2004 the credit union purchased an Anglo bond costing €997,630 with a nominal value of €1 million. This bond was to mature in 2014.
"However, with the current situation with Anglo Irish Bank, the Financial Regulator has written down the value of the bond to just over €200,000 and this is where that loss accrued.”
ARRIVED LATE
The AGM then heard from board member, Mrs Carmel Dowling who had arrived late to the meeting. Mrs Dowling spoke of her shock that the vote for directors to the board had already taken place.
“This is against standard procedure and I am shocked that the meeting has concluded the election already,” Mrs Dowling said.
However, secretary Michael Coughlan informed Mrs Dowling that she was incorrect and read from the credit union standing orders and the rules governing the procedures at an AGM. Following reports from the credit control, membership and the planning and development committees, the AGM was closed.
Chairman and president of Mitchelstown Credit Union, Jerry Colbert thanked the shareholders for attending and wished them all a happy and peaceful Christmas and thanked manager John Collins and his staff at the credit union for all their hard work in 2010. Two new members were elected to the board - Isobel Smith and Bridget Leddy.
They now complement the full board, which also includes Jerry Colbert, David Kent, Sean Casey, Michael Coughlan, John Casey, Maurice Madden, Michael McEldowney, Micheal O hAonghusa, Ian Malcolm, Terence O’Donnell and Kevin O’Flynn.
Published:
Friday 24th December 4:19pm
