MITCHELSTOWN CREDIT UNION TO BUCK THE TREND AND PAY DIVIDEND
Despite the harsh economic climate currently pertaining in the country, Mitchelstown Credit Union is to propose the payment of a dividend to its members at the annual general meeting on Thursday next, December 16.
The AGM will take place at The Firgrove Hotel at 7.45pm and all members are invited to attend.
“We want to remind members to bring their passbooks as a form of identity to gain entrance and their voting card on the night. Members should have already received mail notification of the meeting,” MCU manager, John Collins said.
Mr Collins outlined the current situation at the credit union: “We are not immune to the difficult times which the country is experiencing.
"However, MCU is pleased to be in a position to propose a dividend to its members at the AGM. We recorded a surplus for the financial year ended 30 September 2010 and continue to be operated on a prudent basis. The credit union has liquidity currently approaching 50% (compared to the regulatory requirement of 20%), reserves approaching 13% (compared to the regulatory requirement of 10%) and strong provisioning.”
Mr Collins is confident that the future is bright at MCU: “During the last year, newly launched initiatives have included the members’ prize draw, electronic payment options and loans within shares at a promotional rate of 5%. We continue to be a safe, strong, secure business with the unique credit union ethos of member service,” John Collins concluded.
Thursday 9th December 6:38pm