The chairman of Castlebar Credit Union Ltd, Sean Mc Cann, welcomed the membership to the 46th AGM of the credit union.
Mr Mc Cann reported that the credit union has produced a strong set of accounts once again despite the harsh economic climate that has been a challenge to the membership in the past number of years. Castlebar Credit Union continues to be well equipped with strong reserves to deal with the challenges, as well as the many legislative changes that are occurring.
With the help of a loyal membership and committed board of directors and volunteers, Castlebar Credit Union has been in a position to make responsible and prudent decisions. The priority of Castlebar Credit Union Ltd is to protect its members’ savings. They have taken decisions which will deliver long term stability rather than just short term gain, decisions which will continue to place the credit union in a strong position going forward.
While members’ demand for loans decreased in 2012, it is understandable as the poor economic and uncertain conditions continue. People in general have felt unsure and uncertain, as they deal with reducing incomes.
However, the credit union can tailor repayments to suit individual circumstances.
They are actively lending and very much open for business.
Remember, a credit union loan offers the best value in lending rates around. They are cheaper than the banks and they are lending.
In 2012 Castlebar Credit Union issued over €11.7 million, the vast majority of which was spent in the local economy, thereby assisting many local businesses and protecting many local jobs.
Castlebar Credit Union is very willing to work with members who unfortunately find themselves in financial difficulties. A solution can be found, do not be afraid to contact the credit control team, who are very willing to assist you.
The credit union’s reserves are extremely strong and at €20.294 million represent 15.51 per cent of total assets.
Its transfer to Statutory Reserve is in line with regulatory requirements.
The commission on credit unions concluded that “The Credit Union Sector in Ireland continues to play a crucial role in helping to meet the financial, economic and social needs of many people and their communities.”
After five years of recession Castlebar Credit Union remains financially strong, the movement countrywide has not received any Government assistance - a testament to the success of the local co-operative model.
Despite some changes to structure expected under the requirements of the Credit Union Bill, credit union services to members as well as the ethos will never change.
“We do things differently.
We are not banks.
We are a not for profit local financial co-operative.
We provide an excellent personal member service.
Loans are provided at very competitive rates
We provide a safe environment for your savings, underpinned by the Government’s Deposit Guarantee Scheme of up to € 100,000.00 per depositor,
We continue to offer loans to members.
The ethos remains the same today as when our credit union was established in 1966.”
Castlebar Credit Union wants to take this opportunity to thank all its loyal members for their support throughout the year and looks forward, with their continued loyalty, to remaining a dedicated part of the local social and economic community in the years ahead.
Castlebar Credit Union is confident that its credit union is well placed to grow, prosper and develop and to provide additional services for all its members.
Whether it’s a car loan or a home improvement loan in 2013, talk to your credit union - it could save you euros.