Year of strong growth at KCU

KILLARNEY Credit Union’s Annual General Meeting has heard that the credit union – which is now serving the needs of over 25,000 members was attended by 120 people has been in existence since 1970 – and has seen strong growth in the past 12 months.

Mark Murphy, CEO of Killarney Credit Union said assets at the credit union now stand at nearly €109 million.

In the past year it facilitated the people of Killarney and Kenmare with over 2,440 individual loans to a value of €13.9 million”.

“With the initial signs of economic recovery in the local economy, member’s confidence has seen a saving increase of €3 million bringing total savings in the credit union to €94 million,” said Mr Murphy.

The credit union said it has seen consistent demand for its online banking service where members have full online access to their account to make account transfers and pay bills. The credit union also introduced a range of new loan products including a first time borrower loan, an asset backed loan and a community loan.

“There is strong demand for the development of new products such as electronic banking services. The credit union has recently been approved by the Central Bank of Ireland to offer a personal current account service which would offer an overdraft facility, contactless debt card and Apple/Android mobile phone payments,” Mr Murphy said.

The credit union has been heavily involved in sponsorship of local clubs, societies and charities in the past 12 months with over 40 groups receiving €20,000 in sponsorship.

“We are proud of the role we continue to play in being more than a financial institution but a valuable resource to the community. While modest, we are delighted to offer our members a return on their savings by paying a dividend this year,” said KCU Chairman Pat Delaney.

Mr Delaney - who has been on the board since 2013 – is stepping down as Chairman of the board but he will remain on the board of directors for the next year. Pat Sheehan, a Killarney based solicitor has been elected as the new Board Chairman of Killarney Credit Union.

(Above left) The Killarney Credit Union Building located at Beech Road in the town. (Above right) the newly elected Chairman of Killarney Credit Union Pat Sheehan. Photos Michelle Cooper Galvin.