The Kerryman (South Kerry Edition)
Credit Union back to Kerry roots for AGM
KILLARNEY will be the venue this weekend as the Irish League of Credit Unions’ (ILCU) Annual General Meeting takes places in the INEC this weekend – and there will be much to discuss.
It will coincide with the 60th anniversary of the Credit Union movement, and representatives from around the country will join together at the Gleneagle venue to address how services can be improved for the ILCU’s 3.6 million members. Lending will be an especially topical point of discussion given that 540,000 loans were issued across the Republic last year.
These loans were issued for purposes such as home improvement works, third-level education, holidays, and car purchases, to name a few, with loans to members currently standing at €4billion according to figures accurate to the end of September, 2017.
This AGM has made its way to Killarney in conjunction with the Kerry and west Limerick-centred Chapter 23, with assets of €540million across the chapter’s unions. Membership within this area covers 118,000 people, with €234million available to lend to these communities.
The ILCU’s 60th anniversary will not be lost amongst the many topics up for discussion, however, a panel has been put together to speak on the movement’s achievements over these 60 years, and it’s not been ignored by the Credit Union’s national figureheads that Kerry is a strong location for an event that coincides with this anniversary.
“It is entirely fitting that we are holding AGM in Killarney this year, so close to Ballydesmond, the birthplace of Nora Herlihy – one of the key founders of the Irish credit union movement,” ILCU President Charles Murphy said.
“Marking this important milestone near the townland where she grew up adds a very special air to the proceedings. Throughout the 60 years of its existence, the credit union movement has not been without its trials and tribulations.
“Credit unions have always weathered the storm, however, and will continue to be cornerstones of the local communities they are so proud to serve.”
Also speaking ahead of the event, Chapter 23 spokesperson and Kerry man John O’Regan, himself a former ILCU President, said “While there has been very positive growth on the lending front, Credit Unions are in no way complacent about this.
“At the AGM, a focal point of discussions will be the enhancement and diversification of lending for the years ahead. In County Kerry, credit unions are a vital financial provider and also much more – they are deeply rooted in the local communities they serve. Local clubs, organisations, charities and initiatives have benefited from their Credit Union’s financial support.
“Through these activities and supports, Credit Unions have forged strong bonds with their valued members. The best interests of our valued members will be at the fore of our minds during discussions at the AGM, and they will always be at the fore of every decision taken for the future path of credit unions. ”
The AGM will also zone in on the new, centralised mortgage solution set to be piloted following development by the ILCU and its unions following discussion with members. A spokesperson said this solution will help against the heavy administrative and regulatory requirements that go with processing and fulfilling residential mortgages.
Another matter for discussion at the 2018 AGM will be the recent introduction of additional investment classes for credit unions to facilitate their investment in Approved Housing Bodies.
“The ILCU has long campaigned for a review of the restrictive investment regulations on credit unions, and this year we welcomed the decision by the Central Bank of Ireland to introduce additional investment classes, paving the way for credit unions to provide significant funding to support the development of critically needed social housing in this country,” Mr Murphy said on this point.