Credit Union in ‘ro­bust po­si­tion’

MEM­BERS IN LINE TO GET DIV­I­DEND PAY-OUT

Wexford People - - NEWS - By ANNA HAYES

WEX­FORD CREDIT Union mem­bers will ben­e­fit from a div­i­dend of 0.85% and an in­ter­est re­bate of 12.5%, re­sult­ing in a pay­out of al­most €2.1m if passed at the up­com­ing AGM.

Doc­u­ments cir­cu­lated to mem­bers in ad­vance of next Mon­day’s meet­ing de­tail the fi­nances at the lo­cal branch to the year end on Septem­ber 30, 2017. The branch saw in­creases in sav­ings, loans is­sues, in­vest­ments and the in­tro­duc­tion of new tech­nol­ogy, prod­ucts and ser­vices.

Chair­man of the Credit Union, Michael O’Reilly said the fi­nan­cial state­ments con­tin­ued to re­flect a ‘very ro­bust po­si­tion’.

The state­ments show that in­come for the year had dipped slightly from €8m in 2016 to €7.9m in 2017 but in­ter­est for the year from mem­bers’ loans was up slightly, fol­low­ing a num­ber of years of de­cline.

There was a sig­nif­i­cant de­crease in the num­ber of bad debts writ­ten off in 2017. Last year, that figure stood at €795,999 but it has dropped to €566,774 for 2017. The branch re­cov­ered €832,537 in bad debts this year, com­pared to €665,366 in 2016. Loans out­stand­ing amounted to €70.3m, an in­crease on €67.8m in 2016.

In­vest­ments stood at €122.6m at the end of 2017, an in­crease of €9.9m on the pre­vi­ous year. While these in­vest­ments are spread across nu­mer­ous in­sti­tu­tions to limit risk, the re­turn on them con­tin­ues to fall due to mar­ket con­di­tions and this was some­thing the di­rec­tors were mind­ful of in the fu­ture.

In the area of salaries, costs have in­creased due to ad­di­tional staff and pay agree­ments. Staffing lev­els went from 47 in 2016 up to 50 this year.

Dur­ing the year, the branch im­ple­mented new tech­nol­ogy to sup­port credit union man­age­ment and cus­tomer sup­port, the most no­table be­ing an up­graded web­site and app that would al­low mem­bers to com­plete on­line trans­fers.

Mr. O’Reilly wel­comed a num­ber of new mem­bers, say­ing: ‘Over­all mem­ber sav­ings have in­creased sig­nif­i­cantly again this year. This, to­gether with open­ing 1,398 new ac­counts, demon­strates the sense of value and loy­alty that mem­bers place in Wex­ford Credit Union.’

In his ad­dress, Mr. O’Reilly re­marked that the Credit Union’s at­ti­tude to its mem­bers would not change, stress­ing that: ‘We do things dif­fer­ently. We are not banks. We are not-for-profit fi­nan­cial co­op­er­a­tives.

‘Our num­ber one pri­or­ity is our mem­bers and ev­ery­thing we do is guided in safe­guard­ing their best in­ter­ests at all times.’

He paid trib­ute to the branch di­rec­tors for their time and ded­i­ca­tion and thanked all mem­bers for their con­tin­ued loy­alty and sup­port say­ing that they would grow and pros­per by work­ing to­gether.

‘The Credit Union is your or­gan­i­sa­tion and I en­cour­age you to make full use of its ser­vices.’

Wex­ford Credit Union chair­man Michael O’Reilly.

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