CU returns €2 million to members

MEMBERS OF Wexford Credit Union will share in a dividend and interest rebate of over €2 million, following another successful year of operation.

The AGM of the local branch took place last night (Monday, December 10) in the Talbot Hotel where members were briefed on the year’s performance by the institution.

During the past year, the Credit Union has seen increases in savings, loans issues, investments and the introduction of new technology, products and services.

The total income for the year was €7,728,343, a slight dip from €7.9m in 2017, with expenditure of €3,891,209, also lightly decreased from just over €3.9m the previous year.

Loans outstanding have increased from €70.3m in 2017 to almost €74m at the end of 2018, with new lending up 10.89% on 2017. This is the highest loan value since 2012.

Total savings from members increased by €12.8m over the year and stood at €180.2m at the year end.

Bad debts written off in 2018 amounted to €741,503, an increase on the previous year’s figure of €566,774. On the other side of that coin, the Credit Union recovered €1,093,682 this year, in comparison to €832,537 in 2017.

Growth is continuing in the institution with 1,335 new accounts opening, bringing the total membership to over 41,000.

The directors recommended a dividend payment of 0.75% for the year and an interest rebate of 12.5%.

Credit Union chairman Ken Roche said their services and attitude towards customers would never change, remarking: ‘We do things differently. We are not banks. We are not-for-profit financial co-operatives.

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

He stressed that investments to enhance the products and services available to their customers were planned for 2019 and 2020.