Credit Union reports increased lending

Lending at Gorey Credit Union, including branches in Avoca, Rathdrum and Roundwood increased greatly increased greatly during the past year.

The total amount of loans on the books now stands at €48,771,037, compared to €43,692,376 in 2015. Of these, 4.25 per cent are more than a year past due, compared to 6.14 per cent the previous year.

There was a sharp rise in vehicle loans this year. In 2016, there were 1,421 loans totalling almost €10 million, compared to 908 vehicle loans in 2015, totalling €6.7 million.

Second most popular were borrowings for home improvements, which rose from 762 loans totalling €3.36 million, to 1,064 loans, totalling €4.74 million.

There are almost 28,000 members of Gorey Credit Union, including its branches in Avoca, Rathdrum, and Roundwood. Members’ savings now amount to €95,359,069, compared to €88,482,164 in 2015.

Management expenses rose from €1.5 million to €1.9 million.

In his annual address to members, president Thomas Fitzpatrick said that the Credit Union is safe, secure, and going from strength to strength.

At the recent AGM which took place in Gorey, over 100 people were present and three motions were unanimously passed.

The members approved extending common bond areas around the various branches in Gorey and Wicklow. This will have to be approved by the Central Bank

The members also gave the board of directors the option of changing the name of Gorey Credit Union, should it be deemed appropriate in the case of a further merger or transfer with another credit union.

It was also agreed to apply to the Central Bank for current account services for members. This will allow for debit cards, and possibly overdrafts.

Manager Barry Monaghan said the reduction of the dividend from 0.5 per cent to 0.25 per cent was a prudent measure to ensure the strengthening of reserves and compliance with regulatory measures. He said the 0.25 per cent dividend on savings was still very good, and the 10 per cent rebate on loans was competitive.