Credit Union in ‘robust position’
MEMBERS IN LINE TO GET DIVIDEND PAY-OUT
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.