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Buncrana saves €49.5m with credit
union
15.02.12
BUNCRANA Credit Union
held its AGM this week and declared that the 13,000
member institution is in a "safe, sound and healthy
position".
The year end accounts for 2011 showed savings of
€49.5 million, loans to members of almost €15
million; reserves of over €7 million and total
assets of almost €57 million.
The institution, at Cockhill Road, Buncrana,
declared a surplus of just over €750,000 for 2011
which "is available to be allocated to credit union
reserves, as required by law, and to members'
dividend and loan interest rebate".
The credit union said its healthy balance sheet was
"built up by members saving, borrowing, repaying,
insuring and working together for their mutual
benefit".
Chairman Danny McGeehan warmly welcomed the ILCU
League president, Jimmy Johnstone as guest of honour
on the night. He noted that the local credit union
had weathered the financial storm, caused by the
banking crisis, "very well indeed compared to any
other financial body". |
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Buncrana Credit Union. |
Mr McGeehan noted that
no credit union had needed any public funds to help
its members out despite the fact that credit unions,
like their members, have suffered the effects of the
economic crisis.
"It is our proud boast that no member of a credit
union in Ireland has lost a single euro in almost 50
years of our existence. We aim to work hard to
ensure that it stays that way, now and in the
future," he said.
"Quite simply, this is because credit unions are
different! Buncrana Credit Union, just like all
others in Ireland, is a financial co-op that is
owned and operated by its members, for their mutual
benefit. We remain strong, stable, secure and open
for business."
"We continue to serve our members and our community
by delivering savings and loan facilities to our
members on a fair-deal, no hidden strings attached
basis. We are committed to help our members by
providing those services on a not-for-profit basis,
come what may, long into the future.
Credit union savings are covered by both the Irish
League of Credit Union Savings Protection Scheme as
well as the Government's €100,000 deposit guarantee.
Mr Johnstone congratulated Buncrana Credit Union on
an "excellent performance".
He also presented the advanced certificate in Credit
Union Practice (ACCUP) to Buncrana Credit Union
office manager, Patricia Coyle, and treasurer, Kevin
Helferty. |
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