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Foyle Credit Union passes with
‘flying colours’
06.02.12
by Caoimhinn Barr, Inishowen Independent
FOYLE Credit Union continues to perform extremely
well despite the difficult economic climate in the
country. That was the clear message of Treasurer
Brian Barr at the AGM in Moville.
For the first time in its 21-year history the local
financial institution has recorded a slight drop in
both shares and loans. In terms of performance
though, it remains firmly in the top third of all
credit unions in Ireland.
Shares dipped from €8.45m in 2010 to €8.38m at the
end of last year while loans decreased from €4.6m to
€4.22m. The board though was delighted to be able to
recommend a 1% dividend and 5% interest rebate, an
increase of 0.25% on last year.
In his annual report the treasurer said these
minimal reductions were to be expected during a year
in which ‘the whole country is in the grip of a deep
recession’.
Mr Barr said Foyle Credit Union had come through a
tough year with ‘flying colours’. |
Mr Barr said Foyle
Credit Union had come through a tough year with
‘flying colours’.
“During the year we have undergone some rigorous
testing of the complete operations of our credit
union and we have passed with flying colours. We are
in the top third of credit unions in the country,
having no restrictions imposed upon us by the
Central Bank,” he said.
“This is a credit to the board of directors,
committees and staff who continuously monitor
savings including withdrawals, loans including
members' ability to repay them and how much they can
afford to reasonably repay each week,” Barr added.
The Foyle Credit Union Treasurer said it was a
difficult time for all financial institutions. |
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Brian Barr. |
“Credit unions are
different from other financial institutions but they
have not been immune to the prevailing economic
difficulties that have engulfed this country and
they continue to face more regulatory changes over
the next year,” he said.
“In order to deal with these issues, credit unions
have a period of adjustment to contend with. We have
provided, for the incoming year [2012], a figure of
over €330,000, an increase of over €60,000 as
provision for any increase in bad or doubtful debt.
This is a prudent move.”
Mr Barr said Foyle Credit Union remains ‘poised and
ready for the challenges’ that lie ahead.
“Your credit union remains your best option for
savings and loans where you help your own community
with that little bit of savings each week and then
think about taking a loan instead of withdrawing
your shares, as loan interest is the only real
source of income.
“The staff members are, as always, friendly,
professional and dedicated to providing along with
the board of directors an efficient and effective
service to our members for the year ahead. For the
board’s part, the directors will continue the
operation of prudent policies which will guarantee
further success in the year ahead,” he added. |
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