by Kevin Kelly, Inishowen Independent
BUNCRANA Credit Union this week held its annual
general meeting where it presented its returns for
the year just ended to members.
The branch currently has 12,800 members on its books
and celebrated its 40th anniversary in December.
The annual treasurer’s report shows that the Credit
Union performed strongly over the last 12 months in
spite of the uncertain financial climate allowing it
to meet all the criteria set out by the financial
regulator.
“Despite the turmoil in the Irish and global banking
sector, the Buncrana Credit Union has performed
well,” said Kevin Helferty, honorary treasurer.
“Given this, our results show how good a year it has
been.”
The union holds €47 million in member’s savings.
Loans amount to over €17 million. Assets held by
Buncrana Credit Union now total €53 million while it
holds a reserve of €6 million enabling it to meet
the 10% statutory requirement recently introduced by
the financial regulator.
“Our results reflect the loyalty and hard work of
all our members over the last year. It also shows
that people may not have faith in the commercial
banks and believe in the Credit Union movement,”
added Mr Helferty.
“Earlier this year people were removing their money
from the banks and putting it into the Credit Union.
The funny thing being that the Credit Union movement
puts their money back into the banks.”
The issue of access to credit is one that gets much
attention since the financial crisis started.
Helferty has observed that things have been fairly
steady in terms of people applying for loans.
“Overall, there has been a small decrease, though.
People are being fairly careful about borrowing
money as they are uncertain about their financial
future which is understandable. However, the Credit
Union has one of the lowest interest rates and
offers insurance on the loan at no charge which
makes them attractive to members.”
Buncrana Credit Union has reported no major problem
with people defaulting on loans. While there has
been a small increase, the majority of members are
making their repayments. In cases, where members
have fallen behind, the union is working with
members to resolve the situation.
“I am proud to say that, still today, we put people
before profit!” added Mr Helferty. |
