Good year’s trading for Thurles Credit Union

Thurles Credit Union will hold its annual general meeting on Wednesday 10th December next in the Anner Hotel, when the members will hear of a good year’s trading.

Thurles Credit Union will hold its annual general meeting on Wednesday 10th December next in the Anner Hotel, when the members will hear of a good year’s trading.

The directors will be recommending a dividend to all those with savings and a loan interest rebate to the members who have borrowings and have kept their loan repayments up to date.

Speaking to the Tipperary Star, Donal Scannell, C.E.O., described the current status of the business as “safe, solid and secure”. The financial year just ended has continued the positive upward trend of recent years, placing the business on a very firm foundation heading into the future. Mr. Scannell said the accounts for the past twelve months have been approved by the Central Bank, which is now the regulatory body for all credit unions in Ireland. The Central Bank has also approved the financial projections for the next four years.

“We have had extremely satisfactory returns, enabling us to strengthen our reserves, both regulatory and general, and this in turn reflects on the enormous confidence placed in Thurles Credit Union by our members”, said Mr. Scannell. “The directors of the credit union are confident of the current strength and well-being of the business” he continued, “and the proposed payment of a dividend and interest rebate have received the approval of the Financial Regulator, which reflects on the good work being done by all concerned in Thurles Credit Union”. It was also pointed out that a four-year strategic plan had been put in place, containing a number of key targets to enable the Credit Union improve and enhance its services to members. “The slight recovery in the economy is still not reflected in peoples’ incomes, so we will continue to help our members cope with the many financial demands made on them” Mr. Scannell continued, “and we are confident that we offer a first-class service to our members, who are our main priority now and always”. In this context, he paid tribute to the work of all the staff, who are acutely aware of the difficulties faced by many of the members, and who work diligently to assist them to resolve those difficulties in true credit union fashion.

It was also stated that the credit control function has been strengthened and developed to ensure that the loan book remains in good health. Savings have remained very steady, and Mr. Scannell noted that member savings are protected under the Government’s Deposit Guarantee Scheme.

Referring to new services, he said that an online banking facility is now up and running and will be further expanded during the coming year. This is part of Thurles Credit Union’s strategy on the development of technological services for members. At management level, Thurles Credit Union has met all of the stringent regulatory and governance requirements, and has also undertaken the development of an IT strategy in line with recommendations from the Central Bank.

“Our directors and members have responded positively to the innovations introduced over the past number of years and I am confident that will apply long into the future”. Mr. Scannell concluded by paying tribute to everybody involved for an excellent team effort during the year