Kells Credit Union members borrow €5.3m in 2021

The 60th annual general meeting of St Colmcilles (Kells) Credit Union was held virtually on Tuesday 14th December. In her chairperson’s address, Annette Lynch stated that following the Central Bank recommendations the Credit Union would not be paying a dividend on shares or an interest rebate on loans this year.

She went on to say that credit unions were an essential service and that Kells credit union remained open during the entire lockdown. She thanked the staff who have worked hard during these uncertain and worrying times to ensure the continuity of service to members, whilst keeping both staff and members safe.

Annette acknowledged the contribution of former chairman Andrew Brooks who retired in August and she thanked him for his commitment and hard work over 28 years in various roles. Annette also acknowledged the contribution of Michael Finnegan, Peter Kenny, Seamus O’Shea, Brian Curran, Damien Sutton, Sarah Thompson and Anne Louise Mulvany who also retired during the year and she thanked them for their dedication and contribution to Kells Credit Union.

The financial statements were read by the manager Margaret Smith, who reported a surplus for the year of €344,762, with assets now standing at €53.8 mllion.

Maria Byrne gave the Credit Committee report and stated that €5.3 million was loaned to members during the year. 42 per cent was car loans and 36 per cent was home improvement loans. The remaining 22 per cent was for multiple purposes.

Sinead Clerkin gave the Membership Committee Report and stated that 241 new members joined during the year.

In the marketing report, Maria Byrne said that the Common Bond area had expanded during the year to include Moynalty, Carlanstown and Mullagh. She also stated that the Marketing Committee in conjunction with the Credit Committee are looking at a new mortgage product which the Credit Union hopes to launch in early 2022.

The following were elected: Auditor Sean P Muldoon & Company; Board Oversight, Seoirse OhAodha; Board of Directors, Angela Ginnity, Patrick Gormally, Cormac Corr, Noeline O’Brien, Tony Byrne, Bill Sweeney and Louise Gargan.