Tullamore Credit Union to return €3m to economy

Tullamore Credit Union is proposing to return approximately €3m into the local economy through dividends and loan interest rebates in the coming weeks.

This comes after a financial year, ending September 30, which has, according to chairperson Eileen Brophy, witnessed "strong performance" and "strategic progress".

The Credit Union’s annual report is recommending a dividend to members of 0.8% and a loan interest rebate of 20% on all loans with an interest rate of 9.5% and above.

The dividend, if agreed by members at an AGM on Monday next (December 8), would see €2,494,511 paid to members in dividends, whilst the loan interest rebate would result in €463,318 being returned.

In her detailed report, chairperson Eileen Brophy stated that Tullamore Credit Union had "once again demonstrated its resilience, relevance, and responsibility in serving the financial needs of our members while contributing meaningfully to the wellbeing of the local community".

The chairperson noted that the Credit Union recorded a surplus of almost €6 million, "reflecting prudent financial management and a robust operational model".

"Our total assets grew from €395.3 million to €409.6 million, and our loan book increased from €106 million to €109.8 million, signalling healthy demand for our lending services and confidence in our offerings," Ms Brophy added.

Along with the introduction in-branch of an automated transaction kiosk, "which allows members to carry out routine transactions quickly and securely", the chairperson said Tullamore Credit Union was committed to "the face-to-face personal service that our members value so highly".

The Credit Union's continued connection with the local community was also highlighted by the chairperson in her annual report. "Our support extends to a wide range of initiatives, from youth programmes and sports clubs to cultural events and social services. These contributions are made possible by the strength of our financial position and the dedication of our team," Ms Brophy said.

She added the "future is bright for Tullamore Credit Union". "We are entering the new year with a strong financial foundation, a clear strategic vision, and an unwavering commitment to our members and community," Ms Brophy said.

CEO Paul Shaw described the financial year as "fantastic", the financial institution growing its "loan book to the highest it has ever been".

"We issued 5,435 loans, totalling €37.5 million, and we ended the financial year with a loan book of almost €109.8 million, an increase of €3.8 million in the year," Mr Shaw said.

The CEO also noted the growth in Credit Union membership, "with 1,262 new members opening accounts".

Commending the "hard-working" team members across its Tullamore and Kilcormac branches, Mr Shaw paid tribute to former colleague Andrew Grehan who passed away in September.

"Andrew showed an outstanding commitment to member service and was such a kind and helpful member of our team," the CEO said.

The AGM takes place in the Esker Arts Centre on Monday, December 8, at 8pm. All members are welcome to attend.