Tullamore Credit Union invests €2m in housing fund

Tullamore Credit Union has returned surplus earnings of almost €3m to its members via dividend and loan interest rebate and has also announced an investment of €2m in social housing.

These announcements were made by the Credit Union Chairperson Eileen Brophy and Board member Pat Doheny at their 63rd Annual General Meeting in a packed Esker Arts Centre on Monday, December 8.

Following a very successful financial year, the Credit Union earned a surplus of almost €6m, an increase of €2m from the previous year. Total assets now total €410m and loans to members has reached almost €110m, the highest in the Credit Union’s history.

It is in this context that Chairperson Eileen announced the investment in the Credit Union Approved Housing Body Fund, when she identified the housing crisis as the greatest challenge currently facing the country and stated that it was incumbent on the Credit Union sector to do what it can to help alleviate the problem.

In addition to financial reports, there was a presentation on the potential pitfalls of on-line shopping, including the dangers of card fraud and identity theft. CEO Paul Shaw provided some practical advice to members on how they can protect themselves while using their debit card and shopping online.

Mr Shaw then introduced a video outlining the impressive progress made over the past year in the implementation of the Credit Union’s strategic plan.

This year sees significant change on the Board and Board Oversight Committee of the Credit Union, mainly due to a new year twelve-year limitation on the term of service imposed by the Central Bank on all credit unions. Long serving directors Pat Doheny and Fra Mollen stepped down at this AGM, while Peter Hensey retired earlier in 2025. Tom Doyle and Colm Burke were elected to the Board while Nessa Feighery and Sadhbh Ni Ogain were elected to serve on the Board Oversight Committee.

Tullamore Credit Union is one of the largest community Credit Unions in Ireland and has a proud history of service to its members and prudent financial growth over its 62-year history. It has offices in Tullamore and Kilcormac and its common bond extends into Offaly, Westmeath and Laois. It currently employs 67 people in the local area.