Letterkenny Credit Union.
LETTERKENNY Credit Union loan book passed the €30 million landmark for the first time last year.
Letterkenny Credit Union also generated the highest ever loan income of €2.16 million in 2021. The credit union has provided 2,965 loans to the local community with a value of €15.3 million over the past year. The Income and Expenditure account shows a surplus of €510,000.
Total membership now stands at 23,117 with 940 new members joining in 2021.
Shareholders have been told that the Credit Union continues to grow and its directors are optimistic about the future despite the ongoing challenges posed by the Covid-19 pandemic.
Gordon Randles, CEO, Letterkenny Credit Union said that it had been another challenging year.
“It remains our key objective to deliver exceptional service to you and to introduce new services, technologies and products that will continue to deliver this objective,” he wrote in his end of year report.
Investment income held this year despite the continuing impact of negative rates on Credit Union investments.
Earlier this year, Letterkenny credit union introduced a share cap of €30,000 per member account. This means that each member can only have €30,000 in shares with the credit union.
“The Board of Directors made the difficult decision to commence a process of contacting members to reduce their savings to the level of the share cap introduced in July 2018 of €30,000.
“The increase in savings held has a negative impact on the cost of levies imposed on the credit union which are directly linked to the CU asset size,” Mr Randles wrote.
In September, Letterkenny CU introduced its current account and debit card while all loans can now be completed online or through the mobile app from application stage to drawdown without the need to visit the office on the High Road.
“Our aim is to continuously enhance and improve services to you, our members, and to make sure Letterkenny Credit Union remains relevant to your day to day financial needs,” Mr Randles said.
The 2021 Annual General Meeting of the members of Letterkenny Credit Union will take place online on Tuesday, February 1, at 7 pm.
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