Amy Daly winner of the Tullamore Credit Union December members’ prize draw supplied by Hugo Loonam Motors. Amy is pictured collecting her prize alongside Kevin Meehan of Hugo Loonam Motors, and Siobhán Conroy, Business Development Officer, Tullamore Credit Union.

Tullamore Credit Union AGM hears of financially successful year

The 62nd Annual General Meeting of Tullamore Credit Union Ltd took place on Monday, December 9, at 8pm in the Esker Arts Centre on High Street, Tullamore. There was a great turnout on a cool and brisk Monday evening.

The meeting was chaired by Liam O’Callaghan, who told members the credit union had enjoyed another financially successful year. He stated that this success was due to two factors – a significant growth in lending and the steadiness of interest rates, allowing the credit union to earn more investment income. He updated the members on events held throughout the year, including the Community Support Fund.

Board Member Patrick Doheny and CEO Paul Shaw delivered the financial reports. The Credit Union reported a very successful year financially with total income up by 21% at €12m and a healthy surplus of €3.9m. It was also noted that loans to members now stood at €106m and that this was the highest it has ever been since the foundation of the Credit Union.

Patrick proposed to the meeting that a dividend of 0.5% by paid to members, as well as a loan interest rebate of 15% to all members with loans with a rate of 9.5% or above. Both were approved by the members in attendance.

CEO Paul Shaw focused on the Credit Union’s new strategic plan. Some of the strategic actions discussed included increased and improved community focused activities, greater efficiency in the delivery of loans to members through the use of automation and a range of measures under the heading of Environmental Social and Governance (ESG).

In the Any Other Business section of the meeting, there was plenty of open discussion with members on a range of topics including how the Credit Union manages its queues, the ATM service, the Irish Language and the responsibility associated with becoming a Credit Union director.

Following all the usual elections, committee reports and votes, Chairperson Liam O'Callaghan announced the winner of the Members’ Prize Draw on Friday, December 6, as Amy Daly, Ballymachugh, Kilbeggan, Westmeath. He congratulated her and the 27 winners of €1,000 and 10 winners of €500.

Members present in the Arts Centre were entered into the traditional ‘turkey draw’ for QUID vouchers, as well as a Christmas hamper supplied by CUNA Mutual, providers of the Credit Union’s life savings & loan protection insurance. As sponsors of the Sleeping Beauty panto in the Esker Arts Centre, three sets of family tickets were also raffled.