Credit Union’s 30th A.G.M

Wednesday, 21 November 2007 16:41 News
Print

On December 5th Mullinahone credit union will hold its AGM. The AGM will take place in the Knocknagow Community Centre with 8pm start. This will be the 30th AGM of Mullinahone Credit union much water has flowed under the Five Eye Bridge and many changes have taken place in the local community since the first AGM of the credit union By far the biggest change has been is in the size of the credit union then and now and also of its recognition.

 

The news too is to be imparted to the members of the forth coming AGM is good news as usual. The audited accounts of the credit union will find their way to members along with an invitation to the AGM during the next few weeks. According to these accounts the current assets of the credit union stand at €3.64 million.Mullinahone Credit union

 

If growth continues in the next year and keeps pace with that in the last year of Mullinahone credit union this time next year will be in excess of €4,000,000. The growth rate last year was over 12 percent. The growth of the assets and the increase in the surplus of the credit union will allow healthy dividends to be declared at the AGM. During the last year the credit union advanced more than a million euro in loans to members.

 

This is the first year in which this target has been achieved. It is a far cry indeed from the figures dreamt of by the Credit union founder members 30 years ago. Members of the local credit union continue to grow even if the number of new members has fallen back somewhat in recent years.

 

Perhaps this reflects the optimism engendered by the Celtic Tiger. However, there are signs that the Tiger has something of a kitten and that expectations will have reshaped when the future becomes more uncertain.

 

All matters no doubt for debate when Mullinahone credit union open its doors on December 5th for the 30th AGM. The old Motto “Credit Union not for charity, not for profit but for service”

Last Updated on Thursday, 29 November 2007 16:06