The AGM of Youghal Credit Union was held in the Walter Raleigh Hotel on Tuesday November 24th. The large attendance heard the results of the previous year which according to Mr. Peter O’ Donnell , Chairperson, proved very well despite the economic climate. Members approved a dividend of 1.5% on savings. A loan interest rebate of 12.5% for members who were borrowers during the year was also approved. The remainder of the surplus of €2.9 million was used to build up the reserves of the credit union and ensure it’s financial safety and soundness for future years.

The Chairperson noted that whilst lending was down on previous years the credit union is still open for the business of serving the local community. Savings were reduced by €1 million which reflected the current economic climate. During the year some investment bonds underperformed but they recovered later on in the year. Most of these bonds have now been encashed and placed on deposit which will reduce investment exposure.

The AGM  also heard of the new range of services that were introduced during the current year. A new website, youghalcu.ie, was launched which allows members access to their account information. An ATM was launched during the course of the year allowing members full time access to their savings. A further range of electronic services are expected to be launched during the coming year. The car draw, which proved so successful, is due to continue with the next draw due in the New Year.