Youghal Credit Union Ltd. held its AGM in the Walter Raleigh hotel on Tuesday November 23rd. The well attended meeting heard of the successful Youghal Credit Union had in the previous year. Pic: www.youghalonline.com
The Chairperson, John Colbert, reported to members that the credit union had 14,000 account holders who held a total of €70 million in savings and borrowings of €41 million. Youghal Credit Union Ltd. is “safe, strong and secure” he commented.
Overall the level of savings and loans was comparable to last year. The total income received by the Credit Union marginally increased from last year’s figure. The total of loans granted did, however, drop from €15.9 million in 2009 to €13.9 million in 2010. The decrease represented a more cautious attitude by members to borrowing in the current economic climate. The Chairperson noted that the borrowings hopefully added to the growth of the local economy. He also mentioned the involvement of the Credit Union in being a major partner in funding the local enterprise centre.
The Chairperson reported that credit control was becoming a major issue with the current levels of unemployment and the general downturn in the economy. As a prudent measure the Credit Union has increased the provision for bad and doubtful debts by €1.3 million in line with the Regulator’s recommendation. He urged members who face difficulties to contact the Credit Union immediately. In light of the large provision for bad and doubtful debts the remainder of the year’s surplus was used to increase other reserves. A dividend of 075% was proposed along with an interest rebate of 10% on interest paid last year.
The Treasurer, Karl Flavin, read through the accounts and was pleased to announce that Youghal Credit Union Ltd. recorded a surplus of €1.29 million for the past year. Other highlights reported by the Treasurer included loan interest income of €3.4 million and investment income received amounting to €1.75 million which represented a 7% increase on 2009.Bad debts written off increased to €679,000. The Treasurer reiterated that these written off loans are vigorously pursued.
Following on from the treasurer’s report all the various committees reported on their activities during the past year. The guest speaker was Declan Gibbons from CRY who outlined their programme for the coming year. Declan thanked Youghal Credit Union Ltd. for their continued financial support for CRY over the years. A draw was held for members in attendance and the prizes comprised of a number of Youghal Chamber shopping vouchers for local shops.