The booklet released by Cavan Credit Union with reports on 2010 and 2011 years ahead of their long-awaited AGM tonight.

Paul Neilan

Cavan Credit Union has furnished its members with its long-awaited reports for the 2010 and 2011 and held its first annual general meeting in two years last night in the Farnham Arms Hotel at 8pm.

However, the union's chairman Ian S Elliott writes in the 62-page circular that during "the financial period covered by this report, the credit union has faced extraordinary challenges", that the board "does not propose a dividend before the end of the financial year" and that a more "conservative approach" will be taken on members' loans.

The union takes in branches in Cavan, Ballinagh, Belturbet and Killeshandra and has a 15,000-strong membership but has not a AGM since February 2010.

In the accounts for 2011 'bad debts written off (specific)' is listed as €2,717,065, up from €1,558,318 the previous year - an increase of €1,158,747.

However, a 'Strategic Business and Financial Plan' review up to September 2016 found the union viable and judged that it would "meet its regulatory requirements going forward".

Items of interest listed in 2011 the 'other management expenses' column include: 'professional fees' €171,930 (up from €57,479 in 2010); a 'settlement' of €18,000, debt collection costs of €63,358 (down from €96,128), zero on 'staff uniforms' (compared to €3,910 in 2010), 'miscellaneous expenses' is up almost €4,000 to €14,220 with the overall figure for management expenses weighing in at €839,869 - a full €60,000 less than 2010.

The union's balance sheet for 2011 reads €46,161,363 in total assets and liabilities with deposits and investments at €18,547,811, cash and balances at bank as €2,392,243, loans to members as €23,539,944 down from €32.4m the previous year and a provision for doubtful debts in 2011 at €8,592,516.