Therese Conway, CEO, Cavan Credit Union, says the team is busier than ever.

Credit Union enjoying its ‘busiest year yet’

Over €14 million to members so far this year.

Cavan Credit Union is enjoying its “busiest year yet” having already broken a number of records just “three-quarter ways through” the financial year, which ends on September 30.

CEO Therese Conway told The Anglo-Celt that a number of factors are feeding into demand for their products and services.

“We have seen a high inflow of savings, with the closure of local Ulster Bank branches and we have had record-breaking months in lending,” she enthused, adding that they have lent over €14 million to members so far this year.

With a “long history” in providing savings and loans to members, Ms Conway explained that the financial institution expanded its services in recent years to include current accounts, online banking, and specialist loans such as Cultivate loans for farmers and Greenify loans for home energy upgrade works.

The CEO finds that credit unions all over the country are experiencing a surge in popularity.

“As the number of banks and bank branches around the country decreases, people are turning more and more to their local credit union for a full banking service,” she said.

“Fortunately, credit unions have been able to step up to the mark when needed as banking services in the country contracted,” said Ms Conway.

She explained that nationally credit unions have €20 billion in assets, making them similar in size to Permanent TSB and have €6 billion in personal loans, equating to 40% of the personal lending market.

Overall, there are more than three million people in Ireland members of their local credit union.

“Obviously the credit union ethos of not-for-profit and focusing on providing the best service that we can to our members resonates with people,” surmised Ms Conway.

Credit Unions again topped the rankings of Ireland’s most reputable and trustworthy organisations in the Ireland RepTrak 2023 survey.

Cavan Credit Union pledged to continue to provide a quality service to their customers.

Community initiatives, meanwhile, include a number of scholarships to support members in third level education.

“We were also delighted to become one of the sponsors of Cavan Ladies Gaelic Football,” beamed Ms Conway, encouraging “any local community club or organisation” looking for funding to contact them.

“We will contribute where we can,” she said.

“Supporting our local community, whether by serving our members to the best of our ability or assisting local organisations to achieve their goals, has and always will be at the heart of what Cavan Credit Union does,” she concluded.