Monaghan CU members have almost €105M in savings
- Peter Hughes -
A year of robust financial performance was reported to the members of Monaghan Credit Union who assembled in the Peace Campus in Monaghan Town for the organisation’s AGM last Wednesday, January 21.
In the first year of operation since amalgamating with Ballybay, the credit union has experienced “change and challenge” but has remained “strong, resilient, and committed to the principles that have guided us for decades”, chairperson of the board Dermot Coyle said in his address.
The AGM heard that the credit union’s 21,083 members have amassed savings of €104,951,656. A loan growth of 2.38% was recorded over the past financial year, with the loan book now standing at €39,319,623.
Financial Controller Christina Weldon said that the credit union has returned a surplus of €1.171 million, a most impressive result for its first year of trading as an amalgamated body with an increased common bond area.
The credit union’s investment balance has remained stable and positive lending growth has resulted in increased interest income.
“We are not immune to increasing costs, but we are making every effort to ensure that members’ money is used wisely,” Ms Weldon stated, noting that economies arising from the merger with Ballybay are beginning to emerge.
She said the credit union’s assets now stand at €124.3 million and described the €4M growth in members’ shares in the past financial year as “an indicator of the confidence members continue to place in our credit union as a trusted financial institution”.
The chairperson said that safeguarding members’ accounts and personal information remained a top priority for the credit union.
“More of our members are utilising digital and automated options in the way they carry out their business,” Mr Coyle stated.
He said the past year has seen the credit union increase its communication to members around fraud awareness. Guidance was offered on recognising suspicious messages and protecting online banking credentials.
“In an increasingly digital world, fraud and scams have become a growing threat to individuals and financial institutions alike.”
The support given by the credit union to community initiatives throughout the year was also emphasised. Tidy Towns committees, the Scotstown or An Bhoth Town Team, Monaghan Ladies GAA, Monaghan Institute, Clontibret Community Games, Monaghan Arch Club, Monaghan United FC, Monaghan Phoenix AC and Monaghan Harps GFC were among the local groups assisted.
A significant growth in demand for the credit union’s Cultivate loan product tailored to the needs of the farming community was reported by the Credit Committee chairperson Damien Treanor. He said that a total of 1,437 loans were approved during the year, with €13.8 million in loans issued to members with a 99% approval rate.
He added that the credit union had resumed mortgage lending for the building or purchase of a principal private residence in October 2024 and had been extremely busy with this service during the year.
The savings secured loan, allowing members to borrow up to the amount of their savings at a reduced interest rate, had also been much in demand.
Mr Treanor told the AGM that the credit union’s popular student loan product is also available for apprenticeship expenses.
Membership Committee Chairperson Pat Quinn said that 483 new members had joined during the year, while 603 members had reactivated their accounts.
Tommy McCormick of the Credit Control Committee said that €310,763.20 in bad debts had been recovered during the year.
He emphasised that legal action is only taken as a last resort.
Mr McCormick said it is important for borrowers to recognise that the money they receive is entrusted to them from the savings of fellow members.
He urged borrowers who experience a change in circumstances and consequent difficulty in meeting repayments to engage with a member of the credit team.
The AGM approved a 0.25% dividend on members’ shares for the year ahead.
Members also approved donations of €1,000 each to Cuan Mhuire, Ballybay and the Monaghan St Vincent de Paul organisation; and €500 each to the Irish League of Credit Unions (ILCU), the Camphill Community in Ballybay, the Crocus cancer support service in Monaghan Town, Drumkill Day Care Centre, Monaghan First Responders and SOSAD.
The meeting was addressed by Clones man Brendan Jenkins, the current ILCU National President.