Credit unions pay out €33M in death benefits

- Peter Hughes -

The Irish Credit Union movement is delivering a vital social dividend that no other financial institution can match.

So Brendan Jenkins, the Clones man who is the current National President of the Irish League of Credit Unions, asserted this week.

Addressing the AGM of the amalgamated Monaghan and Ballybay credit unions, he declared that the credit union sector in Ireland is currently “in a great place” and has allocated €6.5bn in loans in the past year.

He also revealed that Irish credit unions in the past year have paid €33M through the death benefit and loan protection insurance facilities that come into effect upon an eligible member’s passing. This has benefited 14,000 families at a time of need, he stated.

“This is completely unique among Irish financial institutions,” Mr Jenkins stated. While this provision could be a big expense item on a credit union’s balance sheet, he believed that no price could be put on its value to the community in times of need.

Recalling his 28 years as chief executive of Clones Credit Union, the ILCU President said he knew from being their neighbour how interactive the credit unions of Monaghan and Ballybay were with their communities.

Congratulating the local branch on “a magnificent year in every way”, Mr Jenkins said members should be proud of their credit union and what it has achieved.

Mr Jenkins is the third person from Clones to hold the ILCU national presidency. His predecessors were Jim McMahon, who served from 2000 to 2002, and Fr Paddy Gallagher who was the founding president of the representative organisation and established the first credit union outside of Dublin in Clones in 1959.