Clones CU reports successful year with over €400K surplus
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Members of the board of Clones Credit Union at their AGM, which was held in The Creighton Hotel, Clones. Front (from left): Bernie Gleeson, Manager; Roy Crowe, Chairman; Barry Langan, Angela Graham and Karen Shields; back, Pat Leahy, Martin Maguire, Peter McAleer, Jolene Fitzpatrick, Eleanor Carleton, Vera Murphy, Kitty Cassidy, Roisin Courtney and John Reilly. Photo: Rory Geary ©Rory GearyImage 2 of 2
Some of the staff of Clones Credit Union at their AGM in The Creighton Hotel were (from left): Natasha Kelly, Caroline McMahon, Aoife Linden, Julianna Hynes, Bernie Gleeson, manager, Niamh Crudden, Patricia Magee, Karla Cosgrove and Grainne Egan. ©Rory GearyNo dividend will be paid to the 7,753 members of Clones Credit Union for 2025, following what the board described as a “considered and responsible decision” aimed at protecting the long-term sustainability of the local organisation.
The announcement was made at the 66th AGM of Clones Credit Union, held in the Creighton Hotel, Clones, on Thursday, January 29, the first in-person AGM since before the Covid-19 pandemic.
In his chairperson’s report, Roy Crowe said while the credit union had recorded a surplus of €409,761, a number of significant cost pressures influenced the board’s decision.
“This was a deliberate and forward-looking decision focused on safeguarding the long-term future of the credit union,” Mr Crowe told members present.
He pointed to the ongoing expense of operating current accounts and “significant increases in IT and cybersecurity costs” as key factors.
“While it is disappointing not to be in a position to pay a dividend this year, the board believes this decision is in the best interests of members and the future strength of Clones Credit Union,” he continued.
Mr Crowe also congratulated former Clones Credit Union manager Brendan Jenkins on his recent appointment as President of the Irish League of Credit Unions (ILCU).
Members approved several routine motions during the AGM. JP Rundle & Co were reappointed as auditors, while Kitty Cassidy and Roisín Lalor were returned to the Board Oversight Committee. Barry Langan and Pat Leahy were also re-elected as directors.
Karen Shiels outlined the financial accounts for the year ending September 30, 2025, with total assets recorded at €44.9M and loans of almost €7.9M.
Delivering the Credit Committee Report, Pat Leahy said: “Clones Credit Union continues to demonstrate strong and responsible lending activity while maintaining full compliance with Central Bank regulations.”
The Credit Control Report, presented by John Reilly, showed loan write-offs of just €3,940 for the year. Members experiencing financial difficulties were urged to contact the credit union early to explore restructuring options.
Former town councillor Peter McAleer, speaking during the Insurance Report, praised the commitment of staff and volunteers.
“Clones Credit Union is for the people, by the people. Everyone involved puts their heart and soul into it,” he said.
He also reiterated the board’s opposition to amalgamation. “We came through difficult times before, and we’re in a healthy position again. We believe remaining independent is the right approach.”
Honorary Secretary Angela Graham highlighted the growing role of the credit union in a town now without a bank.
“Who would have thought there would be no bank in Clones? At €4 a month, we offer the lowest fees on the market- but more importantly, we provide a personal, local service.”
The AGM concluded with prize-giving for the Clones Credit Union art competition, with Killeevan National School named group winner, followed by music from Gareth Peel and Alec Watson of the Different Keys Choir.