Chairman Maura McNally reported that the credit union now has over 3,400 members and over 1,000 minors (under 16s). Share capital stands at over £6 million pounds with over £3 ¼ million pounds out on loan to members, showing that our members still have the confidence to save and to borrow from our credit union.
The credit union is covered by the Financial Services Compensation Scheme, which guarantees all members’ savings in the unlikely event that the credit union has to close. However, the credit union remains a safe, strong, secure place for member’s savings and loans, and is doing its best to help members in difficulty in the economic climate.
As well as the financial needs of th e community, the credit union has been keen to support the community through its links with the local schools and other ventures throughout the year. We have also recently restructured our staffing levels and opening hours and intend improving other services in the year ahead.
At the meeting on Friday 22 November, the members approved a dividend of 1.5% for adults and 1.6% for minors. They also approved a loan interest rebate of 10% - a refund of £1 for every £10 paid in loan interest over the past year – as a means of rewarding borrowing members as well as savers for their support.