Killarney Credit Union held its Annual General Meeting on Tuesday 12th December in the Gleneagle Hotel, Killarney at 7.30pm. The The credit union which is now serving the needs of over 25,000 members was attended by 120 people has been in existence since 1970 and has seen strong growth in the past 12 months.
Mark Murphy, CEO of Killarney Credit Union stated “The assets at the credit union now stand at nearly €109 million. In the past year, we facilitated the people of Killarney & Kenmare with over 2,440 individual loans to a value of €13.9 million”.
With the initial signs of economic recovery in the local economy, member’s confidence has seen a saving increase of €3 million bringing total savings in the credit union to €94 million. The credit union has seen consistent demand for its online banking service where members have full online access to their account to make account transfers and pay bills. The credit union also introduced a range of new loan products including a first time borrower loan, an asset backed loan and a community loan.
Mark added “there is strong demand for the development of new products such as electronic banking services. The credit union has recently been approved by the Central Bank of Ireland to offer a personal current account service which would offer an overdraft facility, contactless debt card and Apple/Android mobile phone payments.
The credit union has been heavily involved in sponsorship of local clubs, societies and charities in the past 12 months with over 40 groups receiving €20,000 in sponsorship. The credit union has an ethos of supporting local initiatives.
Pat Delaney, Chairman of Killarney Credit Union stated “We are proud of the role we continue to play in being more than a financial institution but a valuable resource to the South Kerry community and its people. While modest, we are delighted to offer our members a return on their savings by paying a dividend this year. We would like to thank all of our members for their continued loyalty and support of our services” he concluded.
Mr Delaney steps down as Chairman of the board since his appointment in 2013; he acknowledged the hard work of his fellow directors and will remain on the board of directors for the next year. Pat Sheehan, a Killarney based solicitor was elected the new Board Chairman of Killarney Credit Union.
Pat Sheehan, Chairman of Killarney Credit Union