Winter Newsletter 2023

Chairperson's Address

A Chairde

It is my privilege to reach out to you through our newsletter and share some updates into the latest developments at Killarney Credit Union. In my second year as Chairperson, I am pleased to report that this year we launched our 2023-2025 Strategic plan. Our vision is “To become the market leader in all our financial and business products and create a better way of banking in the community, in a sustainable and inclusive manner, while promoting our community, our green environment and our core principles of fairness and equity.” We will continue in our goal to be our members first choice for personal financial products and services.

As part of our Strategic Plan implementation, we developed an Environmental Sustainability Brief. This comprehensive report provided a live road map and action plan for the credit union to properly embark on our Environmental Social Governance journey. Member awareness initiatives, green product development, waste management and energy reduction are some of the key areas actively being worked on. We have adopted the circular economy business model in all aspects of our business, to ensure we put environmental sustainability at the heart of everything we do. As part of our commitment to green community initiatives and education we were delighted to be part of the “Killarney Coffee Cup Project” which aims to eliminate 1 million single use coffee cups yearly in our local community. This award winning project has given our Credit Union exposure on the national and international stage. Our involvement in this project is continuing, with an education project in phase two ready to roll out to 5th class Primary Students and Transition Year Secondary School Students.

This year we lent €23.7 million to our members in the local communities of South and East Kerry. Lending is our main source of income, so it is vital that we continue to grow our loan book in a prudent fashion. The loan interest rates offered by Killarney Credit Union are among the most competitive in Kerry. Going forward we ask all our members for your continued support in availing of the excellent products we have available when you may next need to borrow. Don’t forget most of these loans also attract full life assurance cover.

Along with the significant growth of our loan book there has also been many other notable highs in the last 12 months. 2023 has seen a strong recovery and we are reporting a very healthy surplus of €1.5m. Each of our three branches are showing growth in 2023. Our Current Account is growing in popularity and with current accounts now available to members from 12 years of age. We will continue to promote member awareness in this product. The Killarney Credit Union brand is showing good penetration in our common bond with a steady increase in membership also evident across all three branches. One third of our members now have online access which is very encouraging as it will help the environment by reducing our carbon footprint. We are also eager for members to embrace our Phone App and our aim is to provide you with a seamless and convenient banking experience.

For the 9th consecutive year Credit Unions in Ireland won the Cxi award for Customer Service. We would like to thank all our members for having this trust in us and we will continue to put the needs of our members at the heart of everything that we do.

One of the hallmarks of Killarney Credit Union is our dedication to community engagement. Killarney Credit Union donated over €37,000 to various local clubs, organisations, community initiatives and schools throughout the year. We take great pride in supporting local initiatives and value the support we receive in return. Our community is made up of people from all around the world who have made our home their home and we welcome all.

A Killarney Credit Union Social Impact Report was compiled in September which highlights the positive impact that the Credit Union has had on its members and the local community. Credit Unions pride ourselves on being different and we need to highlight and promote what it is that makes us different. We are a member-owned and not-for-profit organisation. We are uniquely positioned to create social impact by prioritising the well-being of our members and the communities we serve.

Killarney Credit Union has a rich history in serving our community, and I am proud to say that we will continue to uphold our mission and values. According to our recent survey 97% of our members would recommend Killarney Credit Union to friends and family. Over the next 12 months we plan on building on this sentiment empowering our members. Your interests are at the heart of every decision we make, and your feedback and input are invaluable to us.

As we move forward, we have several exciting events and initiatives on the horizon. Stay tuned to our social media channels, website and branches for information.

In conclusion, I want to extend my heartfelt thanks to our members for your unwavering support, commitment and loyalty throughout 2023. Thank you for being a part of the Killarney Credit Union family. Together, we are building a brighter financial future.

Wishing you all a peaceful and Happy Christmas, and we look forward to continued service through 2024. Go raibh maith agaibh go léir.