On the 13th of April, Oldcastle Credit Union held their virtual AGM, presenting their annual report of the credit union for the year ended 30th September 2020. This was their first AGM via Zoom. There were thankfully no connectivity issues, however the Union expressed that moving everything online meant that they are not really able to ‘connect’ with their membership and hear their views compared to what would take place in an in-person meeting.
The credit union, which turned 50 years old in the year 2020, sends their sincere thanks to all of their members for their support and loyalty in the past fifty years. There are over 5,500 members registered at the credit union and they serve the community of Oldcastle and surrounding areas.
Mary Heery Flood, former chairperson, addressed the AGM. Flood completed her four-year term as chairperson in December. She revealed that her experience was “good and challenging”:
“I took over at a time when significant additional Compliance and Regulations were being introduced for Credit Unions by the Central Bank. It has been necessary to ensure that these are implemented as smoothly and as efficiently as possible while still remaining a cost-effective Credit Union able to serve our local community. The challenge is also to comply with regulations on one hand without destroying the member experience that they have come to know and depend upon from our Credit Union”.
Flood was succeeded by former vice-chairperson, Susan O’Connell. Flood’s advice to O’Connell in her new role is to “enjoy working with a great team of people. Because everyone there is working to make sure Oldcastle Credit Union succeeds”.
Three long standing volunteers have also retired: Pat Healy, Finbarr O’Connor and Brendan Brady. They have been a fundamental part of the development of the Credit Union and the Board and the community are very thankful for their great work.
O’Connell told Meath Live, “the pandemic has presented its challenges, busier than we would like in terms of member deposits and not as busy as we would like in terms of member loans”. The pandemic has caused uncertainty in the economy.
O’Connell revealed that they have been fortunate enough to launch a new product at a lower rate of 7.5% APR for loans over €20,000. She states that this product has “appealed to a segment of members and has been popular to date”. Lastly, she notes that this product is “available to members looking to have a home makeover, buy a new car, or for the self-employed looking to invest in their business”.