CU Credit Union recently distributed its annual report for 2021.
Given the difficulties of Covid-19, it has been a challenging and tough year for members.
The chairperson, James Murphy, extended sympathies to members and friends who lost family or friends to the pandemic. It is still a difficult time but hopefully we are coming through the challenges we face.
The annual report goes into detail but we have highlighted points of interest
On earnings, the reality is income is well down o previous times as banks are now charging a negative rate of 0.65% and investment income earning 2% apart from the earnings on loans to members with interest rates from 5.95% being the main generator of income.
The Income was €6,812,922 with an Expenditure of €7,000,469 a small deficit of €178,547.
Members will not be receiving a dividend this year due to a lack of surplus, there was a deficit of €178,547 compared to a surplus of €448,066 in 2020. There was an exceptional item of €750,518 in Voluntary Redundancy Programme this year.
Overall total assets increased to €256 million from €239 million an increase of €17m with a similar increase of Members shares also increasing by €17 million. It shows that people have been saving through the pandemic. Loans to members were up by about €4 million to €72.3 million.
In the year there were 4,755 loans to the tune of €31 million taken out by members in the main 1013 loans were for transport. The average loan works out at about €6,500 but will vary depending on the category.
959 were for home improvements, personal loans and Own Guarantee/Euro for Euro 2413, holiday and leisure was only 66 actual loans surely reflective of the lack of travel at home and abroad due to the pandemic.
The CU Credit Union Plus has 7,234 loans to members spread over a number of years 86% from less than one year to five years or 62.5% less than three years.
Their main branch is in Navan with other branches in Dunshaughlin, Ballivor-Kildalkey, Clonmellon-Devlin in county Meath, and Ballyjamesduff in county Cavan.