Winter Newsletter 2025

Chairpersons Address

A Chairde

It is my pleasure to reach out to you through our newsletter and share some updates into the latest developments at Killarney Credit Union. It is my privilege to report that this year Killarney Credit Union was awarded the prestigious “Members Choice Credit Union of the Year” at the 2025 All-Ireland Credit Union Awards. This national award recognises the credit union that has demonstrated exceptional service, community engagement, innovation, and – most importantly – unwavering support from its members. As the only award in the programme based solely on member nominations and votes, it is a true reflection of the loyalty and trust Killarney Credit Union has earned throughout the community. Thanks to each and every member that voted for us. The Killarney Credit Union Loans Team were also nominated as a finalist in the Loans Team of the Year category.

Killarney Credit Union is pleased to report a strong financial performance for 2025, recording a surplus of €1.9 million. This result reflects our continued focus on sustainable growth, prudent financial management, and member focused lending. Our loan portfolio grew by 11.88%, an increase of €6.8 million, bringing the total loan book to €63.9 million. We now lend an average of €2.25 million per month to individuals, families and businesses across South and East Kerry. This growth demonstrates the success of our strategic focus on lending — our core business and key income driver. 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.

There has also been many other notable highs in the last 12 months. Each of our three ranches are showing growth in 2025 in both membership and loans. The Board are delighted to be in a position to recommend a dividend of 0.15% to our members. Environmental, Social, and Governance (ESG) continues to influence our everyday operations and Board decisions. 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. Over 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. In September we launched a brand new website giving greater functionality and accessibility to our members. ILCU President Brendan Jenkins and ILCU CEO David Malone visited Kerry in September to hold a round table meeting with the Credit Unions of Kerry & West Limerick. This visit was proudly hosted by Killarney Credit Union.

One of the hallmarks of Killarney Credit Union is our dedication to community engagement. Killarney Credit Union donated over €60,000 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. In April we launched our second Social Impact Report at a community event in our Killarney branch where many sponsorship recipients from the previous year attended. Our third Social Impact report is now available in branch or online and continues to promote and highlight the positive impact that the Credit Union has had on its members and the local community.

As we move forward, we have several exciting events and initiatives on the horizon. Killarney Credit Union, along with a number of other credit unions have just launched a new standard mortgage product aimed at new home buyers and switchers. The ‘Credit Union Mortgage’ offers a single variable interest rate of 3.85% (APR 3.92%), which is among the lowest variable rates currently available in the market. This product is now live, and we hope to gradually grow this product over the coming year. The Current Account & Debit Card will switchover from Mastercard to VISA in the first quarter of 2026. In the second half of 2026 we hope that our New Mobile Banking App will be live with increased functionality. Also, in the second half of 2026 we hope to launch a Youth Banking Product which will be aimed at members aged 7 and up.

As I step down from my role as Chairperson, I do so with great pride in what we have achieved together and with full confidence in the continued strength and success of Killarney Credit Union I wish the incoming Chairperson, the Board, staff, volunteers, and most importantly, you — our members — every success in the years ahead. Thank you once again for the honour of serving as your Chairperson.

Gabhaim an deis seo chun Nollaig shona shíochánta a ghuí oraibh go léir agus táimid ag tnúth le seirbhís a thabhairt daoibh go léir i 2026.

Go raibh maith agaibh go léir

Joy Clifford-Vaughan

Chairperson, Killarney Credit Union

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