KILLARNEY CREDIT UNION HAS LENT €36M TO THE LOCAL SOUTH KERRY COMMUNITY
CREDIT UNION HAS €45M AVAILABLE TO LEND IN 2020
Killarney Credit Union Ltd is reporting a strong financial year ahead of its 2019 AGM with over €140 million in assets. The credit union has grown its membership by 1,319 in the past 12 months. Savings have also increased to €121.5m, while the credit union has provided €1.3 in loans each month to the local community. Killarney Credit Union has €45m available to lend in 2020.
The credit union has been very active during 2019 with the launch of new agri loan product in March, a €10m collaboration with 16 other credit unions in Ireland with local fintech company Fexco. In October, it launched its current account service for members which is proving very popular with members.
While Killarney Credit Union has enjoyed a strong financial year it is faced with a challenging economic environment, especially with increased levies, low investment returns and decreased borrowing. It is important that the credit union continues to make responsible and prudent decisions to further strengthen the credit union. As a result, Killarney Credit Union will not be paying a dividend to its members this year.
Commenting on this, Mark Murphy, CEO from Killarney Credit Union said: “Having enjoyed a strong year in 2019, we are now very much focused on the future. We are working hard to ensure that we will further roll out of enhanced services for our members and meet the demand for different services and products. We see great opportunities for the credit union to grow and strengthen for our members in the coming year and this will be our priority. While we have a membership of 34,000, only 20% of our members actually borrow from us. In the past year, we have seen our loan book fall by 1.15%, as such lending is a core aspect of the business and we would encourage everyone to consider the credit union for their lending needs”.
Mark continued “We know our members value the continued face-to-face personal service we provide. Indeed, Killarney Credit Union joined with other credit unions in Ireland in winning the CXi award for customer experience for the fifth consecutive year. Irish credit unions are the only organisations in the world to achieve this. We can assure our members that we will continue to be a reliable source of lending and savings. We also want to take this opportunity to thank all of our members for their loyalty over the past years. Working together with our members we will remain a cornerstone of the local community, and weather the current challenges we face in relation to increased levy payments.
Killarney Credit Union will hold its 2019 AGM on Wednesday 11th December in The Mangerton Suite Gleneagle Hotel, Killarney at 7.30pm. All members are invited to attend and the credit union looks forward to welcoming them on the evening.