Credit Union holds first Virtual AGM
Given the unprecedented year in terms of the changes that the pandemic has wreaked, the Virtual AGM, was a first for Ballinasloe Credit Union. Members were invited to register to attend the meeting online where a comprehensive review of the financial year was reported.
Strong attendance from the membership was evident and attendees were advised they are members of a strong Credit Union with assets of €129 million. Income for the financial year was €3.6m from which a surplus of just under €1m was generated. The Gross loans to total assets ratio of 32%, is one of the strongest among peer Credit Unions in Ireland – those with total assets of over €100 million.
Chairperson, Marian Brady, advised that the Credit Union will soon be offering both Home Mortgages and a Current Account with Debit Card, from May 2021.
Speaking at the AGM, Marian explained that “Every day, we're taking enquiries from members who want to do more and more of their financial services business with their Credit Union. We're delighted that we'll shortly be offering a full-service current account, with a debit card and a competitive mortgage product.”
It was also reported at the meeting that a project to complete internal renovations to the Credit Union Building on Main Street had begun. The refurbishment will allow the Credit union to provide members with a modern, safe and welcoming space within which to conduct their business. During the year, further digital enhancements to members online services are planned with the introduction of remote member onboarding and full end to end loan application including digital signature capability so that the credit union can continue to provide services both in branch and online that will make a positive difference in members lives.
Speaking at the meeting, CEO Grainne Murphy, acknowledged that while the Credit Union was looking forward to the introduction of these new products and services it is important to remind the public that throughout the pandemic, credit unions have remained on hand to support members during a very challenging and uncertain time. “We are here to support our members and the local economy and remind members that BCU is lending. She went on to add "In the wake of the recent commentary about the closure of bank branches, our message to our local community is very clear. We are here to stay. We're committed to playing our part in supporting the people within our local community by providing an exemplary, personalised service to our members whether they choose to conduct that business online or in branch. We will continue, as ever, to put the needs of our members at the heart of everything that we do. We also understand the importance of supporting our community and this has always been practically demonstrated through our donations to, and sponsorship of, a wide range of community groups. This strong commitment to supporting organisations and initiatives that benefit the local community is also dependent on members continuing to borrow from the Credit Union”, states Grainne.
They continue to offer loans to existing members, members not have seen for a while and of course those in the local community who have yet to become members and may be new to the idea of the credit union. So call in, go online or contact them today and enquire because they’re lending!.
Prior to the election of the Board of Directors and oversight committee, retiring Board members Mike O Reilly, Michael Mc Keown, John Doolan & retiring BOC member Sinead Manning were thanked for their endeavours. Re-elected Adrian Ahern, John Coughlan, Mary Feeney with new directors Brian King, David Gallagher & Sean Madden.
The 2021 Board is completed by Mary Coughlan, Patricia Tierney, Seamus Kelly, Sean Kelly & Marian Brady who was also re-elected as Chairperson. Aidan Clifford joins Elaine Bannerton and Edward Kelly on the Board oversight committee.
Ballinasloe Credit Union is open for business Monday – Friday 9.30 – 5.30 & Sat 9.30 – 4.30. Tel 0909643179 or visit the website www.ballinasloecreditunion.ie
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