AGM Hears Tralee Credit Union Is In A Very Healthy State

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THE Tralee Credit Union AGM was held last night in the Fels Point Hotel and members heard about the healthy state of the financial institution.

It was the first AGM since Killorglin Credit Union was integrated with Tralee and the Union now has assets of €185m.

Killorglin brought an additional €30m in assets, but Tralee also added an extra €20m in assets in the past year. They also saw their savings increase by an average of €1m a month.

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The Credit Union has €30m available to lend out to members in 2016.

The AGM passed a proposal of 0.75% Dividend of over €1 million to members. They highlighted that the high DIRT tax rate of 41% will mean that over €433,000 of this Dividend will go directly to Revenue.

The proposal to give Borrowers 7.5% Loan Interest Rebate (a refund on the interest they paid on their loans) was also passed with over €320,000 being returned to its borrowers, this is not subject to DIRT.

Tom Lawlor Chairman said “loans are the main source of income for the credit union. This year again €4.3 million (almost 60%) of our income came from our borrowing members so we were delighted to reward our members for borrowing with us”.

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