Tralee Credit Union’s Assets Grow To €220m

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TRALEE Credit Union’s AGM next week will hear they have increased their assets to €220m, savings have grown to €187m and that they are in a strong position for the future.

Tralee Credit Union will hold its 50th Annual General Meeting next Monday at the Rose Hotel in Tralee.  Its board of directors will report a very positive year of growth with offices in Tralee, Castleisland and Killorglin.

As well as assets increasing to €220 million, savings increased to €187 million, their Loan Book, now the credit union’s main source of income, achieved a growth of 15% to €74.3m.

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For the first time ever, they paid out over 10,000 loans valued at €38.2m a 12% increase on loans paid out on the previous year.  Delinquency continues to improve and their Pearls A1 Ratio (loans greater than 10 weeks in arrears) is at a historic low of 3.31%.

The board is recommending a dividend of 0.01% and a loan interest rebate of 2.5% to members. This is down on last year’s dividend of 0.25% and loan interest rebate of 5%.

The reason for this is the board considered the current interest rate environment which is resulting in a continued decline in investment income. The board must act prudently in the light of financial projections showing the business model challenges in the years ahead.

Newly appointed CEO Pa Laide said;  “2017 has been a very successful year for Tralee Credit Union and a great start to our 50th year. Results like these don’t just happen they are a result of hard work and dedication from the board, management and staff and loyalty and trust of members. Lending is our main source of income so it is important that we continue to grow our Loan Book and encourage members who need to borrow to use their credit union.”

A significant item on the Agenda at next Monday’s AGM  is Tralee Credit Union’s motion to change their name from ‘Tralee Credit Union Ltd’ to ‘Cara Credit Union Ltd’.

Tom Lawlor Chairman of the Board of Directors said; “Nearly 50 years ago we were set up to serve the financial needs of our members in Tralee and then over the years we extended our common bond into Castleisland and Killorglin. Today we have three offices in Tralee, Castleisland and Killorglin and we feel the name “Tralee Credit Union” is not fully inclusive of these important towns and hinterlands. As we continue into the future, the time is right to facilitate a change of name for future mergers. In 2014, there were 391 credit unions in the Rep of Ireland, today there are 277 credit unions. Mergers will continue and in doing so will enhance the long term strength of credit unions. We are not the first credit union to seek a name change there has been approximately 12 credit unions in Ireland who have completed the name change process with approximately 14 more credit unions like Tralee seeking a name change.  Tralee Credit Union can no longer be defined geographically as this will hinder our growth.”

Tralee Credit Union members aged 16 years and over are invited to attend this year’s AGM at the Rose Hotel on Monday, December 11 at 8pm where the motion to change the name will be put forward and voted by members.

Membership of Tralee Credit Union is voluntary and open to everyone who lives and works within Tralee, Castleisland and the Killorglin area.

For further information on their services call in to Tralee Credit Union in Tralee, Castleisland and Killorglin or visit their website www.traleecu.ie

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