Credit Union boost for local economy

New board of Derry Credit Union. Seated from left, are Gerry McMonagle, treasurer rosemary O'Doherty secretary, Patricia Doherty, president, Alfie Bradley, Vice President and Leo Simpson. DER4813SL076

New board of Derry Credit Union. Seated from left, are Gerry McMonagle, treasurer rosemary O'Doherty secretary, Patricia Doherty, president, Alfie Bradley, Vice President and Leo Simpson. DER4813SL076

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Despite the challenging economic conditions this year, Derry Credit Union has managed to achieve a healthy surplus of £2.6 million.

This surplus will be distributed among its members, providing a financial boost for them and the local economy in the run-up to Christmas

This was the good news for the the 400 members who attended the Credit Union’s 53rd Annual General Meeting of Derry Credit Union Ltd. held recently in the Millennium Forum.

A proposal by the Treasurer Mr Gerry McMonagle of a 25% interest rate rebate on all interest paid on loans during the past financial year and a 1.75% dividend on all savings was agreed at the AGM.

Presenting the report of the Board of Directors, secretary Rosemary O’Doherty said the credit union now had an adult membership 28, 878 and the savings of the members had increased by £5.7 million. This brought the total to £78.5 million while the amount out on loan now stood at £33.6 million.

The chairman of the Credit Committee, Seamus McAnee, referred to the challenge which faced the committee because of the present government’s austerity policies and benefit cuts as they endeavoured to contain the loan balances of members within their ability to repay.

He also stated that members should be diligent in recording all their current debts on their loan application forms and he pointed out that 93% of the loan applications had been approved in the current year.

Presenting the Credit Control report, Alfie Bradley pointed out that during the current year 12 members had been taken to court, 11 orders charging land were made, 274 accounts had been charged off in 2013 totalling £802,000 and £204,000 of bad debt had been recovered.

He went on to state that the Board of Directors had implemented a policy designed to vigorously pursue any member who was believed to be deliberately and consciously defaulting on their agreements and intentionally defrauding Derry Credit Union and its members.

In her address, the Credit Union President Mrs Philomena Deery said the credit union stood ready to help members, through financial empowerment, to save and borrow wisely, plan for their financial needs and enhance their future prospects.

“Your Credit Union will always respond positively to the members’ needs by adapting and upgrading its services, products and delivery services so the members can avail of any opportunities that come their way”, she said.