Over 70 people gathered at The Osprey Hotel last Tuesday (4th December) in order to attend Naas Credit Union’s AGM. Peter Fullam, Chairman of Naas Credit Union gave an over view of the organisation’s performance over the past year and also spoke about some of the improvements in membership services. The assembled crowd was very pleased with the results as the year end showed a surplus of €1.78 million which was substantially up from 2011, while the balance sheet and reserve position remain strong with total assets now standing at over €76 million. Over €950,000 was paid back to members in 2012 which represented a dividend of 1.5% on savings while €12.49 million was lent to people in Naas and the surrounding areas.
It also seems that Naas Credit Union is bucking the national trend and has money to lend. Mr. Fullam stated that over €30 million is available to lend to members, a welcome respite from the current economic climate and the national limited access to credit. He went on to say that although members are not immune from the present economic difficulties the Credit Union had noted that there has been some reduction in the number of people experiencing difficulties with their loan repayments which he hoped was a small sign of an improving trend.
Naas Credit Union welcomed 1,162 new members in 2012 which makes it one of the fastest growing Credit Unions in the country in terms of membership numbers and growth. This is due in part to the fact that finance is available and money is there for members to borrow and also due to several new membership initiatives which were introduced during the year. In June, Naas Credit Union became the first Irish Credit Union to join the European Clearing System; this new venture gives members the ability to move their money from Naas Credit Union to any bank account in Ireland or indeed Europe. The real benefit is that the transferred money will be available in the recipients account ‘Same Day’, so members can draw down a loan before 11am and have the funds sitting in their bank account that day. A Smartphone App was also introduced in order to allow a more convenient way for members to access their Credit Union account.
The Credit Union continued to follow its mission statement of supporting and improving the economic and social well being of the community by donating over €30,000 to 16 community groups in October of this year. The Cecil Doyle, Naas Credit Union Community Bursary was one of the highlights of the year when applications were invited from local community groups to apply for grant aid to support voluntary groups, working and operating in the local community. This was the first year for the bursary to be held and the Credit Union was very happy with the huge response and number of entries submitted by local organisations. “We were really delighted with the response we got back from the local community. We got so many, very good submissions all worthy of monetary support and we were delighted to have been able to help many local groups to continue their great work.” Bursaries were awarded to various organisations including sporting groups, heritage, tidy towns, health support groups, schools and a group which works tirelessly for the homeless in Naas. The bursary was named after Cecil Doyle (86), President and founding member of Naas Credit Union.
Mr. Fullam also confirmed that Naas Credit Union has signed a lease on a new office in the Monread Shopping Centre in order to better serve members living in the northern parts of Naas, Sallins, Kill and Caragh. The new office is due to open in March 2013 and the opening will create four new jobs. He closed his address by thanking his fellow Directors, the board and committee and the members themselves for their support during the year.
For further details on Naas Credit Union log on to www. naascu.ie or call (045) 879622