Roscrea Credit Union AGM 2004
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A large attendance gathered at the Main Offices of Roscrea Credit Union on Friday last the 17th of December for the 38th Annual General Meeting of one of the most progressive Credit Unions in the Country.
After welcoming everyone to the meeting, Chairman Mr David Donnelly proceeded to give his report for the year on behalf of the Board Of Directors.
Mr Donnelly said the last financial year had been an excellent success for Roscrea Credit Union despite a significant number of members re-mortgaging and clearing their Credit Union borrowings. He said that during the year, Roscrea Credit Union lent almost 17 million to its members. Total loans in Roscrea Credit union now stand at 31 million while memberís shares including SSIAís now stand at 42 million.
Mr Donnelly proceeded to announce that the Credit Union had recently completed its new five-year Strategic Plan. The plan will see the introduction of fantastic new loan products such as the current Car Loan, which has an interest rate of 7% making it one of the most competitive car loan rates available on the market. Over the next twelve months members will begin to see a dramatic overhaul in the way Roscrea Credit Union communicates with its members. Surveys, newsletters and more use of www.roscreacu.ie will become the major focal points in 2005.
To improve the Credit Unions loan decision-making process, The Chairman announced that Roscrea Credit Union was now one of six Credit Unions in Ireland who are members of the Irish Credit Bureau. Mr Donnelly explained that this will give Roscrea Credit Union more access to important and detailed financial information when making lending decisions
Mr Donnelly then touched on one of the most important decisions that Roscrea Credit Union made this year, that been the decision to give a financial commitment to the swimming pool, to help bring the project to its conclusion. It was then announced that planning application for the pool has now been submitted to North Tipperary County Council, with work scheduled to commence in late Summer 2005 providing a much needed leisure facility for the town and environs.
Mr Donnelly concluded his address by congratulating Comhaltas on the success of Fleadh Cheoil Na Mumhan 2004 and he said he hoped that the enthusiasm of the town for the event could be capitalised on through another possible festival in Roscrea next year.
Pictured is Paula Feehan from Clonakenny recieving a first prize of 15,000.00 in Roscrea Credit Unionís Cash Draw Extravaganza. Other winners on the night included Mr & Mrs George/Christina Nixon, Mrs Marguerite Patterson, Mr Michael Anthony Tierney, Mr Joseph Ryan, Mr Eamonn Stafford, Mrs Marcella Delaney, Mrs Eileen Costigan, Mrs Bernadette Guidrea, Mr Sean Burke
Treasurer, Mr John Gunnell was next to speak and he announced a total increase in income of 3.32% for the year. He said total expenditure had witnessed an increase of 97,213, to give an overall surplus of 1.4 million. John also announced a dividend of 2% which represents very fair value when one considers the current interest rate environment.
Mr Patsy Treacy spoke on behalf of the Supervisory Committee and gave details of the wide range of checks that are carried out on the Credit Unions procedures and activities, to ensure that proper accounts and records are maintained. Mr Treacy reported an excellent attendance by the CEO and Directors at all Board meetings and reminded those present, that should any member feel they have a complaint or grievance, or any other problem relating to the Credit Union, the Supervisors are always available to talk too or investigate and resolve any matter.
Mr Jim Bolger delivered the Credit Committee report. Mr Bolger reported that the Credit Committee met for a total of fifty meetings during the past year in which a total of 6206 loans were approved worth 17,000,000. Mr Bolger reminded us that some members do get into difficulties with their repayments. His advice to anyone having difficulties was to make an appointment with the Credit Unions Credit Control Officer as soon as possible so that she can offer professional advice on how to deal with the problem.
Mr Tom McCarthy presented the Credit Control Report. He said that the past year has seen a significant increase in activity in the Credit Control area, with a 44% increase in bad debt recoveries - up from 55k in 2003 to 98k this year. This, coupled with a decrease of 25% in debt collection costs - down from 46k to 36k, demonstrates the Credit Unionís commitment to credit control. Mr McCarthy urged caution to all members in respect of borrowing. He said it is very easy to get finance at present - either from financial institutions or, even, supermarkets and credit card companies. Should the interest rates increase, members could find themselves in severe financial difficulties. He asked that all Members please consider all the issues before taking on additional borrowings and he also asked that members do not take offence if their loan applications are declined - the decision is in their own interest with many different factors taken into account.
Seamus Mullaney once again this year was given the pleasure of presenting a very detailed Social And Educational Report, which gave a great insight into a very busy year for the Credit Union. Seamus said that the highlight of the year was without doubt the Roscrea People Of The Year Awards, which continues to grow in popularity, recognising the achievements of people of the town and surrounding areas.
On the youth front, Mr Mullaney said that the poster competition and primary schools quiz were very well supported. He said the Credit union was also delighted to present St. Cronanís Workshop with the Special Olympics torch, which had been based in the Credit Union offices. It was felt that St. Cronanís was the fitting place for this work of art, which is based in the reception area in St. Cronans and will remind all visitors of the fantastic goodwill and comradeship that was evident in Roscrea during the Olympics.
Mr Mullaney then reminded us that one of our biggest events sponsored this year by the Credit Union was the open-air-concerts in the grounds of Damer House. These concerts were attended by 3,000 people and proved to be a huge success. Members were then reminded that In September, The Credit Union changed the format of the car draw - now known as the Monster Draw. Mr Mullany concluded his presentation by informing those in attendance that the Credit Union continue to sponsor numerous events in and around the town and have entered into a 3-year sponsorship deal with Roscrea Rugby Club, with the Credit Union being the main sponsor. The St.Anneís Golf Classic also continues to be a worthy recipient of sponsorship.
Mr Liam Phelan Chairman of the Membership Committee announced some fascinating figures in membership growth. During the year the membership of Roscrea Credit Union once again increased representing another fine performance, of which the membership committee is very proud. Mr Phelan said A number of initiatives to help increase membership over the following year will be embarked upon. This will include more information mornings/evenings as well as further developments that will encourage more young people to join the Credit Union. He reminded those present that while other financial institutions have depleted their counter staff, Roscrea Credit Union continues to provide an excellent counter service, 6 days per week. He said it is also gratifying to note that usage of our website www.roscreacu.ie has also increased. The website which was recently upgraded with an all new professional look allows people view their balances and apply for loans etc from the comfort of their own living room. Liam concluded by thanking Pat McGee for his service to the Credit Union over the last twenty years and wished him the very best of luck for the future.
The final report of the evening represents one of the most important areas in the Credit Union i.e. Planning & Development, and the report was presented by Mr Noel Ryan. Mr Ryan reported that A number of different initiatives have been undertaken in the past year. Our Credit Union was part of a technology-working group, which employed Deloitte to examine ways that Credit Unions could move forward. This initiative is continuing but is difficult to progress with each Credit Union being autonomous. However it was reported that Roscrea Credit Unions new five year Strategic Plan is in place. Mr Ryan said in particular Memberís could look forward to the introduction of more differential loan rates and special discount packages such as the Credit Unionís new Car loan offering which has an interest rate of just 7% making it one of the most competitive loan rates available. He also reported that the Tipperary Credit Union Alliance continues to go from strength to strength as regards promoting Credit Unions in the county. Mr Ryan concluded by informing those present that Roscrea Credit Union has in recent weeks introduced Paypoint as a new service, which has proven extremely popular with members allowing them to pay phone bills and ESB bills etc directly from the Credit Union offices.
Board Of Directors For The Forthcoming Year
Chairman: David Donnelly
Vice Chairman: Noel Ryan
Treasurer: John Gunnell
Secretary: Brendan Wright.
Directors: Tom McCarthy, Paul Ryan, Helen Fallon, Liam Phelan, Eamon Phelan, Jim Bolger, Anne Louise Mitchell, Hugh Keane, Noel Ryan, Dick Conroy, Patsy Treacy, Seamus Mullaney.
Supervisors: Maura Coughlan, Matt Talbot, Tony Mason.
Roscrea Credit Union continues to seek new ways of promoting the Credit Union to enhance the community. All constructive suggestions are welcome.