The recent AGM of Roscrea Credit Union was informed that once again the town’s leading financial institution has enjoyed another year of substantial growth and prosperity.
Roscrea Credit Union Enjoys Another Year
Of Substantial Growth
Mr Seamus Mullaney Chairman of the “Credit Union” said in his opening address that the Credit Union’s three core activities, loans, savings and membership had all increased substantially over the past twelve months.
As regards Roscrea itself, Mr Mullaney said the “Credit Union” is deeply rooted in many aspects and activities of the local community. He said he was delighted to see so many magnificent developments in the town coming to fruition such at Killavilla Soccer Club, the Golf Club, the swimming pool about to start and the huge increase in volunteerism in the numerous clubs around the town – something that’s on the decrease nationwide. From the Tidy Towns perspective, Mr Mullaney said “it’s great to see Roscrea doing so well in the national Pride of Place Competition which shows what can be achieved when people work together”.
Mr Mullaney also reported on the “Youth Action Group” that the Credit Union have now in place. This is an active committee consisting of fourteen pupils from the Colaiste Phobal which meets on a regular basis and whose job it is to encourage youth to join our Credit Union and to become actively involved.
The Chairman then reminded those in attendance that Roscrea Credit Union celebrates its 40th anniversary in 2007 and now has a committee in place to run a number of events during the year. Mr Mullaney encouraged members to make contact with Brian King, “Business Development Officer” at the Credit Union if they have any ideas or projects in mind that the Credit Union could embark upon as part of their 40th celebrations.
In conclusion Mr Mullaney said “there is no other financial service provider in Roscrea open 6 full days per week, with a comparable level of staffing”. With annual transaction activity of c.€239m and total assets of €58m, he said “it’s hard to believe that the Credit Union is run with a voluntary board of directors”. Going forward the Chairman said the credit union was always looking for new projects to benefit the community as well as new products and services to benefit members as evidenced by Roscrea Credit Union’s proposal at the AGM to offer a new mortgage intermediary service.
Treasurer of the Credit Union Mr John Gunnell announced a total increase in income of 7%. He said total expenditure had actually decreased by 60k, to give an overall surplus of €1.8 million.
Mattie Talbot addressed the AGM 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 Talbot reported an excellent attendance by the CEO, Ray McCarthy and Directors at all board and strategic planning meetings.
Jim Bolger delivered the Credit Committee report. Mr Bolger reported that The Credit Committee met for a total of 50 meetings during the past year. There was a quorum present at all meetings and loans were approved or rejected in accordance with the Loans Policy. Mr Bolger talked at length about the competitiveness of Credit union loans particularly a Credit Union Car Loan or a Credit Union Computer loan which continues to be the cheapest in the country.
Tom McCarthy presented the Credit Control Report. Tom reported an excellent year’s performance with recoveries up €77k on last year. Mr McCarthy said this success was largely due to the “dedication and professionalism” of Credit Controller Ms Sarah Beasley. Mr McCarthy assured members that Credit Union write offs are only an accounting exercise with all of these members being pursued for full recovery of their debts up to and including possible arrest and imprisonment. Mr McCarthy concluded by encourageing members who are in difficulty to contact Credit Control Officer – Sarah Beasley, who will deal with their difficulty. To assist members whose levels of debt are becoming increasingly difficult to control, Roscrea Credit Union now offer a free financial budgeting service in-house to try to address their problems. Mr McCarthy also 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. Mr McCarthy said that “Should the interest rates continue to increase, members could find themselves in severe financial difficulties and therefore people should consider all the issues before taking on additional borrowings”.
Mr Brendan Wright, Credit Union Secretary, 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. Mr Wright said the Credit Union was delighted to continue its sponsorship of the “Roscrea People Of the Year Awards”. The Secretary reminded members that during the year the Credit Union sponsored the large planter boxes for Roscrea Tidy Towns, which you see around the town, and which have made a huge difference. He said the Credit Union also had a flying visit from Martin Sheen – of West Wing fame – who proved to be very popular. On the sporting front Mr Wright talked about the Credit Union’s sponsorship of the Winter League in the Golf Club as well as various other sponsorships throughout the year such as the At Anne’s and Borris-In-Ossory Golf Classic. Mr Wright concluded by encouraging all members to enter the Credit union quarterly draw. He also referred to the success of the Credit Union poster and schools competition as well as various other school promotional activates that the Credit Union were involved in throughout the year.
Mr Patsy Treacy presented the annual “Membership Report”. He said membership of Roscrea Credit Union has increased by approx 600 new members in the past year. Considering the fact that the membership has almost reached saturation point Mr Treacy said that this is another excellent performance, of which the membership committee are very proud. Mr Treacy cited Initiatives such as the Credit Union’s revamped newsletter and the Credit Union’s continuous involvement in many of the local community’s events and activities as having greatly helped with the Credit Union’s profile both locally and nationally. Mr Treacy encouraged all members of Roscrea Credit Union to introduce new members and he also said it was gratifying to note that usage of our website www.roscreacu.ie had increased during the year.
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 Noel Ryan. Noel talked about Roscrea Credit Union joining the Irish Credit Bureau, and various technology initiatives that the Credit Union are currently investigating. Mr Ryan talked about many of the Credit Union’s exceptional products and services and he encouraged members to use the virtual internet access kiosk located inside the main door of the credit union for the past few months. This gives members access to both the credit union and roscreaonline websites. Due to the success of Death Benefit Insurance, and in view of the increasing costs of funerals, Mr Ryan said it has been agreed by the Board to increase cover from €2600 to €3250, with effect from the 1st of January 2007. This cover will be paid by the Credit Union as an operational expense. Mr Ryan talked about SSIA’s, www.roscreaonline.com which continues to be a huge success, with c.7,000 users logging onto the website each week. He also announced that Roscrea Credit union have paid €300k of our commitment to the Swimming Pool Company Limited in the past year and are putting aside a further €250k this year. Mr Ryan commented upon the new signs on the main approach roads to the town. He said many favourable comments have been passed on the signs, which were made possible through roscreaonline and the OPW/Heritage Society. In conclusion Noel congratulated Ena MacMahon who accepted a “Recognition Award” by Excellence Ireland in recent weeks.
Board Of Directors For The Forthcoming Year:
Chairman: Seamus Mullaney
Vice Chairman: Noel Ryan
Treasurer: John Gunnell
Secretary: Brendan Wright.
Directors: Tom McCarthy, Paul Ryan, Helen Fallon, Liam Phelan, Matthew Harte, Jim Bolger, Anne Louise Mitchell, Hugh Keane, Dick Conroy, Patsy Treacy, Denis Shanahan.
Maura Coughlan, Matt Talbot, Tony Mason.