Tullamore Credit Union’s loan portfolio grows dramatically despite ‘difficult year’

TULLAMORE Credit Union’s loan portfolio grew significantly in 2021, the highest level of growth in many years.

The loan portfolio now stands at 77.6 million euros, up 10.1 million euros, revealed the chief financial officer of the credit union, Declan McDonnell.

Member savings increased by over 40 million euros in the 12 months leading up to September 30, and total savings now stand at 277.8 million euros.

But acting on the advice of the Central Bank, the board of directors of the credit union does not consider it prudent to recommend the payment of a dividend.

Details of the fund’s finances for the fiscal year ended September 30 are contained in the annual report which was distributed to members this week.

The Annual General Meeting takes place on Monday 13 December at the Tullamore Court Hotel at 8 p.m.

Members can attend in person or participate online.

If you would like to participate online, you will need to request the meeting link by visiting www.tullamorecu.ie or sending an email to [email protected] You will need to include your name, membership number and date of birth and your request must be received by December 8th.

In a letter to the president of the members’ credit union, Ray Spain said results exceeded expectations during a difficult year.

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