BREAKING: Thousands of Clonmel Credit Union members to benefit from €1.3m windfall

The AGM of Clonmel Credit Union last week approved an interest rebate of 20%.

This resulted in a windfall for members of €1.35 million being paid on Wednesday last.

This was great news for members and indeed the broader community. 

Commenting on the payment, Pádraig Enright, CEO, Clonmel Credit Union said "we were delighted to have an interest rebate approved at the meeting and one that was amongst the largest in the country. This rewards the majority of our borrowers and is a very nice thank you for supporting your local credit union". 

SUPPORT FOR LOCAL BUSINESS

Reaction from the local business community has been very positive. 

“We lend more than €25 million per annum, and the majority of that is spent locally. This is a massive injection of funds into the local economy, supporting jobs in local businesses, local retailers, garages and car sales, restaurants, pubs and hotels, to name a few,” Mr Enright continued.

It is estimated that €1000 lent by the credit union has a multiplier effect of almost 4 times in terms of the economic activity it generates. The interest rebate has the same impact and €1.35 million that was paid out this week is very welcome to members and local businesses in the run up to Easter.

OUTSTANDING CUSTOMER EXPERIENCE

Clonmel Credit Union continues to thrive and following a recent investment programme provides a broad range of financial services to members.

The credit union current account provides members with the same functionality that banks provide but typically at a lower cost.

Over 1,200 current accounts are now in use with many people having switched from the banks. Clonmel Credit Union also launched a mortgage product that is proving very popular. In addition, recently launched online account opening and loans services provide a superb comprehensive service that is comparable to any other available.

Mr Enright commented that "at a time when banks are increasing interest rates and reducing services, Clonmel Credit Union is doing the opposite. Our purpose is to support our members and the local community and that is what drives us each day. We were proud to win the Tipperary Outstanding Customer Experience Award earlier this year and we look forward to building on that success in the coming years".