Editorial: Credit Union still showing its value for Kilkenny communities

It is great to see so many people from this community — and indeed, from further afield — availing of the fantastic service that is our local Credit Union.

Our story on page 2 this week reveals that thousands of customers across Kilkenny City and county have switched their current accounts to St Canice’s Credit Union in response to a number of institutions and banks exiting the Irish market.

With the likes of KBC and Ulster Bank making their exit, leaving their long-standing customers searching for other options, a time-tested  institution has stepped up and looks set to play a more important role in many people’s lives over the coming years.

St Canice’s Credit Union has grown in recent times, expanding to incorporate other smaller institutions that can benefit their own communities by coming under the umbrella of a bigger regional centre. Many of the staff and management are local, and are the friends and family of people in this community.

The most recent AGM for St Canice’s Credit Union showed a very healthy set of accounts. There were some extremely positive soundings from that meeting, and shareholders have good cause to be satisfied.

The one area of concern was the low level of borrowings by members. It is crucial — to maintain healthy books — that people come to borrow from the local Credit Union. They offer some of the best rates going in many areas — and that will be what keeps things moving forward in our post-pandemic world.

In lieu of a dividend for members this year, the Credit Union decided to put its surplus back into community causes.

A special fund of €250,000 was created to allow the Credit Union to make a significant contribution to community based initiatives — across social, cultural and charitable purposes. Local projects have benefitted right across the Credit Union’s common bond area. Well done to all.