Credit Union celebrates six decades of service to the community in Tipperary's largest town

Clonmel Credit Union celebrated 60 years of successful service to the community at an event in its recently renovated, energy efficient Parnell Street offices with the unveiling of a commemorative plaque by Jennifer Carroll MacNeill, Minister of State at the Department of Finance with responsibility for Financial Services, Credit Unions and Insurance.

From small beginnings with 94 pounds capital and 63 members, Clonmel Credit Union is now lending €25 million annually to its 32,000 members.

Its President, Terry Stafford, calculates that they have loaned a total of €680 million locally since their formation.

“Our ethos has not changed but the business has,” he stated.

“We are, and always will be, a community-based, member-owned bank offering financial services to local businesses and families”.

Minister of State Jennifer Carroll MacNeill, a strong supporter of the Credit Union movement across Ireland, was the guest of honour to mark this milestone.

“For 60 years Clonmel Credit Union has professionally and passionately served their locality by putting their members first when it comes to the provision of financial services.

“They remain progressive and forward-thinking and continue to adapt their offering to meet the evolving needs of the individuals, families and businesses they serve.

“Clonmel Credit Union is firmly rooted in the business life of their community and with the addition of card services, online transactions and the provision of mortgages, they are providing for the banking needs of members today and into the future.

“I am very impressed also by the recent renovations to their building, which shows a commitment to the environment, and will help our path to achieving our national carbon reduction targets – all of which bodes well for a very bright future for the next 60 years,” the minister said.

The recent €2.5 million refurbishment of the premises they have occupied since 1993 (prior to that it was the Ritz Cinema) has resulted in substantial energy savings, and the new IT infrastructure has enabled the launch of online services.

This has proved to be a very timely decision, as the recent increase in the cost of energy savings has been much greater than budgeted for.

“We are now offering a full range of services including mortgages at a very competitive rate, agricultural and business loans, as well as the holiday, motor and refurbishment loans that we are well known for,” said Padraig Enright, CEO of Clonmel Credit Union.

“Our business is growing year on year and the reaction to our new online services has been very positive.

“1,500 new and existing members have switched to our new current account.

“On our 60th birthday we are very grateful for the continued support of our members and staff," he added.