Local Tipperary Credit Union proposes €2.3 million Christmas windfall

The Clonmel Credit Union voluntary Board of Directors has proposed a distribution to members of €2,304,000.

The sum is derived from an interest rebate of 20% for 2024.

Savers at Clonmel Credit Union will also receive a pre-Christmas dividend.

Over €2.3M will go directly into the community across South Tipperary, giving a massive boost to the local economy in the run-up to Christmas.

CEO Pádraig Enright commented, "Every euro spent locally is worth up to four times the amount in terms of economic activity locally. It has tremendous benefits, stimulating all sorts of businesses, jobs, and prosperity in the community.

"Clonmel Credit Union has had another excellent year, lending more than €35 million to the local community. The majority is spent locally. That is a very significant contribution to local communities right across South Tipp. To cap the year off with a €2.3 million give back to our members is superb. The team at Clonmel Credit Union is highly invested in the community, and we're delighted with this outcome for 2024."

Dividends and interest rebates are subject to approval at the Clonmel Credit Union AGM, which will be held on Wednesday, December 11th, at Hotel Minella.

Subject to approval, this means that Clonmel Credit Union will return 20% of interest paid on standard rate loans for the year to September 30th 2024. The proposed dividend on savings is 0.5%, subject to DIRT, deducted at source unless an exemption applies.

The funds from rebate and dividend will be lodged to members' accounts on December 12th, for many, a welcome bonus ahead of the festive season.

"We're delighted to offer our members this rebate just ahead of the busy Christmas shopping season in Clonmel," said Audrey Conway, Branch Manager at Clonmel Credit Union. "We know that these funds are a significant help and also provide a major boost for local retailers coming up to Christmas. This is another example of the Credit Union's commitment to supporting our community, something that banks don't do for their customers.

"We aim to be one of the most progressive credit unions in the country. If you are not a member, please take the time to check out our current accounts, debit cards, mortgages and more. We would love to welcome you."

The Clonmel Credit Union AGM will be held on Wednesday, December 11th at Hotel Minella. Light refreshments will be served. Members are invited to attend.

On the agenda is a review of 2024's achievements, including the successful launch of the new services, the growth in lending, the €14,000 secondary school bursary award, and a mega giveaway to celebrate 25 years of the member's draw.

Chairman of the Board, Eamonn O' Mara, will deliver his report for 2024 and also outline plans for 2025 and beyond.

Clonmel Credit Union advises members to visit www.clonmelcu.com for the terms and conditions of the dividend and rebate proposals and for further information on the AGM.