Another strong performance from leading credit union in Offaly

ST. Brigid’s Credit Union Ltd held their 57th Annual General Meeting in Tuar Ard Arts Centre, Moate on Monday, January 27, with a good turnout from members.

Pat Cornally chaired the meeting and welcomed all attendee’s Pat stated that 2024 was another successful year for St. Brigid’s Credit Union and he thanked members for their continued, loyal support. During the past 12 months, membership continued to grow and over €14mn was advanced to members in loans.

He commended all staff who continue to provide an excellent personal service to members. This year saw the continued growth of the Current Account and Debit Card. This service is a real alternative to the traditional banks with a globally accepted Debit Mastercard®. The card can be used to purchase online and in shops, with contactless payments up to €50 and withdrawals from any ATM. With transparent fees, it is a very competitive offering. To date we have over 1,250 accounts and continue to see strong interest in the service.

Pat went on to say that if any member is looking to open a current account or to switch current accounts, to contact a member of staff in any of our branches for more details on how to do so.

Pat said that the Board of Directors would be proposing to pay a dividend of 0.25% and loan interest rebate of 10% for the year. While investment income continued to rebound, the interest income received from loans to members has continued to greatly contribute to our healthy surplus along with the continued prudent management of costs. He would strongly encourage all our members to continue to borrow and support your local credit union.

The cost-of-living challenge remains at the forefront of everyone’s mind at present. Pat said he would like to take the opportunity to remind all members that the credit union was there to help should anyone require a loan for any purpose. At the same time, trained credit union staff are available to advise should members find themselves in financial difficulty. They will do their utmost to help find a solution that works for all. It is key though that members make contact as early as possible before the account goes into arrears.

Climate Action remains a critical challenge for society and Pat said that we all must do what we can to ensure a more sustainable future for the generations to come. He said it was encouraging to see the uptake on the ECO loan offering. This is available to help our members become more sustainable and save money, whether it be through installing a more cost-effective heating system into their home or switching to a hybrid or electric vehicle. This loan product carries a special interest rate and members can get more information from any member of staff in any of our branches. He said the credit union will continue with the ESG agenda, focusing on what can be done to protect the environment.

St. Brigid’s are delighted to have also supported some great community projects during the year.

Operational Resilience was a key focus for the Credit Union this year and will be going forward. This is a process to ensure that we remain available to our members both in person and digitally whichever may be their preferred choice.

Pat informed the members that the Death Benefit Insurance (DBI2) Scheme will continue for 2025 at the annual premium of €55, just approximately €1.06 per week. This valuable offering provides help to families in time of bereavement. It is a member pay service, and we must maintain a participation level of at least 2,000 members for the scheme to be viable. He would encourage anyone who is interested in joining the scheme to check their eligibility and complete an application form at any of our branches. As this is a member pay service, members must sign up initially to be included and ensure they have available funds to meet the annual premium.

Ailish McGovern from Hayes, Coghlan, Doolan, Auditors, provided a synopsis of the financials for the year and assured members that St. Brigid’s were operating successfully and in a prudent manner. The credit union continues to maintain strong reserves as are required in order to maintain stability and protect members savings.

The Chair then thanked the retiring directors and board oversight committee for their time and commitment to the credit union. In particular he thanked John Nestor for an incredible forty years plus service. He remarked how John had seen many changes during that time and his contribution to ensuring the growth and success of our credit union to date. He also sincerely thanked Miriam Dolan who stepped down as CEO at year end and commended her on her leadership over a period of great success, unprecedented change and considerable growth which saw the Credit Union develop further as a safe, secure community based financial institution, saw the introduction of new products and services for Members and brought the addition of Ferbane & ; District Credit Union and Banagher Credit Union to the St. Brigid’s family. Michael Kelly was appointed to succeed her as CEO and Pat wished him all the success in his new position.

The Chair, in his closing speech thanked all the members who attended the AGM and for their participation. He encouraged members to continue to borrow and support their local credit union. For families who suffered a bereavement during the year he offered his condolences. Pat concluded the meeting by wishing members well, congratulating the winners of the Free Draw for attendees and outlining how St. Brigid’s Credit Union look forward to supporting them through 2025 and beyond.