Letterkenny Credit Union has issued nearly 3,000 loans

LETTERKENNY Credit Union’s loan portfolio passed the €30 million mark for the first time last year.
Letterkenny Credit Union also generated the highest loan income on record at £2.16 million in 2021. The credit union has made 2,965 loans to the local community worth £15.3 million. euros over the past year. The income and expenditure account shows a surplus of €510,000.
Total membership now stands at 23,117, with 940 new members in 2021.
Shareholders were told that the Credit Union continues to grow and that its directors are optimistic about the future despite the ongoing challenges posed by the Covid-19 pandemic.
Gordon Randles, CEO of Letterkenny Credit Union, said the year had been another difficult year.
“Our primary goal remains to provide you with exceptional service and to introduce new services, technologies and products that will continue to achieve this goal,” he wrote in his year-end report.
Investment income maintained this year despite the continued impact of negative rates on credit union investments.
Earlier this year Letterkenny Credit Union introduced a share cap of €30,000 per member account. This means that each member can only have €30,000 in shares with the fund.
“The Board of Directors has taken the difficult decision to initiate a process of contacting the members to bring their savings to the level of the share cap introduced in July 2018 at €30,000.
“The increase in savings held negatively impacts the cost of levies imposed on the credit union that are directly related to the size of CU assets,” Randles wrote.
In September, Letterkenny CU introduced its current account and debit card, while all loans can now be made online or through the mobile app, from application to direct debit, without the need to visit at the office on High Road.
“Our goal is to continuously improve and improve the services provided to you, our members, and to ensure that Letterkenny Credit Union remains relevant to your day-to-day financial needs,” Mr. Randles said.
The 2021 Letterkenny Credit Union Annual General Membership Meeting will be held online on Tuesday, February 1 at 7 p.m.

Posted: 12:30 p.m. on January 30, 2022

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