Naas Credit Union sees jump in loans to members in 2016

Naas Credit Union’s AGM heard an increase in loans to members of €22.8 million in 2016.

Naas Credit Union Chairman Tim Ryan (below) said after the large gathering in the Osprey Hotel: “Naas Credit Union has again had a strong performance this year and we have to give huge credit to our members for enabling that.

"As we saw tonight they are very active and passionate about Naas Credit Union.”

The meeting saw the Chairman give a comprehensive overview of the previous year’s highlights including the opening of a Newbridge branch, significant growth in loans to the community, and growth in the number of members.

CEO Sean Murray spoke in detail on the financial figures and reported a profitable year, with particular positive emphasis on the increase in loans to members of €22.8 million in 2016.

Mr Murray said loans to members is the Credit Unions lifeblood and he urged members to continue to support Naas Credit Union by choosing them for their future loans.

Healthy reserves were also reported.

Mr Murray said the Board and team at Naas Credit Union are also working hard to bring new services to meet the growing demand from members.

CEO Sean Murray talked about a new current account service. The current account will go beyond the traditional role of a savings account, to provide a range of payment services such as debit cards and overdraft facilities.

The AGM saw a recommended dividend of 0.15%, agreed by members.

Chairman Mr Ryan explained “Despite initial signs of economic recovery are clear, it is only right that every credit union continues to make responsible and prudent decisions going forward. Our priority at Naas Credit Union is to protect our members, and therefore we are currently prioritising additional reserves.”

A new member was also elected to the Board; David Farrell, who has previously served on the Board of Directors.

The evening concluded with the monthly Car Draw and an attendance raffle for members (below).