Cavan Credit Union hold AGM

Ahead of their Annual General Meeting Cavan Credit Union say they are actively engaging with the public in an effort to expand their loan book. The AGM it will take place in the Farnham Arms Hotel next Monday January 29 at 7:00pm.

On the agenda of the AGM is the Board of Director's report, including the review of 2017 and a presentation of the financial statement for 2017 and, as it stands, all the number look very positive.

Eimer Tobin is the acting manager of Cavan Credit Union. She says that the local CU has had a very constructive year: “The financial statements show the positive performance of Cavan Credit Union for 2017. We have growth in all aspects of our operations. We have a 43% increase in surplus year on year for the financial year. There has been a 27% growth in loans from last year and on top of that we have had a 10% growth in membership.”

Ms Tobin says that recent growth in the local economy echoes the support that the CU is receiving: “It would be reflective of the Credit Union's position. We see good growth and we have seen a lot of people making enquiries in relation to loans. The environment has changed, people are more positive. They are saving a small bit less and are wiling to borrow a little bit more, because they can see that the future is a bit brighter.”

The common bond is the factor which unites the members of a Credit Union together. It defines the area in which a credit union can operate. The common bond ensures that the savings of members of the community are available to fellow members as loans.

Jim Burk is the Chairperson of Cavan Credit Union: “For the last couple of years we have been focused on lending in our common bond area. We are growing our loan book, lending out from €500 to €30,000. That is where we see our market presently.”
Ms Tobin said that there is a move away from traditional banking practices: “We have noticed a move from the banks to the credit union. As the banks started to increase their fees for their account holders we see a lot of customers coming to the credit union as we offer a lot of free services, such as debit card payments, electronic fund transfers, free cheque withdrawals, Fexco foreign exchange. The only fee that the member has is the €5 joining fee.”

The Chairperson says that the personal touch is another reason for the popularity of the local financial institution: “We don't plan to replace our staff with machines. We are in the process of employing people at the moment. People like that interaction when they come in to pay their loan or save their money. They are talking to a person and not lodging into a machine,” Mr Burke said.

The AGM it will take place in the Farnham Arms Hotel, Main Street, Cavan at 7:00pm. All members are welcome.