0.1% dividend being proposed by Credit Union

Having celebrated their 50-year anniversary last year, Cavan Credit Union is set to inform members at their upcoming AGM that the local financial organisation is in rude health with total assets standing at over €50M and a loan-book of just under €18M.

It stands to see the board propose to pay members a 0.1% dividend on savings, with further hope that the outturn will continue in the coming years.
The Cavan Credit Union Annual General Meeting 2018 will take place tomorrow (Monday,) January 21, at the Hotel Kilmore in Cavan Town, starting from 7pm.
According to the Annual Report issued to members, more than 500 new members (total 18,660) joined Cavan CU in 2018, which finished the year with a surplus of €788,732 for 2018, and reserves of almost €6.7m, well in excess of the minimum regulatory requirement.
The value of the loan book, standing at €17,927,763, represents a 16% increase on the previous year, and over the year the CU approved more than €10M in loan applications to a maximum amount of €50,000.
Despite a low interest rate environment, the Cavan CU's investment portfolio still generates more than €330,000, and now totals €31,890,589.
Savings at the financial institution now total €44,195,846.
In a statement to The Anglo-Celt, Cavan Credit Union said: “The board acknowledges that we live in a time of constant change, which can bring challenges to all institutions. However the credit union embraces moving with the times, while maintaining its co-operative ethos and placing the member at the heart of everything it does.
“The Board would like to thank the members of Cavan Credit Union for their continued loyalty and support, and assure members that they will continue to work hard to ensure that Cavan Credit Union maintains its special place at the heart of the local community for the next 50 years.”