Donegal credit union's savings and deposits totals €39 million

Ballyshannon and Killybegs Credit Union AGM on Tuesday night

By Staff Reporter

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Donegal credit union's savings and deposits totals €39 million

Members of the recently amalgamated Ballyshannon and Killybegs Credit Union are invited to attend the annual general meeting at 8pm on Tuesday, December 20th in the Bayview Hotel, Killybegs.

The directors will present the annual report and update members on developments which, according to the directors' business review, have been quite positive.

"The transfer of engagement which saw the formation of Ballyshannon & Killybegs Credit Union on June 10th has been very successful," a spokesperson said.

“There has been a notable increase in lending and member satisfaction, with the introduction of reduced lending rates and tailored loan products."

In addition, the credit union will launch its new website shortly. "This will allow more on-line services which will have a positive effect on our business activities," the spokesperson explained.

At the year ended September 30, 2016, the credit union had loaned 37 per cent of all deposits and savings to members, compared to 32 per cent in 2015. The total amount of member's savings and deposits at year end was just under €39 million, with around €14.5 m lent to members and €27.3m (70 per cent) in other investments.

The accounts show a surplus reserve of just over €2.3m for the year.

Members are reminded that voting will take place on a important proposals at the meeting.

Once the formal business of the AGM has been concluded, refreshments will be served and there also will be a prize draw.