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€8.5m savings in Moville Credit
Union
21.01.11
by Caoimhinn Barr, Inishowen Independent
FOYLE Credit Union's success story continues to see
new chapters with local members now saving a
whopping €8.5 million, the highest level ever at the
Moville-based financial institution.
Despite difficult economic conditions with many
banks coming under intense scrutiny, the Inishowen
organisation, first established in 1990, has boosted
its financial assets with loans also up to €4.6
million for the year ended September 30 last.
Speaking ahead of the 21st Foyle Credit Union AGM in
Moville next week, treasurer Brian Barr praised
those who continue to save and repay loans.
“Given the state of the country I think it is
remarkable that we have performed so well in 2010.
We are as busy as ever with members still showing a
great degree of confidence in their local credit
union. Shares and loans have both increased; well
done everyone and keep it up!” he enthused.
In his annual report at the Caisel Mara Hotel next
Tuesday night, Barr will inform members of a more
positive working relationship between Foyle Credit
Union and the Financial Regulator.
“Last year the Financial Regulator imposed new rules
on credit unions, which fundamentally changed the
method of presenting figures in our accounts. We
were forced to achieve a target of 10% of total
assets, the new Minimum Reserve Ratio which we have
reached and set aside as reserve,” he said. |
“Last year I asked the
question: ‘Who really runs Foyle Credit Union?’ I
can assure you that the Board of Directors regained
control of this credit union. They run Foyle Credit
Union and will continue to do so on your behalf.”
Treasurer since 1999, Barr said credit unions, like
Foyle, would continue to face difficult challenges
ahead.
“Although credit unions are different from other
financial institutions, they have not been immune to
the prevailing economic difficulties that have
engulfed this country and they have faced many
regulatory changes over the past year.”
“In order to deal with these issues, credit unions
will have a period of adjustment to contend with in
terms delivering a surplus |
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Brian Barr. |
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and deciding on
dividends for year end. We have provided, for the
incoming year, a substantial figure as provision for
any increase in bad or doubtful debt. This is a
prudent move, which will allow credit unions to
continue to have funds available for lending to
their members. For the Board’s part the directors
will continue the operation of prudent policies,
which guarantee further success in the year ahead,”
he added. |
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