Our finances remain, as they were last year, very strong with a very healthy surplus and strong reserves, way in excess of statutory requirements. The board will, once again, be proposing a generous dividend to our saving members, and a generous interest rebate to our borrowing members, significantly better than many of our peer credit unions.
Examination of our finances continues to support our view that we are, financially, among the healthiest credit unions in the country. Our members are getting the best savings and loan value, available in Athlone.
At the annual meeting the board will be recommending for approval of the members:
- 2016 dividend 0.50%
- 2016 interest rebate 15%
- 2017 dividend 0.35%
- 2017 interest rebate 15%
If the members approve the board’s recommendations all these dividends and interest rebates would be paid to members within a day or two of the annual meeting, this would result in payments of over €1M to members at that time.
The Credit Union has made substantial progress strengthening the management team and meeting the requirements of the Central Bank. We are optimistic that the annual meeting will be held within the next 5 to 8 weeks.