Optimism among Credit Union community, despite hard times

Despite being unable to escape the constraints of the worsening economic downturn, the directors of Mullingar Credit Union were happy to report 'a reasonably satisfactory year', members heard at their annual general meeting.'As you are no doubt aware, the past year has been difficult in financial terms from a national, local and in many cases an individual point of view,' Mullingar CU President, Patrick Murray told the meeting, adding that the Credit Union continues to offer a 'safe and secure home' for savings.However, the effects of the economic downturn were plain to see in the summary of the local institution"s accounts, with a 1.75 percent dividend proposed, as well as an interest rebate of zero (compared to a 3 percent dividend in 2007, and an interest rebate of 15 percent).While the number of loans issued has increased by €3.5 million, investments have reduced by around €6.2 million to €97.7 million. Mullingar Credit Union"s assets have dropped by €4.6 million, while member savings have decreased by just over €821,000.A total of 8,447 loan applications were lodged with Mullingar CU during 2008, all but 395 of which were approved.The number of members, meanwhile, has grown to 30,398, while the union has obtained planning permission from Westmeath County Council for works to improve its Mullingar offices.Reports from the credit, credit control, membership, building/development, education, car draw, social/cultural and nominations committees were heard prior to the election of officers for 2009. Despite the economic downturn, most of the Credit Union"s ancillary activities were shown to be in flux, with great advances demonstrated in its social/cultural and educational offshoots.However, this couldn"t hide the fact that Mullingar Credit Union is preparing for the worst aspects of an economic recession.'It"s hard not to recognise a chill going through the community, with people losing jobs or going out of business,' the chairman of the Credit Control Committee, Jim Prendergast told the AGM.Mr. Prendergast urged members in financial difficulty to talk to the Credit Union management about being in arrears, and recommended that they remain cautious in their spending and borrowing to 'avoid excessive debt'.'The Credit Union owes a duty to all members to strenuously pursue outstanding debts, and it will continue to do so through all available means,' he added, stating that the credit union will resort to everything from telephone calls and letters to the use of tracing agencies and legal proceedings to recover repayments.'We"re not trying to frighten anybody. If you are in arrears, don"t just throw a letter of notice in the bin, or ignore our telephone calls. Come forward and talk to us about it.'It is vital in these situations that you contact us immediately, whereupon appropriate action can be taken, which will avoid loans becoming delinquent with arrears escalating out of control.'At last week"s meeting, which was attended by a sizeable collection of members, tributes were paid to the family and friends of the late Cathy Duffy, a Credit Union staff member of twenty years, who died earlier this year.