Despite the inclement weather the 53rd AGM was well attended and members were in good spirits – even after battling against the elements!

Highlights

President George O’Driscoll presented current and future strategic initiatives which have yielded strong results and promise a positive outlook for 2016 and beyond.

CEO Robert Cooper presented a review of the year highlighting areas of growth, the success of the Transfer of Engagements with Pearse and St.Laurence O’Toole Credit Unions and also pointing out the challenges we still face as a result of poor returns in investments which are beyond our control and the need to grow the loan book.

ToE’s

Further Transfer of Engagements (ToE) with three Credit Unions (as mentioned in the Annual Report) were discussed. Members were asked to give the board and management their approval by resolution to continue with the ToE process. As Robert pointed out nothing is cast in stone at this stage and we may pursue all, none or some of the transfers, either way members will be kept up to date in the same way as you were for the previous ToE’s.

Social Fund

The creation of a social fund is a new initiative which will benefit some of our financially challenged members and was well received by all in attendance.

Resolutions

• Transfer of Engagements
• Creation of a Social Fund

These resolutions were discussed at length and went to the vote with the following results:

The Transfer of Engagements resolution was approved by a majority of 98%

The Creation of a Social Fund was approved by a majority of 99%

Members will be kept up to date on both of these items over the coming weeks and months.

Rewarding Borrowers and Savers

A dividend of 1% was proposed and carried. In addition, another new incentive was introduced by way of a 10% interest rebate on loans. This rebate will be re-evaluated at the end of each financial year and will be awarded on the basis of funds being available. For the financial year 2015 any monies due would have been transferred to the members share account in December.

Elections

A new board member was elected, Lorraine Malone, formerly a director of Pearse Credit Union. Lorraine was warmly welcomed by all in attendance and we wish her well in her tenure on the board.

Paddy Walsh was also welcomed as member of the Board Oversight Committee. You will all recognise Paddy as he featured in both the Newsletter and the Annual report this year!