Editorial: Kilkenny's strong Credit Union is good for the whole community

Last year was an extremely positive one for the many local members of St Canice’s Credit Union, which is in a strong position and once again able to pay a dividend on shares.

It was one of a number of positive items arising at last week’s Credit Union AGM. Highlights include the 17% growth in the credit union loan book and an overall surplus of €2.85 million for the year. More good news arrives in the form of a lifting of the cap on individual members’ savings, while a new deposit savings account is a welcome boost.

A reflection of the times we are living in — with a housing crisis and huge pressure on people to gain a foothold on the property ladder — it’s no surprise to see major interest in mortgages.

The cost of living crisis is making its presence felt, and one clear indicator of this is the level of bad debts written off effectively doubling in 2023. In a prudent move, the Credit Union is substantially increasing its bad debt provision for the coming year.

It’s nice to see the increased allocation for the Community Connect fund, which goes back to the heart of what the Credit Union does and is. It’s for everyone in the community to feed into, to protect and to benefit from.

We are lucky in Kilkenny to have such a buoyant and strong community credit union, offering competitive lending rates and savings incentives. It’s the first port of call for many in times of need, whether it’s a car loan, home renovation, or even a well-earned holiday. It’s important for people to avoid predatory moneylenders and loansharks who target the vulnerable, charge extortionate rates, and often leave borrowers in a worse position than they started.

Members put their trust in the board and the elected officials who do their best and act in people’s best interests. The always helpful staff are also local people who live in our communities and take pride in the organisation. It was fitting that Roisin Gilroy — a long serving CU employee and friend of many — who passed away recently, was honoured at the AGM.