Editorial: Kilkenny's strong and healthy Credit Union is good for all

We are blessed in Kilkenny and surrounding counties to have a very strong and thriving Credit Union in St Canice’s — an institution for saving, borrowing and lending, fit-for-purpose and here to serve the needs of its members, our local community.

While the AGM won’t take place until next week, at which point members will be asked to sign off on the necessaries, reading the accompanying documentation sent out ahead of that event is heartening. The institution’s healthy status is quite remarkable given the challenges outlined above, and in particular, coming off the back of the Covid pandemic.

The CEO has outlined that the Credit Union has finished the year with a surplus of €791,000. It’s less than last year’s, but positive given the circumstances — a national issue with pension scheme under-funding, and a reduction in investment income of €2.4 million driven by negative interest rates.

There were some raised eyebrows last year at a move to dole out €250,000 to community groups in lieu of a dividend for members. Again this year, it looks like there will be no dividend. However, the benefit of that community fund for a swathe of local organisations is undoubted, and you can read on page 16 this week of what it has meant to the likes of GAA clubs, Amber Refuge, animal welfare groups, and more.

The other big worry in the past two years was the loan book. The plea went out at the previous two AGMs urging members to borrow. That call seems to have been heeded, and with very competitive and attractive offers from the Credit Union, there’s been a strong increase in the loan book and loan interest income.

That’s great news for everyone and is the sign of a healthy institution; lending is the Credit Union’s biggest income source. An increase of €7.4 million in total assets at the end of the financial year is a fair achievement, and total reserves stand at almost 16%.

St Canice’s Credit Union appears to be well governed, and in a strong and safe position looking to the year ahead.