St. Canice’s Kilkenny Credit Union has reported a healthy €5million surplus and proposes to pay a dividend of 1.5% to its members who have shares invested and a 10% rebate of loan interest paid to those members who have loans from the Credit Union.
With total assets of €220million on its balance sheet, St, Canice’s Kilkenny Credit
Union has become an integral part of life in Kilkenny, sponsoring the major sporting events and reaching its tentacles’ deep into the community to assist and enhance the lives of its members.
The main message from the 2013 audited Financial Statements is that the Credit Union has a lot of money to lend. It currently holds in excess of €165 million in its investment book and is actively seeking responsible borrowers to lend this money to.
The financial performance is all the more impressive as the declared surplus is after a €2million provision has had to be made for a 2005 investment in the Irish Bank Resolution Corporation (formally Anglo Irish Bank), following the decision of the Irish government to liquidate that bank, and despite assurances that the investment was secure.
St. Canice’s Kilkenny Credit Union continues to seek recovery of this investment and is pursuing legal and technical advice in this respect.
At the end of 2012 the Board of St. Canice’s announced its commitment to change, to keep the Credit Union relevant to a new generation of members, by introducing the new technological facilities required in the electronic age. These changes will continue to happen this year.
St Canice’s Credit will celebrate their 50th anniversary of serving the people of Kilkenny this year.