Important Notice to Members26 January, 2021
Normally at this time of year we would be presenting Community Credit Union’s members with our Annual Report at our Annual General Meeting (AGM). However, this year we are unable to host a physical, in person AGM. Credit Union legislation has been amended to allow for a virtual AGM and we have commenced planning for this.
In the coming weeks, we will be organising our AGM at which time a full Annual Report will be available.
In the meantime, the Board of Directors has ensured that the audit of the accounts of Community Credit Union for the financial year ended 30th September 2020 has been completed in the normal time frame. We are reporting a surplus for the financial year, which we consider very satisfactory in the prevailing conditions. Similar to many other businesses, we are experiencing challenges in our operations. In particular we are seeing a significant build up in members savings, a subdued demand for lending and a very low investment return environment. These are all placing pressure on our ability to generate satisfactory surpluses and maintain our regulatory reserve requirements.
In light of the uncertainty created by COVID-19, the Central Bank of Ireland advised all Credit Unions in the Republic of Ireland that no dividends or interest rebates should be paid this year. The Board concurs with this advice from the Central Bank, therefore the surplus for the year will be used to maintain and build the Credit Union’s reserves. While we understand that our non-declaration of a dividend and interest rebate is disappointing for members, this action will place us in a better position to deal with the uncertainty of COVID-19 going forward, as well as a potential disruptive Brexit. As a designated essential service, we are prioritising strengthening the credit union so we will be there for our members when they need us.
In the early stages of the pandemic the Government listed Credit Unions as essential services and requested that as far as possible they continue to provide services to their members. We are pleased to say that the credit union has remained open and available to our members throughout and we would like to thank our Members, Staff, Directors, Board Oversight and other Committees for the manner in which they have worked together during this period.
In the meantime, thank you for your continued support of Community Credit Union.
Colin Hernon, Donal Redican
On behalf of the Board of Directors