File pic: Credit Union
Mountmellick Credit Union's members like others around Ireland got busy saving and took out less new loans during the pandemic.
It means that no interest rebate or dividend will be paid to members for this year.
The business which is managed by Colm Heslin, experienced a drop of €1.4 million in loans granted in the year October 2019 to 2020, compared to the previous year.
Deposits and investments by members rose in the same time by €7.76 million to €32.69m.
“The Covid-19 pandemic has had a significant impact on the services offered by Mountmellick Credit Union Limited. In particular, lending to members has dropped significantly during the period March to May 2020,” members were told last week.
“The loan book has recovered somewhat since this period. Mountmellick Credit Union has attempted to manage these exceptional circumstances using a proactive approach, with member safety a key consideration,” say Directors Elizabeth Moore and Rita Kelly in their annual report.
“Both the level of business and the year-end financial position were satisfactory. The directors expect to develop and expand the Credit Union's current activities and they are confident of its ability to operate successfully in the future,” they wrote.
Mountmellick Credit Union Ltd has just announced the imminent takeover of Rathangan Credit Union in Kildare. Read below.
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