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Killarney Credit Union continues to serve the community

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Killarney Credit Union.

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KILLARNEY CREDIT UNION has €45 million available to lend in 2017 and has in the past year provided €13.1 million in loans in the local community.

These and many more figures emerged as Killarney Credit Union held its annual general meeting in December. The event, in The Gleneagle Hotel, Killarney, heard how the credit union is now serving the needs of 25,000 members.

In existence since 1970, Killarney Credit Union has seen strong growth in the past 12 months. Mark Murphy, CEO of Killarney Credit Union, said: “The assets at the credit union now stand at a very healthy €105 million. In the past year, we facilitated the people of Killarney and Kenmare with over 2,500 individual loans to a value of €13.1 million.”

With the initial signs of economic recovery in the local economy, members’ confidence has seen a saving increase of 8% bringing total savings in the credit union to €91 million. Due to this increase, in July 2016, the Board of Killarney Credit Union took the hard decision to limit savings to €50,000 per member. This decision affected less than 1% of the membership of the credit union and is being monitored on an ongoing basis.

The credit union declared a dividend of .25% on shares held in the credit union. The credit union introduced a new IT system in October which allows for greater functionality and this includes online banking and mobile apps for members. It also introduced a range of new loan products including home, business, and bridging finance during the year.

“There is strong demand for the development of new products and services such as electronic payments, direct debits, debit cards, insurance cover and new loan rates. We are continually reviewing our product and service offering for members to meet their needs. Our home and business loan products are proving popular with members since their introduction this year,” added Mr Murphy.

The credit union has been heavily involved in sponsorship of local clubs, societies and charities in the past 12 months with over 50 groups receiving €20,000 in sponsorship. The credit union has an ethos of supporting local initiatives.

Pat Delaney, chairman of Killarney Credit Union, added: “We are proud of the role we continue to play in being more than a financial institution but a valuable resource to the South Kerry community and its people. Even though the initial signs of economic recovery are clear, it is only right that every credit union continues to make responsible and prudent decisions going forward. We are delighted to offer our members a return on their savings by paying a dividend this year. We would like to thank all of our members for their continued loyalty and support of our services.”

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Further rise in house prices forecast for 2022 as average price of a resale home in the capital reaches €500,000

According to the latest residential market review and outlook from leading property advisors DNG, house prices are set to continue rising this year, following the strong growth in values recorded in 2021. At a national level (excluding Dublin) the DNG National Price Gauge (NPG) recorded an increase in the average price of a second hand […]

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According to the latest residential market review and outlook from leading property advisors
DNG, house prices are set to continue rising this year, following the strong growth in values
recorded in 2021.

At a national level (excluding Dublin) the DNG National Price Gauge (NPG)
recorded an increase in the average price of a second hand home of 13.6% last year, a marked
acceleration in the rate of inflation compared to 2020 when prices rose by 1.4%.
At the national level (including Dublin) the overall rate of price increase last year stood at 12.0%. The NPG, which tracks house prices across the country on a half yearly basis, recorded growth of 5.3% in the six months to December 2021, compared to an increase of 7.9% in the first six months of last year.
All regions of Ireland recorded double digit price growth in 2021, except for Dublin (+9.9%).
Nationally, the strongest rate of house price appreciation was in the Mid-West region (+17.2%)
followed by the Midlands (+14.2%) and West (+13.8%) whilst the South East region saw the
lowest rate of growth in prices last year (+11.0%).
Outside the capital the highest average price was found in the Mid-East (€349,259) followed by the South West (€279,844).

Looking at the outlook for the year ahead, the agency forecasts further growth in prices both in
Dublin and nationally, with regional price gains set to outstrip those in the capital where nominal
values are already elevated, and affordability is more challenged.
The agency is forecasting an average uplift in regional markets of 12-13% this year whilst price growth in Dublin will more likely be high single digits, in the order of 6-8%.
The factors underpinning the forecasts include continued strong economic and wage growth, the heightened household savings levels seen in 2020-21, the extension of government initiatives for first time buyers announced in the budget, strong demand from this cohort evident in the mortgage approvals data and the prevailing low interest rate environment.
On the supply side, whilst the supply of new residential completions is set to increase to around 26,000 units this year, this will still be well below the estimated 30-35,000 new units required each year to meet demand thereby putting upward pressure on prices in the market.
“Whilst Covid-related issues rightly dominated the news agenda in 2021, housing undoubtedly came a close second, given the emotive nature of the housing debate and the current market dynamics of
rising house prices and rents and a shortage of accommodation available to buy or rent, not only
in Dublin but across the country.”, said DNG’s Director of Research Paul Murgatroyd said “Price growth was clearly very robust last year across all regions and the factors that drove those increases continue to be evident in the market as we enter 2022. The stock of homes for sale in the second hand market remains very low by historical standards and this, combined with the elevated level of demand, brought about in part by factors linked to changing behaviours throughout the pandemic, will mean further price appreciation will be evident as we progress through the year ahead.”

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Iarnrod Eireann refuses plans for footbridge at railway station

By Sean Moriarty Iarnrod Eireann will not be providing a footbridge to allow pedestrian’s access Killarney Bus Station direct from Killarney Railway Station. Following a motion put forward by Cllr John O’Dongohue last year it was decided that Kerry County Council would write to the railway company about building a footbridge to link the two […]

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By Sean Moriarty

Iarnrod Eireann will not be providing a footbridge to allow pedestrian’s access Killarney Bus Station direct from Killarney Railway Station.

Following a motion put forward by Cllr John O’Dongohue last year it was decided that Kerry County Council would write to the railway company about building a footbridge to link the two public transport hubs.

Currently rail passengers must walk from Killarney station, via the front entrance of the Great Southern Hotel and then walk the entire length of the Outlet Centre before reaching the bus station.

“It’s an anomaly that wouldn’t be tolerated in any other European country,” said Cllr O’Donoghue in November.

Iarnrod Eireann has responded to the letter sent shortly after the November meeting.

In reply the railway company said that in October 2019 it carried out a study which included the possibility of a either an underpass or a footbridge.

The study revealed that passenger would face a short four to five minute walk when trying to access one hub from another.

“Iarnrod Eireann would regard this as scheme as a low priority investment,” said chief executive Jim Meade in the letter.

Cllr Donoghue said the response was “ludicrous” and that he had often witnessed passengers lugging suitcases through the Outlet Centre.

“You would not jog it in five minutes,” he said.

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