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By Michelle Crean

EXCLUSIVE 

Killarney Credit Union (KCU) is reporting a strong financial year with over €140 million in assets – and €45m available to lend in 2020.

The credit union, which held its 2019 AGM on Wednesday evening in The Mangerton Suite Gleneagle Hotel, has grown its membership by 1,319 in the past 12 months. Savings have also increased to €121.5m, while the credit union has provided €1.3 in loans each month to the local community.

The credit union has been very active during 2019 with the launch of new agri loan product in March, a €10m collaboration with 16 other credit unions in Ireland with local fintech company Fexco. In October, it launched its current account service for members which is proving very popular.

While Killarney Credit Union has enjoyed a strong financial year it is faced with a challenging economic environment, especially with increased levies, low investment returns and decreased borrowing. It is important that the credit union continues to make responsible and prudent decisions to further strengthen the credit union. As a result, Killarney Credit Union will not be paying a dividend to its members this year.

“Having enjoyed a strong year in 2019, we are now very much focused on the future,” Mark Murphy, CEO of KCU said. “We are working hard to ensure that we will further roll out enhanced services for our members and meet the demand for different services and products. We see great opportunities for the credit union to grow and strengthen for our members in the coming year and this will be our priority.”

While KCU has a membership of 34,000, only 20 percent of members actually borrow from them, he added.

“In the past year, we have seen our loan book fall by 1.15 percent, as such lending is a core aspect of the business and we would encourage everyone to consider the credit union for their lending needs.”

Killarney Credit Union joined with other credit unions in Ireland in winning the CXi award for customer experience for the fifth consecutive year.

“Working together with our members we will remain a cornerstone of the local community, and weather the current challenges we face in relation to increased levy payments.”