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Killarney Credit Union reports a strong financial year

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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.”

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Contactless payments launched on Local Link services

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Passengers using TFI Local Link Kerry services in Killarney and across the county can now pay for their journeys using contactless card payments.

The National Transport Authority (NTA) confirmed the rollout this week, allowing commuters to simply tap their debit card, credit card, or mobile devices, such as Apple Pay and Google Pa, when boarding.

The move is designed to offer more convenience for those using high-frequency rural and regional routes.

In Killarney, the new payment option will be available on the TFI Anseo town services, which have seen a significant increase in passenger numbers since their introduction.

The contactless system is currently available for single journey fares, while those using daily or weekly passes can continue to use the Leap website or the TFI Leap Top Up App.
Alan O’Connell, General Manager of TFI Local Link Kerry, welcomed the modernisation of the fleet.

“The introduction of contactless payments is another welcome step forward for public transport in Kerry,” he said. “It complements other major projects in the county, including the expansion of TFI Local Link services and the delivery of TFI Anseo in Killarney, which is proving to be another great initiative.”

While the new technology offers a modern alternative, traditional payment methods are not being phased out. Cash payments, TFI Leap cards, and Free Travel Cards all remains fully valid across the network.

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How will our Kerry TDs vote tomorrow?

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Tomorrow, Sinn Féin will be tabling a motion of no confidence against the Government after the protests that took place nationwide during the week.

Earlier today we asked our readers how would they vote in a no confidence motion against the Government?

Most of our readers said they would vote no confidence, while some said, yes they do have confidence in the Government.

One reader said: “Vote confidence. The only proper leadership over the last few days came from government. Courage came when needed despite how unpopular it looked in the moment. By contrast, opposition politicians wanted the country to burn to suit themselves”.

Another reader stated: “No confidence. Shambolic and heavy handed handling of protests this past week”.

However, some people didn’t have any confidence in either side with a reader saying: “No confidence in the no confidence! Different wings of the same bird! We need a complete overhaul of the political system”.

We asked the question to our 5 Kerry TDs before lunch-time today, asking them what their vote will be tomorrow.

We received one reply from Sinn Féin’s Kerry TD Pa Daly.

He will be voting no confidence in the Government tomorrow along with his party.

Other media outlets are reporting that Independent TD Danny Healy-Rae is undecided at the moment.

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