independent

Friday 22 February 2019

Altura Credit Union to open new premises in 2019

Sara Gahan

Altura Credit Union will straighten its position in the market this year, according to President Andrew Cullen at the annual general meeting.

It was reported at the meeting that Altura Credit Union will open a 'new Rathdrum premises in early 2019' that will further show their commitment to the Branch Office network. They were also delighted to welcome the former Carnew Credit Union and its members to Altura after its transition in September last year.

Lending at Altura Credit Union has slightly increased since 2017 from €53,228,423 to €59,274,598 at the end of 2018, while members savings total has gone up from €103,797,677 to €128,094,054.

Mr Cullen recommended a dividend of 0.25 per cent and a loan interest rebate of 10 per cent on the standard rate loan, which is the same as last year.

The membership committee reported a growth during their financial year and members have increased by 4,063 bringing the total membership of Altura Credit Union at year end to 32,005. This includes members brought over during the successful Transfer of Engagement with Carnew Credit Union.

Mr Cullen said: '2018 has proven to be another challenging year for the Credit Union movement - not so much related to the financial crisis of a few years back but more so the fact it is becoming obvious that Credit Unions must revisit how we conduct our business to remain relevant and viable in the years ahead.'

At the end of his address, Mr Cullen requested all to think of Peter Finn who sadly passed away last December. As a sitting Director, Peter gave over 39 years service to the Credit Union and will always be fondly remembered and greatly missed.

Altura Credit Union common-bond area now stretches from South Bray, all the way down past Curracloe. Their area is no longer Gorey based.

Gorey Guardian

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