Ballyshannon and Killybegs Credit Union issued €10m in loans last year

AGM will he held virtually on April 20 in "challenging economic environment"

Ballyshannon and Killybegs Credit Union issued €10m in loans last year

Ballyshannon and Killybegs Credit Union

Desspite the unforeseen challenges posed by the Covid-19 pandemic Ballyshannon & Killybegs Credit Union Ltd has reported that its 2020 year-end result remained steady, providing €10m in loans to the local community.
In its annual report, Daniel Monaghan Chairperson of the Board of Directors said: ‘The Credit Union continued to be there for its members during 2020, albeit in a very challenging economic environment due to Covid-19 pandemic and extremely low investment returns.
“Despite the unprecedented challenges faced, Ballyshannon & Killybegs Credit Union has continued to serve its members throughout the pandemic by adopting new methods of providing our services and making necessary modifications to all our premises to be compliant with HSE guidelines. Our focus throughout has been to continue to work in a way that best suits our members.

“We have provided new services and products, the option to make payments by Debit Card via our website and Docu-Sign loan facilities to help members unable to access our offices due to Covid-19 restrictions. We know our members value the continued service we provide. We can assure our members that we continue to be a reliable sourse of lending and savings.”
The report indicated that the Credit Union continues to make responsible and prudent decisions to further strengthen the Credit Union.
They confirmed that they had finalised the purchase of a new building in Killybegs and are currently in the process of redesigning it to provide a modern, more spacious office to all members.
In 2020 they also relocated the Glenties office to a new location across the street (Brennan's).
It currently has offices in Ballyshannon, Killybegs, Glenties, Pettigo and Ardara.
As of September 30, 2020 it had operational reserves of €330,000, a regulatory risk reserve of €6,563,811 and a surplus resrve of €2,167.840.
The cash and cash equivalents at the end of the financial year stood at €2.631,765.
The credit union's virtual AGM will take place via Microsoft Teams Live Event on April 20 at 7 pm.
Members wishing to attend the Virtual AGM need to register on their website by close of business today, April 14, 2021.

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