© Harp & Crown 2002
 

 

It is with great pleasure that I can report that the Credit Union continues to grow from strength to strength.

The balance in out share accounts broke through yet another million pounds barrier closing with over £9.2 million in savings whilst our loan accounts did likewise closing at just over £8.5 million.

The loan demand remained high with a total of 2799 loans being issued at a total value of over £5.4 million. With increased levels for both savings and loans to £15,000.00 this has greatly enhanced the usefullness of the loan facility with a steady average in excess of £400,000 per month.

Membership continues to grow steadily and if you have benefited from being a member of the Credit Union already encourage your colleagues within our common bond to join. The more members we have the better for everyone! There has been a recent change to the instant loan of £2000 which has now been replaced by a Starter Loan of £2000. This is only applicable to new members after a period of six months with the Credit Union. This loan is not based on savings and must be repaid after 2 years unlike normal loans which can be repaid over 5 years.

The shares lodged also remained steady at over £5 million with over £4 million being withdrawn which continues to prove the numbers benefiting from the level of accessibility to funds provided by this Credit Union.

Once again I am pleased to report that the share to loan ration has continued to grow, at one stage running at 93.1% and closing at 91.1%. It is the continued management of this figure in particular that allows the Board of Directors to propose to increase to 5.25% the dividend this year and to maintain at 12% the rebate of interest paid on loans. Thank you to Patrick Rice our auditor for his help and guidance.

The Credit Union was again pleased to be able to support a number of very worthy causes with the following charitable donations: The Law Enforcement Torch Run in support of the Special Olympics, Action Cancer and the Citizens Advice Bureau, each of whom recieved £1000. We were delighted to again support the POlice Federation Lottery of Champions Golf Event with a cheque for £1000 which is particularly appropriate as they continue to be so supportive of everythingwe do to provide this service.

The Credit Union continues its sponsorship with the PSNI Rugby team and is pleased with the continued success of the partnership. The Rugby Team is an excellent ambassador for the Credit Union and clearly displays the logo and literature at every event.

I would like to thank most sincerely Carol, Elaine, Tori, Suzy and Maureen-Jane for their committment and hard work and look forward to the incoming year.

Jill Ferguson
Treasurer/Manager.