Killarney Credit Union sees assets grow to €98 million

Killarney Credit Union has seen assets at the union grow to €98 million with a membership base of nearly 25,000 members. Credit Union At the Annual General Meeting  it was announced that Killarney Credit Union has seen a fall in loan arrears in the past 12 months. This year Killarney Credit Union undertook a transfer of engagements with Kenmare Credit Union and say they are examining further merger opportunities to help grow its business in the future. At the AGM, it declared a dividend of 0.25% for its members. CEO of Killarney Credit Union Mark Murphy said at the AGM that there is now a stabilisation of the financial services sector, with an organic loan growth of 2.78% and members’ savings increased to €84 million. At the AGM it was announced that the union has seen a fall in loan arrears in the past year and has a current provision for bad debts of 15.5% of its total loan book. The credit union is part of a pilot project with credit unions nationally supporting those on low income through the personal micro credit scheme. In the past 12 months, Killarney Credit Union has paid out loans to its members of nearly €9 million.