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Annual Reports 2001

"Reports from the AGM"

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35th Annual General Meeting 2001

More Oscars for Roscrea Credit Union

The 35th Annual General Meeting of Roscrea Credit Union proved to be a very rewarding, enlightening and entertaining affair. After welcoming those in attendance to the meeting, Mrs Helen Fallon Chairman of the credit union announced details of yet another year of substantial growth and development for the credit union despite the economic turbulence and downturn we have been experiencing in recent times. In light of the present economic climate, Helen stressed to the meeting the importance of not Over-Borrowing and putting themselves in financial difficulty. She also warned our members to be particularly cautious of credit card debt this Christmas, and not to fall into the trap of over indulgence, credit card bills always have to be paid back and for those who can not afford to, members should be reminded that credit card companies do not traditionally have much of what could best be described as a sympathetic ear.

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The following is an excerpt from the Credit Committee Report section:

It is my pleasure to present this report to you on behalf of the Credit Committee of Roscrea Credit Union for the year 2001.

It has been a very busy year for the Credit Committee, with enormous growth in the number and amount of loan applications in the past twelve months. Approximately £19.2 million is now out on loan, which is an increase of £4.9million on last year. While this amount is well secured by shares and other collateral, vigilence and careful monitoring of every individual loan, big or small, is essential. Efficient monitoring structures are in place.

Most of that work is done by our capable staff and we thank them, and congratulate them, on a job well done. The Credit Committee meets weekly and plays itís part too in a fair and confidential manner.

Our Credit Union is affected by changing economic circumstances for which we may have to adjust. We have concerns about the slowdown of the economy, but we are convinced that our Credit Union has the expertise and strength to support all our members through that downturn.

We are currently updating our loan policy. We are also ready for the changeover to the Euro, with all of our staff having undertaken training.

inally, we wish to thank our CEO & Deputy and all of our staff for their help during the year, and also the members of the Credit Control Committee and all the Board of Directors for their guidance and support.

Committee Members: Jim Bolger, Paul Ryan, Hugh Keane, Jimmy Carroll.