Write a commentRepresentatives from Crossmaglen Credit Union recently joined more than 2,000 delegates from Credit Unions across Ireland at the 2014 AGM of the Irish League of Credit Unions at the Waterfront Hall, Belfast.
Attendees heard that credit unions in Northern Ireland continue to perform well in a struggling economy, as highlighted in the Irish League of Credit Unions’ 2013 financial summary for the province’s credit unions.
In the past 12 months, credit unions in Northern Ireland have provided £449million in loans to their membership. This was an increase of 3% on year-end figures from 2012. Membership has increased by 13,000 in the same period, bringing the total number of members to 425,000 members across the six counties. In addition, savings increased significantly to £965 million.
Speaking from the Waterfront Hall, Crossmaglen Credit Union Ltd’s representative, Dympna Haughian said "Crossmaglen Credit Union are delighted to join our colleagues to hear how our movement is flourishing in Northern Ireland, and engage in key strategic planning for our future. Certainly, our own credit union, which has been serving the local community for 41 years, has seen a demand in services from our members, and the need for affordable credit has perhaps never been greater
“At a time when many other financial institutions may have lost some of their lustre for the public, the credit union ethos is both relevant and attractive.
“Over the decades we have remained true to the concept of mutuality, providing essential financial services to everyone regardless of their class, creed or income level. Because each credit union is run by its own members, solely for members’ benefit, we are building social capital within our communities.
“As we continue to build membership and respond to the demands of existing members to expand and develop credit union services, we see huge opportunity for growth.”
Baroness Nuala O’Loan DBE MRIA addressed the gathering at the Waterfront and gave delegates her views on the importance of the movement, its social responsibility, and how credit unions can strive to do more in their support of local communities throughout the island of Ireland.
Speaking at the conference, Baroness O’Loan said: “The work that credit unions have done for and with their local communities all over Ireland is vital, particularly in giving those who are financially vulnerable access to borrowing, and the means to build up savings. My work has taken me all over the world, to talk to people from all walks of life, and I am hopeful for the movement’s future, and how it can help to continue shaping and supporting the communities in which we live.”
The theme of the weekend’s conference was “Opportunities for Growth”, reflecting the demand from the membership for credit unions to expand their range of services, and the potential credit unions have for growth. Discussions focused on how to provide more enhanced, efficient services to members, who continue to face difficulties as a result of the economy.
Economist David McWilliams was also there to talk to delegates about the British and Irish Economies, and attendees had a full schedule, hearing presentations and analysis, and contributing to detailed discussions on critical aspects of credit union operations.
Kieron Brennan, ILCU Chief Executive said: “We were delighted to be back in Belfast for our 2014 AGM, at a key time for our movement on the island of Ireland. On both sides of the border, credit unions are in the process of change and are firmly focused on ensuring we are in the best possible position to respond to the current economic challenges facing members.
“In Northern Ireland, the demand for our services has grown across the board in 2013, highlighting the relevance and importance of the movement in the province. And with discussions continuing with the NI Assembly, to see how we can further proposals outlined in the unanimously supported motion to the Assembly earlier this year, which called for Government to financially support an expansion of services provided by credit unions, there is significant opportunity on the horizon for credit unions and their members.
“The theme of this conference could not be more appropriate, when we consider the possibility that, with government support, credit unions in Northern Ireland could expand their range of services, and provide a wider and more effective service to the whole community, particularly those who are financially excluded, have limited access to banking services (due to closures of bank branches) and to the unbanked.
“With a membership of more than 3.1 million people across the island, it is clear that Credit Unions are as relevant today as when they were first established over half-a-century ago when communities united to combat poverty and social exclusion.”
