Credit union loaned out more than £2m to community last year

THE 51st annual general meeting of Beragh Credit Union took place recently and marked another successful year for the organisation.

In 2024, Beragh Credit Union celebrated its 50th anniversary as a financial co-operative.

To commemorate the milestone, a special dinner was held at Canavan’s Restaurant, Garvaghey, where directors, staff, and volunteers enjoyed a memorable evening.

The event was graced by the president of the Irish League of Credit Unions, Martin Busch, and his wife, alongside representatives from other credit unions.

The annual report, presented by auditors Gildernew & Co, highlighted a significant increase in members’ shares, which now total £7 million.

Loans also grew to £2.1 million, underscoring the community’s trust in the credit union’s services.

Members were reassured of their savings’ security, with deposits guaranteed up to £85,000 per member under the Financial Services Compensation Scheme.

The surplus of income over expenditure stood at £220,319 after tax, while total assets reached £8.6 million.

Over recent years, the credit union has consistently delivered a substantial dividend to adult members and minor savers, as well as offering an interest rebate on loans.

The credit union also provides Death Benefit Insurance to qualifying members, covering £2,000 towards funeral expenses. Members are reminded to ensure their premiums are up to date to maintain coverage.

Community engagement remains a priority, with the Credit Union Art Competition and School Quiz continuing to thrive among local schools. The monthly draw for minor savers also remains a popular feature.

Annual reports are available for members at the Beragh Credit Union office.