£5m in loans handed out to members of Co Tyrone credit union

A Co Tyrone credit union has handed out £5m in loans to its members this year.

The 57th Annual General Meeting of Fintona Credit Union was held recently, celebrating a successful year marked by impressive financial milestones and enhanced member services.

In his opening address, chairman Joe Slevin hailed 2024 as a ‘fantastic year’, with loans to members surpassing £4 million and minors’ savings exceeding £1 million.

Mr Slevin highlighted the stability of Credit Union lending rates amidst rising rates among competitors and emphasised the continued provision of free Death Benefit Insurance for members who joined before the age of 70.

“By providing this free of charge, we feel we are offering a better service to our members and this will hopefully compensate for the lower savings rate interest, although this has increased significantly from last year,” added Mr Slevin.

Treasurer Aisling Mullan detailed significant financial achievements, including a £453,000 increase in loans, bringing the total to £4.2 million.

Adult members’ savings stood at just under £11 million, while minors’ savings crossed the £1 million mark. Improved investment returns enabled dividend increases from 0.15 per-cent to one per-cent for adult savings and from 1.91 per-cent to 3.5 per-cent for minors.

Additionally, a 40 percent interest rebate for borrowing members was announced, aimed at easing financial pressures amid rising living costs.

John Murray, reporting for the Loans Committee, shared that 727 loan applications were reviewed, with just four declined.

Loans approved totalled over £2.5 million, with borrowing trends revealing strong engagement from members in various age groups, including seniors. Notably, 26 loans of £250 or less highlighted the importance of smaller, accessible loans.

The Credit Control Committee presented its efforts in monitoring loan repayments and recovering overdue debts.

Their proactive approach recovered nearly £14,000 in bad debt from older loans, demonstrating the Credit Union’s commitment to financial accountability and member support.

Kevin Kearney of Gravitas Compliance Limited delivered the internal audit report, confirming effective governance and compliance within Fintona Credit Union.

Monthly audits raised no concerns, reflecting strong management practices.

The meeting concluded with a free prize draw and light refreshments.

Annual reports are now available at the Credit Union office, and the 2025 Fintona Credit Union calendar will be released in the coming weeks. Members are encouraged to pick up a copy.