Thurles Credit Union members to be asked to support a 'rebranding'

Members of Thurles Credit Union will be informed about an extremely busy year when they attend the upcoming AGM on December 18th next.

Speaking to the Tipperary Star this week, Brian King, CEO, reflected on the past year which saw the credit union return a surplus of over €1.53 million and reach an overall asset size of slightly over €121m.

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Mr. King said that the surplus is very satisfactory especially when one considers the any challenging trends for credit unions, especially in the areas of personal loan competition, the increasing cost base, reducing investment returns and the need to invest in strategy and I.T initiatives, coupled with developing key areas such as lending, operations, risk and compliance.
In relation to all the above, Mr. King was happy to report that the Credit Union has conducted a number of reviews over recent months and has now commenced implementing the recommendations arising from those reviews. Over the next few months, the credit union will continue to focus on strengthening its polices and processes, thereby strengthening the already solid foundation for the implementation of an exciting new Strategic Plan which the credit union worked on right through the summer and autumn months.

A key area of the Plan focuses on growing the loan book responsibly over the coming years, with further investment in people, technology, structures and the likely introduction of some new loan products. The Plan has an increased emphasis on marketing loans and making it more attractive for members to borrow from their local credit union. The Strategic Plan will also examine ways to attract new members and engage more with our existing members.

The CEO was happy to inform us that that the accounts for the past twelve months have been approved by the Central Bank, the regulatory body for the credit union movement in Ireland. He said the directors of the credit union are confident of the current strength and well-being of the business and their proposed payment of a dividend and an interest rebate has received the approval of the Central Bank. In addition, the credit union is in a position to strengthen its regulatory, operational and general reserves, all of which is very positive news.

Reflecting more on recent months, Mr. King told us that Thurles Credit Union recently became part of the midlands credit unions Cultivate Agri-loans initiative. This loan package provides short to medium term loan opportunities to members of our farming community at a very affordable rate. Thurles Credit Union joined with a number of other credit unions in the Midlands to offer Cultivate which is readily becoming more available throughout the country on a regional basis. Apart from introducing a new product our participation in Cultivate has allowed Thurles Credit Union to collaborate more with our neighbouring credit unions which is very important.

Mr. King also reminded us of the very attractive personal loan rates on offer at Thurles Credit Union and said that the special low loan rates for car and education purposes remain very popular. He asked members and potential members to consider the many benefits of a credit union loan including no hidden fees or transition rates, flexible repayments, no penalty for lump sum payments or for clearing the loan early, in addition to loan insurance - subject to terms and conditions - at no direct cost to the member.

Looking ahead to 2019, Mr. King said that the Board will be asking members to support a motion at the upcoming AGM that will allow Thurles Credit Union rebrand itself as Premier Credit Union. A lot of thought and outside expertise was sought on this matter. The overwhelming conclusion was that the time is right for Thurles Credit Union to rebrand itself as Premier Credit Union. He said that the directors believe the name sends out a serious message to existing and possible future members. “We want to be the premier financial institution of choice in the region and the name “Premier” has significant weight in helping to convey this message”, said Mr. King.

On a final note he thanked the staff for their great commitment to the credit union, and acknowledged the Board and Board Oversight Committee who expend the hundreds of hours on a voluntary basis that are required to help govern a credit union. Most of all, Mr. King was keen to thank the loyal and dedicated members of Thurles Credit Union for all their support over the years. He extended happy Christmas greetings and best wishes to all for 2019 from everyone associated with Thurles Credit Union.