Nearing Financial Year-End
It is difficult to believe that another financial year has almost completed. Only six weeks remain until the end of September 2018 with time seemingly going faster with each passing year.
The trading year has not been without its challenges. Deposit interest rates remain at historically all-time lows despite some tepid movement in longer term bond yields (ten year yields). Many of the Irish Institutions in which the Credit Union would hold funds now charge for the privilege, especially with shorter term funds of up to one year. Despite all of the Quantitative easing implemented by Central Banks worldwide, inflation worldwide remains relatively muted. The European Central Bank seems now ready to at least cease its QE at some stage in 2019. The theory is rates should begin to normalise somewhat after QE ceases, but even that would appear to be a ‘slow burn’.
There is also considerable upside pressure on the expenditure side as increased and more robust Regulatory requirements continue to be implemented. The Credit Union is also investing considerable funds in the development of extra and critical product lines which we trust will be to the short and long-term benefit of all.
The credit union will also be investing relatively substantial funding in the refurbishment of the offices at Ballinrobe which are scheduled to commence in the very near future. The bulk of these works will be internal, we apologise to members and the wider Ballinrobe community in advance for any inconveniences caused and sincerely hope that all will consider the renovations to be worthwhile.
Despite the obvious challenges, the financial year of 2018 has been very successful to date. Loan Book growth continues at a robust clip, providing and producing extra interest income as it does. Work continues to be in a position to offer extended product lines which will assist with both recruitment of new members and retention of existing members as they migrate and emigrate to the four corners of both country and further afield.
We will of course be providing fully Audited accounts to members in the not too distant future. In the meantime, thank you all so much for your continued support, kind words and very helpful feedback.
Current Accounts/Debit Cards
The work involved to be in a position to offer current accounts and debit cards to members continues apace. As members might appreciate and given the rapid changes in all kinds of technologies, fully functioning debit cards needs many attributes such as being acceptable in ATMs worldwide, contactless enabled, Chip & PIN enabled in addition to being acceptable for Point of Sale and eCommerce.
In collaboration with other large credit unions and with the guidance of CUSOP (CUSOP Payments DAC t/a CUSOP), Debit Card Solution Vendors have now been chosen which match the very best offered by any of the mainstream banking institutions.
The Operational structure required to offer the very best in service and back office function with respect to Debit Cards is simply vast, as one might expect. Full customer end-to-end support together with fraud strategy management, lost & stolen and PIN replacement are but a few of the critical criteria when assessing partners in our offering. The credit union is very satisfied that chosen partners possess the necessary scale and expertise to assist our members with all aspects of debit card offerings.
We will keep you up-to-date with developments as they unfold over the next number of months.
It is an exciting time in the development of St. Colman’s Credit Union as extra and necessary product lines are added to our existing suite.
Being a credit union member entitles one to ‘nominate’ one or more persons to receive your savings in the event of death and following production of the death certificate. The maximum benefit which can transfer is capped at €23,000.
It therefore is an extremely speedy method of transferring funds to a next-of-kin or a loved one without the need to await probate proceedings, which can very often take some considerable time. It is also a benefit not available at any other financial institution.
Many members appear not to be aware of this benefit. In other cases, the up-to-date wishes of the member may not be reflected given the changes that unfold throughout all of our lives.
We strongly recommend all members review their current nomination and that those who have yet to avail of the benefit, do so. There is no charge for the service and your loved ones might greatly appreciate at some stage in the future.
Please feel free to discuss with any of our staff members who will be happy to facilitate you in this regard.