The Mullingar Credit Union Annual Report 2019-2020 has been circulated to all members and when the AGM takes place, online, next Wednesday, 3 March, at 7pm one of the new departures will be a name change – it will be soon titled the North Midlands Credit Union.
Those who wish to “attend” the meeting need to register in advance to obtain the link to the AGM.
The Credit Union – which now includes Longford CU, was unable to hold the usual Annual General Meeting last December due to the COVID-19 restrictions. It required a change in the legislation to allow credit unions to hold their AGMs online. The Government have now amended the legislation and credit unions throughout the country are now starting to publish their Annual Reports and organise their AGMs.
The Annual Report distributed to members, both in the post and online and our AGM is going to be held on Wednesday 3rd March 2021 at 7pm. The meeting is being held online and members will have to register in advance to attend.
The Credit Union had a successful financial year to the end of September 2020 and made a surplus of over €1.5 million.
The Central Bank have instructed all Credit Institutions including Credit Unions that they should not pay a dividend or interest rebate so there will be no payout to members this year.
There will be a proposal to members at the AGM to change the name of the Credit Union from Mullingar Credit Union to North Midlands Credit Union. This is something that the Board of Directors have been considering for some time and really it just reflects the reality of the position. The geographical area in which Mullingar Credit Union now operates has expanded greatly over the years as credit unions have come together and merged their operations. This began when Castlelost Credit Union based in Rochfortbridge joined Mullingar in 2014, since then Kinnegad, Castlepollard and Longford have joined.
Longford cCredit Union was substantial, and i it had a significant impact when it transferred to Mullingar in January 2020. There are now about 57,000 members of Mullingar Credit Union spread throughout our common bond area.
The CU Directors are keen that the credit union name should be inclusive and should reflect the area that the common bond encompasses. They seek the support of members at the AGM. Details appear on page 31 of the Annual report.
