A palpable sense of Monaghan Credit Union preparing itself for the post-pandemic period of renewed economic and personal savings and investment activity was discernible at the Annual General Meeting of the organisation held online on Monday March 29 last – the first time an AGM was held in the virtual realm, a decision necessitated by the prevailing Covid-19 public health requirements.
Members who linked in learned that the Credit Union was preparing to launch a new current account and debit card service in the summer. Expenses in relation to the initiative had combined with low returns on investments, requirements in relation to bad and doubtful debt provision and provision for redundancies to leave Monaghan Credit Union with a deficit of €347,970 for the financial year past, it was pointed out. No proposal was being made at the AGM to pay a dividend to members this year, the meeting was informed.
However, Chairman John Heffernan in his address assured members that the Credit Union was in a state of robust financial health. Emphasising the AGM theme of Here For You Always, the Chairman referred to the impacts of Covid-19 and the uncertainties of Brexit in what had been an unprecedented year but assured members that Monaghan Credit Union was committed to continuing to offer a high-quality service to its members. Mr Heffernan detailed an ongoing restructuring process which he said would lead…
