98% of loan applications approved by credit union
By Maurice Garvey
UP TO 98 per cent of loan applications are approved at Heritage Credit Union in Rathfarnham.
According to the credit union’s annual report 2020, “great strides” have been made and they currently have €43.6m of members’ money loaned to other members.
The Heritage Credit Union in Rathfarnham
In the report, Heritage Chairman Paul Moran said they still have a “phenomenal further €90m available to lend within our community right now if/when demand resumes.”
Heritage holds €136m of members savings for the financial year ended September 30, 2020.
Mr Moran says while these savings can be used as an indicator of the strength of the organisation, the fuel that keeps the organisation going is the interest on loans.
“We are listening and we are lending,” he said.
“The best route to members’ money working for other members is through lending. It is back to the basic principles of the movement, and we would urge our fellow members to think of the credit union as a provider for finance, for your own needs and for your family, friends and the community.”
Total deposits and investments for the financial year were €109m, while total reserves were €21m.
Since the financial year-end, there was a transfer of engagements of Halston Street Credit Union on Capel Street and Milltown-Clonskeagh Credit Union Dundrum, to Heritage CU, strengthening total assets to over €185m.
Formerly known as Rathfarnham and District Credit Union, Heritage CU have successfully implemented mergers in recent years with Templeogue, Harold’s Cross, Rialto, Walkinstown and Meath Street Credit Unions, boosting their loan book.
It has been Government policy since 2012 to encourage the credit union sector to consolidate through mergers, with over 150 mergers taking place across the country.
