Heritage Credit Union grows to over 83,000 members

THE Heritage Credit Union in Rathfarnham has grown to over 83,000 members and an asset size of over €230m, according to it’s annual report.

Over the last number of years, mergers have seen the likes of Templeogue, Harold’s Cross, Rialto, Walkinstown and Meath Street Credit Unions, added to Heritage CU, which was originally Rathfarnham & District Credit Union – boosting it’s loan book significantly.

Aughrim and Phibsboro & District Credit Unions were the latest to merge in 2022, and Heritage CU now boasts over 10 branches.

The report for the year ending September 2023, shows an overall cost-to-income ratio that has improved, moving from 92.01 per cent to 84.49 per cent.

In the annual report, Alan Roche, CEO of Heritage CU said they were pleased to report that lending has grown by 6.59 per cent with the loan book now standing just under €70m.

“Membership has also grown by just over 1,700 and we have strengthened our reserve position to 13.97 per cent. These figures present a solid foundation for the future and I am confident our credit union is in a healthy position,” said Mr Roche.

Now in it’s 60th year, Heritage CU is looking forward to celebrating the milestone with a series of events planned throughout the year.

Chairperson Colm Lawless said they opted to be involved with the Mortgage CUSO (Credit Union Service Organisation), a group of both small and large credit unions who are exploring the introduction of standardised mortgage product offering nationally.

“The project is backed by the Irish League of Credit Unions and the Credit Union Development Association – as a movement we have a real opportunity to break the mould of financial services in Ireland,” said Mr Lawless.

Heritage also partnered with Amarach Research to conduct a membership survey in 2023 and “better understand” the needs and wants of members.

“A clear preference from members for more online services has been expressed, and we have responded by introducing an online membership application process,” said Mr Roche.

“This has proven to be popular  with over 20 per cent of new members for the entire year joining in just six months.”

In the final months of 2023, Heritage also launched current accounts which allows for day-to-day banking capabilities, contactless transactions and an overdraft facility of €5,000.