Westport Credit Union reports strong results for 2023

Westport Credit Union Ltd has reported strong results for 2023 at its recent AGM. They have sustained continued growth in the past twelve months and are confidently looking to growing their membership in 2024.

Publishing its year end results Westport Credit Union said it has achieved the following: Provided €10.5 million in loans to their members over the past year; Total assets have increased by €3.03 million in 2023; there are now over 15,000 members; Seen an 37 percent increase in members opening Current Accounts from the previous year.

Westport Credit Union remains a strong, viable and resilient Credit Union and are committed to providing a widening range of services and choice for their members.

Pauline Ryan, CEO of Westport Credit Union said: “2023 was a strong year for our credit union. As more and more people look for trusted sources of finance, we’re continuing to see increased demand for our services. We are very pleased to have supported over 1,100 members to undertake home renovations, make large scale purchases, purchase their home, buy a new car, or pay for a wedding and to enjoy holidays at home and abroad.

“We are acutely aware of the significant pressures which so many people face due to the increases in cost of living and we are pleased to also provide smaller loans to members to help them at ‘pinch points’ during the year, such as back to school costs or extra expense at Christmas. The credit union ethos is to use our funds to help our members and that is what we do at Westport credit union.

“We were delighted, together with credit unions across the country, to be ranked as the most highly regarded organisation in Ireland, in the Ireland RepTrak® 2023 annual study. This is an important acknowledgment of the trust that members place in their local credit union and the value placed on credit unions’ friendly people focused approach.

“As we continue to support our members and our local community, it is imperative that we continue to make responsible and prudent decisions to further strengthen the credit union and to focus our efforts on enhancing and expanding the services which we provide, in order to offer the best possible service to our members. We were delighted in October to launch our new Cultivate Agri loan to better service the needs of our farming community. We also introduced a large range of insurance products and are now pleased to be able to offer our members choice when choosing home, travel, car, and life insurance.

“Also, it was great to see an uptake in our Mortgage business this year, we are encouraged by our members turning to us for their home loan requirements. Our rate is very competitive, and a new fixed rate Mortgage product is also in the pipeline for early 2024.

“2023 saw us launch our Student Bursary, three of our student members received €1,000 each towards their education. There was huge interest in this and received great feedback.

“A significant outcome of the AGM was the passing of a motion to approve the creation of a community fund. The Credit Union allocated €100,000 to this fund, the purpose of which is to enhance and support the lives of those living in our community and will be used to fund projects within our common bond for social, cultural, or charitable purposes.

“We also want to take this opportunity to thank all our members for their continued support, trust and loyalty during the year. We recognise and appreciate your support and with your continued loyalty, we will continue to make a positive difference to our community.

“We continue to welcome new member to the credit union every day and if you have not already discovered the benefits of a being a member of your local credit union, we’d love you to get in touch with us today.”

Pauline also expressed a special word of thanks to her team in the Credit Union. She went on to say: “I am so grateful to them for their work ethic, dedication, and commitment. It would not be possible for us to provide the service we do without the voluntary input of our Directors, Board oversight committee and all the other volunteers in our sub offices in Louisburgh and Newport who freely give up their time and we would like to thank them for the level of service, care, and professionalism they display on your behalf”. if you are interested in becoming a Volunteer, please make contact with us.”

In 2024, Tom Gill will take over from Grainne O’Mahony as Chairperson of Westport Credit Union. Tom has served on the board of directors since 2020. Tom went on to say: “Westport Credit Union is a fantastic facility as a true ‘Community Bank’ and its staff offer a friendly and courteous face to face service when many other banks are closing or moving to impersonal banking. I’m delighted to serve as Chairperson and to work with the Board in supporting the members and indeed the staff to continue the service and success the Credit Union brings to the local community.”