Credit where it's due
Ciarán Hancock
Business Affairs Correspondent
ONE MORE THING: WHILE CONCERNS persist about the solvency of our credit unions following the crash of the Irish economy, latest accounts for Blackrock Credit Union Ltd in Dublin indicate that it is in reasonable shape financially.
It more than doubled its surplus in the year to the end of September 2011 to €198,367. Its level of savings has been largely stable over the past four years at €12.6 million.
Loans over that period declined to just under €6 million last year from €6.2 million in 2007. It had reserves of €1.8 million at the end of September last.
The increased surplus was achieved “despite considerable loan bad debts and a loss on one class of investment”, the accounts noted.
“As a result of some of our members experiencing a reduction in their income, their ability to meet their commitments to the credit union have been affected,” the directors stated.
The credit union wrote off loans worth €258,603 last year compared with €167,750 in 2010. Just under €6,000 in bad debts were recovered.
The credit union might be operating in a well-heeled part of Dublin, but it’s not immune to the effects of the recession.
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