AGM 2010 - Credit Committee report

Annual General Meeting - 10th December, 2010

Credit evaluation and control is a very important function in any Credit Union. The Credit Committee have

weekly meetings to evaluate and decide on loan applications.

Kanturk Credit Union has always been very prudent in its lending policy. We advance loans at all times

within the limits set down, and facilitate members wishing to use our products. A good track record

in savings or repaying previous loans and a clear demonstration of ones ability to repay, are the essential

requirements.

I would like on behalf of my fellow Directors and committee members, to thank the Manager and staff for

their work with the committee during the year. We would like to thank them for their dedication , expertise

and understanding when dealing with people taking out loans or having loans rescheduled. We are all

aware of the great stress that debt can put on individuals and families as they struggle to cope. Credit

Unions are more understanding than other institutions in this regard. It is for that reason that the

requirements laid down by the Board, and now by the Financial Regulator, are so strict. We are only

too aware that bad borrowing can result from bad lending.

The current Bank situation is a case in point -

too much money lent to people who hadn't the means to repay. Our Credit Union uses members own

funds to lend to its members, unlike Banks who borrow vast amounts of money for its onward lending.

The trust system is still very strong within the Credit Union movement. However the Financial Regulator

is putting a complete raft of regulations on top of normal practice which we have no choice but to comply with.

We very much welcome members taking out loans from us and indeed any new members who also wish to

apply for loans are welcome to discuss their application with any member of staff.

Finally, I would like to thank my fellow committee members, Manager and staff for their help and

support during the year. Thank you.

Desmond Daly - Chairman - Credit Committee.

Kanturk Credit Union Limited