WEXFORD CREDIT Union is expected to pay its thousands of customers a one per cent dividend this year, twice what it paid out last year.
Having celebrated its 50th birthday this year, Manager Ultan Ryan was in buoyant form when speaking to The Echo last night.
Having suffered a major set back in 2010 when Wexford Credit Union was unable to pay a dividend to its members because it has been forced to write down a €3 million investment in Anglo Irish Bank, the body has bounced back somewhat this year.
Mr. Ryan said: “It’s a case of steady as she goes with us. There is a reduction in applications for borrowing but our savings have steadied and stabilised. We are able to pay a bigger dividend this year, up half a per cent on last year as we have a better surplus. We have strengthened our reserves and we’ve provided for bad debts.”
The 1 per cent dividend will be put to members for ratification on Wednesday night at the Credit Unions AGM and will be paid out this Thursday in time for Christmas.
