WEXFORD CREDIT Union had some good news for its members in the run-up to Christmas when it announced, at its AGM, that they had performed strongly in 2014, resulting in a surplus of over €2 million.

As a result of that, the board was pleased to announce a dividend on shares of 1.25% and an interest rebate of 9%. This will see over €2.1 million returned to members of the credit union.

Total assets of the credit union rose from €148.2 million in 2013 to €154.6 in 2014 while the closing cash and investments for the 2014 stood at €92.1 million, almost €10 million more than at the end of 2013. General management costs of the branch also fell from €4.4 million down to €3.6 million.

Chairman of the credit union, Joss O’Connor said: “During the year, we have seen the embedding of risk management systems, compliance systems, an internal audit function and a myriad of new policies and procedures. While onerous, these new legislative requirements assist us in protecting your savings.”

He said that new members were continuing to join the credit union and they were striving to meet all of their needs.

Tribute was paid on the night also to Luke Wadding, the credit union’s longest serving director and a founder member of the organisation. Mr. Wadding passed away last month at the age of 85.

Mr. O’Connor said: “We, as a board, will strive to continue to develop a strong and vibrant credit union which will be a fitting legacy to Luke and the others that have gone before him.”