Tipperary Government TD Jackie Cahill says it’s wrong that Central Bank rules are preventing the payment of the annual dividend at Clonmel Credit Union.
The institution says it’s not in a position to pay out the annual loan interest rebate and dividend this year, as it needs an AGM for its approval.
This can’t be held within current restrictions, with some calls being made for a virtual meeting to be held.
Deputy Cahill has raised the issue with the Junior Minister with responsibility for credit unions, Seán Fleming.
“I’ve been calling on the Minister to get this clarified and to rectify the situation as quickly as possible.”
“We see other large organisations able to hold their AGM on Zoom so if needs be the AGM should be held very quickly and allow this rebate to be paid.”
“This rebate roughly is 30% of the interest that’s paid by members of the Credit Union in Clonmel. I know some other Credit Union’s would have different mechanisms for calculating their rebate but it’s hugely significant for the members.”
