Clonmel Credit Union has been forced to postpone payment of the annual loan interest rebate and dividend due to Covid -19.
In line with all credit unions in Ireland, Clonmel was instructed by the Central Bank not to proceed with payment of a rebate or dividend given the challenges brought about by the pandemic.
Spokesperson Seamus Martin says the Credit Union’s hands are tied when it comes to this year’s dividend which won’t be paid out this side of Christmas.
“The loan interest rebate and the dividend has to be agreed at an AGM. We can’t hold an AGM because of Covid so we’re snookered.”
“The Credit Union in Clonmel has constantly engaged with the authorities and the Central Bank on these matters because we had a very strong performance this year in spite of everything.”
“The surplus was €3.6 million and that meant that €1.7 million was available for distribution to the members but we can’t do it for legal reasons.”
