Failure to pay out Credit Union dividends to impact local businesses

There are calls for Clonmel Credit Union to be allowed hold a “virtual AGM.”

The institution says it’s not in a position to pay out the annual loan interest rebate and dividend this year due to the Covid-19 pandemic.

Members need to approve the payment at an AGM however this can’t be held because of the restrictions.

Former board member of the Credit Union Councillor Richie Molloy says steps should be taken to enable it to go ahead.

“It’s a huge blow to the economy in Clonmel. Over €1.7 will be paid out if the dividend is done.”

“It’s €200 to €300 roughly per member if they’re entitled to it. And that makes a huge difference at this time of year when you’ve so many bills facing you – Christmas toys and extra food to be bought.”

“I’m calling on our Oireachtas members in Tipperary to bring it before the Dáil. It’s a simple amendment to allow Credit Unions to hold virtual AGM’s.”