Hopes seem to have been dashed of any pre-Christmas dividend payment to Clonmel Credit Union members.
€1.8 million in dividend payments can’t be paid until they’re approved by an AGM, which can’t be held virtually under current Credit Union legislation.
Responding to questioning from Tipperary TD Jackie Cahill, the junior minister for Credit Unions Seán Fleming said that new legislation is likely to be completed in the coming weeks to allow for virtual AGMs.
However, he says this is unlikely to come through in time to allow for AGMs before Christmas.
“So the only thing I can say is that I would urge the Credit Unions involved to get immediately engage with the Central Bank to get approval – if there is approval required in relation to the payment of a small dividend or a refund of interest – so that can have arrangements in place as urgently as is physically possible.”
“But that in practice is going to be early in the New Year and I hope the members will understand because of the Covid situation that’s why our hands are tied.”
