Normally at this time of year, we would be getting ready to send you all an Annual Report with the financial statements and announcement of the date of our AGM. This year however, we are in unprecedented times due to the Covid-19 pandemic and regrettably we will not be able to meet as normal. We are currently awaiting the passing of legislation that may allow us to defer the holding of our AGM by a period of 3 months to the 30th April 2021. We are hoping that by deferring our AGM to a later date we might be in a position to host a virtual meeting.
Notwithstanding the Pandemic, we had a good year and we now have total assets of €12 million. We also achieved a 6.5% growth in the loan book. However, our shares grew by 8.68% which means that our total reserve has dropped from 19.31% to 17.92% this year.
The Central Bank wrote to all Credit Unions in early September to say that given the level of risk and uncertainty posed by the Covid-19 pandemic as well as a potential disruptive Brexit they expect all credit unions to take a prudent approach to their reserve management.
As a result, the board of Bruff Credit Union will not be proposing the payment of a Dividend or Interest Rebate at the AGM.
The Annual Report for 2020 will issue prior to the AGM once a date has been set. Members who have signed up, will receive their AGM communications by email. We hope that all our members are staying safe and keeping well at this time. We look forward to seeing you all in the new year. If you wish to sign up to receive your AGM Communication via email, please click here.
Gerard Hehir, Manager
Bruff Credit Union Ltd.