PRESIDENT'S ADDRESS
On behalf of the Board of Directors, I am honoured to welcome you to the 59th Annual General Meeting of Altura Credit Union Ltd, once again held virtually to ensure accessibility for all members across our ever-growing common bond area. It is a privilege to connect with you all, as we continue to strengthen the community spirit that defines our Credit Union. 2025 has been a year of renewal and transformation for the Credit Union movement, shaped by continued economic adjustments, technological advancement, and significant developments in the legislative landscape. The introduction of new Credit Union legislative measures this year marks one of the most important evolutions in our sector in decades — aimed at enabling greater collaboration, innovation, and diversification of services. These changes, welcomed across the movement, create opportunities for Credit Unions like Altura to deliver even more value to our members while maintaining our trusted, community-focused ethos. Reflecting on the challenges of recent years, we can take great pride in the continued upward trajectory of Altura Credit Union. Through prudent financial management and the collective efforts of our dedicated team, we have sustained strong growth and stability. Our surplus this year stands at €2.3 million, demonstrating both operational excellence and resilience in a dynamic financial environment. Reserves management remains a cornerstone of our strategic focus. The Board continues to prioritise a strong capital position, ensuring Altura is equipped to support members, absorb external shocks, and pursue future growth opportunities with confidence. A key highlight of the year was the successful transfer of engagements with Baltinglass Credit Union, approved by members at last year’s AGM/SGM and now fully integrated. This strategic merger has strengthened our financial position, expanded our bond area, and enhanced service accessibility for members across our communities. It reflects the ongoing transformation within the Credit Union movement — one that aligns with national efforts to build a more robust and sustainable sector. In line with our commitment to empowering members, I am delighted to confirm that the savings cap has been further increased, enabling members to invest more confidently in their local Credit Union. Details will be shared by our CEO in his report. As of 30 September 2025, Altura Credit Union proudly serves over 55,000 members, with total savings of €225 million and loans outstanding of €111 million. Our Loans to Assets ratio remains among the strongest in the country at 41.97%, reflecting both robust lending demand and sound portfolio management. Loan arrears remain at historically low levels, underlining our prudent approach to credit and member engagement. The Board is pleased to propose a dividend of 0.15% and a loan interest rebate of 7.50%, on standard rate loans, returning almost €700,000 to members — a testament to the Credit Union’s strong performance and our commitment to sharing success with those who make it possible. We continue to provide Loan Protection, Life Savings, and Death Benefit Insurance at no additional cost to members, representing an annual contribution of almost €1,000,000. (Continues on next page)
3
Made with FlippingBook - Online magazine maker