Dublin credit union axes members’ benefits in bid to cut costs – The Irish Times

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St Agnes’ Credit Union in Dublin said it has been forced to curtail several benefits for members in a bid to cut costs. The Crumlin-based credit union, which has 10,500 members and more than €59 million in assets, said it had taken the decision to reduce the life savings benefit limit, paid out to dependants in the event of a member’s death, from €7,700 to €3,000 from next year.

It also plans to end the subsidy on death benefit that the credit union currently absorbs.

The union said the decision was made after a lengthy deliberation on the part of the board, management and staff union and was a matter of considerable regret. However, it insisted the cutbacks would “futureproof” the viability of the union and was in the best interest of members.

Chief executive Raymond Joyce said all credit unions were being forced to economise in the face of a “very challenging” trading conditions.

“Credit unions across the country have seen their loan books fall. In our case, it fell by about 70 per cent from a peak of around €30 million prior to the [economic] crash to under €10 million,” he said. The union’s current loan book is around €11.4 million.

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