Progressive Credit Union approved for Rush and Lusk business

Progressive Credit Union in north Dublin has received approval to do business in the villages of Rush and Lusk following the appointment earlier this month of a provisional liquidator to Rush Credit Union.

At its agm on Wednesday night, Progressive’s members approved a rule change to extend the credit union’s “common bond” to the parishes of Rush and Lusk. This is to cater for requests from members of Rush Credit Union to become members of Progressive.

The rule change has been registered by the Central Bank of Ireland, allowing Progressive to offer its products in Rush and Lusk.

Progressive chairman Fran Ryan said; "Our board did not want to see a situation where, through no fault of their own, credit union members were being left without access to services."

Progressive has 45,416 members and comprises six north Dublin credit unions - the former Balbriggan, Baldoyle-Portmarnock, Donabate, Glasnevin, Howth-Sutton, Skerries and Swords- Rivervalley.

Rivervalley and Rathingle, and Baldoyle and Portmarnock joined it during the year, bringing 1,944 new members with them.

Surplus

Progressive posted a surplus of €1.7 million in the year to the end of September 30th 2016, the same level as the previous year.

Its income rose by 15 per cent to €4.2 million while expenditure increased by 30 per cent to €2.5 million. The credit union’s total assets were €142 million in the period while member savings amounted to €122.2 million.

The credit union wrote off €388,928 in bad debts last year and closed the financial year with just under €2.5 million in provisions on its books. Total impaired loans amounted to €5.7 million or 17.44 per cent of its total loans.

In a bid to keep costs in check, the credit union closed its Howth and Portmarnock branches and reduced the opening hours in Donabate and Skerries due to the small number of members using the branches.

The credit union has received permission from the Central Bank to offer personal current account services, including debit cards and hopes to launch the product in 2017.

Progressive approved more than 93 per cent of all loan applications over the year to the value of €17.9 million, with an average loan value of €3,600.