Annual General Meeting Update & Dividend/Loan Interest Rebate for 2020

AGM Update

In line with current public health guidelines, it will not be possible to hold our AGM in the foreseeable future.  The bill to allow Credit Unions to delay the hosting AGM’s relating to financial year end September 2020 until the end of April 2021 has now been passed.  As soon as it is safe to do so, we will be holding our AGM in person or virtually and all Members will be informed of the date, format and venue where applicable.

Dividend/Loan Interest Rebate

We want to assure our Members that St. Brigid’s had a very strong and positive financial performance in 2020 despite it being a very challenging year.  In spite of this, our regulatory body, the Central Bank of Ireland, informed all credit institutions including Credit Unions that they did not expect any proposal to return a dividend and/or loan interest rebate for the 2020 financial year end.   They said the reason for this was due to the potential economic impact of both the COVID_19 pandemic and Brexit.

A submission was put forward by your Board of Directors to the Central Bank to return a dividend & loan interest rebate but again the regulator reiterated their expectation as above.  To that end, the Board of Directors have decided not to return a dividend and loan interest rebate for 2020.  Instead, the surplus funds will be put into reserves to further strengthen our position in the event of another economic shock, such as the one seen in 2008.   The situation will be reviewed again at financial year end 2021.