AT the AGM held recently of Omagh Credit Union Ltd, members learned that, for the first time since its formation over 40 years ago, £1 million had been generated as surplus in a financial year. This will go back to the members as 2.5% dividend on savings amounting to £296,234 while a 35% interest rebate totalling £379,166 is being repaid to borrowing members. This means for every £1 paid in interest on a loan, 35 pence will be refunded making this Credit Union the first choice for people in the area when they wish to borrow money.
Adult membership of Omagh Credit Union now stands at 7,552 with over £12 million in savings while 2,168 persons from birth to age 16 years have accounts in the minor section amounting to £562,037.
The minimum amount allowed in savings for adults has been increased to £12,500 per member with a £5,000 maximum for savings in the minor section which has no borrowing facility.
From October 2005 to September 2006 the number of loans to members granted totalled 4,204 amounting to £6,203,482. Over £9 million is currently on loan to members and this figure is covered by life insurance. When a member dies, the loan balance is cleared leaving dependants with nothing to pay. This life insurance on savings and loans is paid for by Omagh Credit Union out if its income with no individual member bearing a charge.
To promote the Credit Union among the youth, a schools quiz is organised by Omagh Credit Union. This popular event for children under 11 and under 13 is being held on Satuday, January 27. Invitations have gone out to 16 schools in the area to enter teams of four for this general knowledge table quiz. It is now 16 years since this quiz was first mooted with the local event proving as popular as ever. The local Credit Union voluntary committee members and staff are looking forward to having a repeat of the large entry last year of 41 teams of four persons from 11 schools, the highest entry since this quiz was introduced.
It is planned to have an explanatory talk in the near future for those members interested in becoming involved in the running of Omagh Credit Union. All that is required is a commitment to attend weekly or monthly administrative meeting with training opportunities being provided for the various roles involved. Interested members should give their names to staff at the Credit Union office and they will be contacted with the details of the explanatory talks.
