September 20th 2008

Saturday night 20th September was the first of a series of events designed to celebrate the first 20 years of business of Kilrea & District No.5 Credit Union. Other events planned will be tailor made to inform the membership of the tremendous advantages that accrue from credit union membership, especially with the prospect of ‘hard times’ ahead.

This credit union was formed in August 1988 at a meeting of the Kilrea District LOL No.5. Members of that organization wanted to provide a safe and secure form of savings and credit for their families and friends. With the help of the National Federation of Credit Unions in Bradford, England a fledgling committee was assembled, rules learned and exams passed.

In 1999 this new savings group was granted permission by Companies Registry to legally provide loans to its own members. The business took off slowly but surely and today has assets of over half a million pounds. It is a ‘club’ credit union and is open to the members of Kilrea LOL and their family and friends.

Like all other credit unions world-wide Kilrea & District credit union can sell shares to its members and provide them with a decent form of loan when required. Loans can be used for purchase of household goods, kitchens, cars, holidays, school clothes, fills of winter fuel, etc.

Like most credit unions Kilrea & District C.U. prides itself that loans are at a low interest rate, have no set-up fee, have free life insurance and are discrete. The added bonus is that for every year of its existence so far, it has been able to pay its members a dividend on their shares.

Kilrea’s chairperson Mrs Hazel Smyth welcomed the chief guest, Mrs Gladys Copeland MBE who spoke on behalf of the Ulster Federation of Credit Unions to which Kilrea is now affiliated. She outlined how the Kilrea group was a pleasure to work with down the years and that they had done well to both grow in size and also provide a continuous dividend to the savers. Wishing them well for the future she expressed a desire to be invited to the 21st in 2009 when a much bigger event is already being planned.

Another notable speaker was Mr Leslie Blair who was the original organizer in 1988. He outlined the process of getting registered at that time and congratulated all those in the present board of directors who rigorously look after the assets of the credit union.

Kilrea & District Credit Union opens every Friday evening and Saturday morning at their premises beside Kilrea Orange Hall.

Four lucky members walked away from the dinner with several expensive pieces of household electronic equipment worth around £400 supplied in conjunction with Basil Knipe Electrics.


Ayn Rand

Money is the barometer of society’s virtue.

 A creative man is motivated by his desire to achieve,

not by his desire to beat others…..