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,
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
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
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.