The teller agent said there had not been an agm since 2008 and therefore she couldn't write up the interest for any further years.
Chasm - seems your credit union didn't inform you its agm had been delayed by under instructions of the regulator.
It should have under law held its AGM by the end of January unless instructed to do otherswise by the regulator.
Are you saying that when you contacted your credit union for a copy of the AGM (which I take it means accounts for last year as well) you weren't told it hadn't been held yet?
Naming the credit union here would allow its other members to understand what's happening.
Kaplan, The first time i requested it, the guy asked was there anything specific i wished to know about, to which i said no, i just wanted to see the copy of the AGM. The Guy said he would send me out a copy in the post.
I hadnt heard anything for over a week so i went back in, (as i was also waiting for them to send out my passbook, which had been left in to be uupdated). I asked again about the copy of the AGM which i had requested on my last visit. The same guy was behind the counter as on the previous visit, and he just said "has it not been sent out yet?" and then said he'd locate one and send it out.
After another couple of weeks i went back in and asked and there was a young lady behind the counter. I asked her about the copy of the AGM and she said that the AGM had not been held yet.
The Credit union is Carrick-on-Shannon and district C/U
The Regulator has said that around 30 Credit Unions are seriously distressed', and do not have the required minimum Regulatory Reserve Requirement of 10% of Assets. In these cases, the Regulator has stopped CUs from holding their AGM and will not allow a dividend to be paid until the CU comes up with a sustainable business plan. These Cus may also have serious loan book impairments, low bad debt provisions and also property impairments.
If a member wants to withdraw their savings today (say), then they will get Credit for any accrued interest (Dividend) once the Dividend % has been passed by members at the next AGM. The dividend will be calculated on the Savings daily balances from the last year financial year end up to the date of withdrawal. If however, no AGM has been held (Carricks case), then it is unlikely that any dividend will be allowed by the Regulator and all the member can do is to withdraw their Capital.
It is now obvious that certain CUs got into a lot of problems caused by what must have been very bad decisions on loans that they had made. This, though not with hindsight now, surprised me since I had believed that such "co-operatives" not needing to please stockmarket shareholders had really no need to make risky loans. In this way they were mimicking the banks and moving away from the much more traditional role of lending to first time owner occupiers already holding significant equity in their properties.
I had believed that such "co-operatives" not needing to please stockmarket shareholders had really no need to make risky loans.
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