St Dominic’s Credit Union has confirmed that it will be paying an annual dividend to its members this Christmas.
There was widespread consternation in the city earlier this week when it emerged that the 31,000 members of Waterford Credit Union (one of the 15 largest Credit Unions in the country) would not be receiving dividend payments this Christmas, the first time in the history of the branch. The branch was embroiled in further controversy earlier this year and both Gardai and the Financial Regulator are continuing to investigate a reputed €1m loss at Waterford Credit Union, which may have involved fraud.
However sources at St Dominics Credit Union, which has out-offices in Mooncoin and Mullinavat and membership of about 18,500, say a proposal will be brought to the Board and Executive Committee at the upcoming AGM to pay a dividend of 1.5% to members. During the boom years, the annual dividend averaged about 3%. It is understood that management at St Dominics is also putting together a dividend reserve fund to secure next year’s payments.