Wednesday 19 April 2017: Mr Frank Loughran: Omagh Credit Union
Mr Loughran was introduced by club member, Desmond Smart, as Chairman of the Board, an unpaid post because Omagh Credit Union is a non-profit making mutual society in which the only members benefit. To become a member a person must reside with in a 6 mile radius of Omagh and have at least £1.00 to invest. The CU prides itself on being non-political, non-sectarian and open to all. From early beginnings in which in which members deposited a few pounds and borrowed a few shillings, Omagh Credit Union now has some 14,000 members who between them have invested over £26 million. Currently it has £14 million out on loan and reserves of £7 million. Asked if the CU got back all the money it let out on loan, Mr Loughran stated it got back over 98.5%, bad debt in Omagh being less than it is in other Credit unions in Northern Ireland and Great Britain. While the interest rate for borrowers may be higher than it is in the High Street banks, interest rates for saver are also better. Mr Loughran also outlined the various Life Insurances policies open to CU investors. Unfortunately all those present for his talk were over the age of 55 – too old to take advantage of the best schemes available.