Annual Dividends & Loan Interest Rebates
St. Canice’s Credit Union tries to give back when we can. The proposal this year is to pay a 0.1% Share Dividend and a Rebate of up to 20% loan interest from our year end surplus for the financial year ended 30th September, 2019. If approved at AGM in on 10th December 2019 these payments were paid directly into eligible members accounts on Wednesday December 11th.*
*It is important to note that rebate and dividend withdrawals are subject to approval where loan repayments were not received on time and/or in full. The share dividend and loan interest rebate returned to members for the year ended 30th September 2019 is not an indicator of future performance. Three is no guarantee that a loan interest rebate or share dividend will be paid in future years. Terms and conditions apply.
The Annual Surplus: You Make IT and Take IT!
To say that the credit union is a ‘non profit’ enterprise is not entirely accurate. Naturally, it is vital that business is operated in a sound, professional and successful manner and that each year a surplus or profit is made. However, this surplus, after transfer to reserves, is returned to the members by way of annual dividends and in some years a loan interest rebate may be returned to borrowers.
Dividend is calculated on a daily basis on the share balances held during the financial year. The credit union financial year end is 30th September and dividends earned (if any) are lodged to every members account once a year.
While the Board of Directors will recommend a dividend rate at AGM, the members in attendance on the night then vote to approve this rate. Members at AGM can elect to reduce this rate but cannot vote to increase it.
Dividends and loan interest rebates paid by St. Canice’s Kilkenny Credit Union in recent years are as follows;
|Year End||Dividend||Loan Interest Rebates|
|30th September 2019||0.1%||20% interest rebate for loans with rates rates up to 5% (nominal rate)|
10% interest rebate for loans with rates over 5% (nominal rate)
|30th September 2018||0.6%||25% interest rebate for loans with rates over 5% (nominal rate)|
10% interest rebate for loans with rates up to 5% (nominal rate)
|30th September 2017||0.5%|| 25% interest rebate for loans with interest rates greater than 5% (nominal interest rate)|
5% interest rebate for loans with interest rates greater than 5% (nominal interest rate)
|30th September 2016||0.5%||30% rebate on all loans where the loan interest rate charged is greater than 6.5% (6.7% APR variable).|
20% rebate on all loans where the loan interest rate charged is 6.5% (6.75% APR variable) or lower.
|30th September 2015||1%||30% rebate on all standard rate loans (9.9% – 10.4% APR variable)|
30% rebate on all reduced rate loans (8.2% – 8.5% APR variable)
20% rebate on all special rate loans (6.4% – 6.6% APR Variable)
|30th September 2014||1.5%||20% rebate on all standard rate loans (9.9% – 10.4% APR variable)|
20% rebate on all reduced rate loans (8.2% – 8.5% APR variable)
15% rebate on all special rate loans (6.4% – 6.6% APR variable)
|30th September 2013||1.5%||10% rebate on all loans|
|30th September 2012||1.25%||10% rebate on all loans|
|30th September 2011||.25%||Nil|
|30th September 2010||1%||5% rebate on all loans|
|30th September 2009||1%||5% rebate on all loans|