A motion of no confidence in the Board of Directors at one of the midland’s largest credit unions has been defeated after a special general meeting of members.
Up to 400 members of Athlone Credit Union attended the meeting last night after a request was submitted by 71 names calling for it.
The request called for a special general meeting to "propose a motion of no confidence in the Board of Directors of Athlone Credit Union Limited for failing to fulfill their functions as laid down in Section 55 of Credit Union Act 1997 (as amended)."
In a statement today to the Westmeath Independent, Chairman Alan MacNeice said: "I would like to thank the many members who attended the Athlone Credit Union SGM. The turnout of members was remarkable. It was a very important meeting in Athlone Credit Union's evolution.
"The members listened attentively, with many making worthwhile and interesting contributions. Following the vote of confidence in the Board, the Credit Union shall continue its work, offering members the most attractive financial services in the town and working to realise the potential of the credit union to do much more for our members".
It is understood the main basis for the calling of the meeting was concern over the delay in holding an AGM at the credit union.
The credit union board said last week it had been advised by the Central bank of their "high level concerns to be resolved prior to the AGM."
It is also understood the motion of no confidence was defeated in a show of hands on the floor.
In the year to 30 September 2016, Athlone Credit Union had a surplus of €1.97 million with reserves of €14m.
