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Largest credit union in the country is not in trouble, RTÉ clarifies

The credit union today announced profits of over €7 million and record reserves, after two reports that it was in trouble.

REPORTS THAT THE largest credit union in the country, St Raphael’s Garda Credit Union, is in trouble are wide of the mark, the credit union has said.

St Raphael’s was responding to a story in last weekend’s Sunday Independent that said that 70 per cent of the loans at the institution had been rescheduled.

The piece was cited in an RTÉ Morning Ireland interview with Irish League of Credit Unions chief Kieron Brennan.

That prompted the credit union to contact RTÉ to clarify the matter. In a message to members signed by Chairman John McDermott and CEO Claire Byrne, they say they were never contacted about the piece.

“RTE did not contact us before broadcasting the incorrect information. We contacted them immediately to highlight that their information was incorrect, that St Raphael’s has reported strong surpluses throughout the economic downturn and that it is one of the strongest credit unions in the country.”

RTÉ then ran a clarification on the News At One clarifying the matter, with the correction saying that less than 10 per cent of the loans at St Raphael’s had been rescheduled.

St Raphael’s added that they have contacted the Sunday Independent to seek a correction to the piece, but have not yet received a response.

Profit

In fact, St Raphael’s today released their annual results, showing that profits of €7.3 million and record-level reserves of €51.6 million.

The results showed that the credit union had recovered half a million euro in previously written off bad debts and paid a dividend of 1.5 per cent to members – about a quarter of a per cent above the national average.

CEO of St Raphael’s Claire Byrne said that some of the reporting on credit unions was “poorly researched”.

A number of media outlets have made claims about credit unions that are simply wrong. These stories are based on incorrect information and are poorly researched.

“St Raphael’s continues to be in a very strong financial position and we expect it will continue to be one of the strongest credit unions in the country.

“Like every other lender, we have some borrowers who are having difficulty in repaying their loans – but the numbers are relatively small and we will continue to manage them appropriately.”

Read: People still joining credit unions, but fewer are taking out loans

Read: Explainer: What is going on with the Credit Union?

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27 Comments
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    Mute Dearbhla O Reilly
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    Aug 28th 2020, 12:15 AM

    Covid is really highlighting the cracks in the system.

    181
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    Mute Paul Gorry
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    Aug 28th 2020, 12:52 AM

    @Dearbhla O Reilly: covid is a curse always going to be a crack in the system, whatever system that maybe

    20
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    Mute Graham Manning
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    Aug 28th 2020, 8:05 AM

    @Paul Gorry: yes but specific to our education system we’ve the highest pupil teacher ratio, smallest physical classrooms, highest percentage of overcrowded schools, spend the smallest percentage of our budget in education and a lack of teachers. All things, thanks to decades of underinvestment that were there pre Covid. Just a damn sight more visible now.

    104
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    Mute Dan
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    Aug 28th 2020, 1:59 AM

    Garda stations closing, schools with no teachers, hospitals with no beds or doctors, no money for that kinda stuff. Plenty of money to build broadband infrastructure that we wont own, or ministers that we dont need, or to rent space so TDs can adequately socially distance in their job.

    159
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    Mute Adam Conroy
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    Aug 28th 2020, 3:22 AM

    There’s no extra teaching positions. Just a big campaign to recruit casual subs.

    102
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    Mute Graham Manning
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    Aug 28th 2020, 8:05 AM

    @Adam Conroy: that vast majority of whom don’t exist.

    36
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    Mute Proinsias Ó Fearghail
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    Aug 28th 2020, 7:21 AM

    We have the exact same situation. 150 children and 5 mainstream teachers. 39 in senior classroom. Dropped numbers last year but as we had a huge surge in numbers this year,I thought an appeal would succeed. I was wrong. Back in April,when these decisions were being made,Department was behaving as if all was normal. They only seemed to realise there was an issue at the end of July,and since then they have been sending us email after email…but no surrender on teacher allocation.

    53
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    Mute Woolly
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    Aug 28th 2020, 8:02 AM

    @Proinsias Ó Fearghail: 39 in a class isn’t normal or acceptable in any situation

    46
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    Mute EvieXVI
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    Aug 28th 2020, 12:21 AM

    Enough already!
    Teachers are head done by, we get it!
    Just let our children be children- there is no perfect solution, and stop this scare- mongering and focusing on problems that can – and need – to be solved, just not by next week.

    37
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    Mute Michael Purcell
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    Aug 28th 2020, 6:06 AM

    @EvieXVI: read the article again.
    Pupils in large classes are educationally disadvantaged!
    Pupils.
    This article us about the welfare of pupils.

    184
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    Mute TheHeathen
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    Aug 28th 2020, 7:56 AM

    @EvieXVI: Ah there she is with her big chip. This has nothing to do with teachers and everything to do with students, yet you couldn’t help having a go at teachers like in all education articles you seem to always comment on. Years of underinvestment has left our students at a disadvantage, largest class sizes and one of the lowest investment per GDP in the OECD. All areas of education need investment, not just a one off splurge of money for hand sanitizer, prefab and subs. Well funded education gives back many multiples on its investment to society and the economy. We are punching so far above our weight when it comes to educational investment, ad can be seen by our international scores.

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    Mute Graham Manning
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    Aug 28th 2020, 8:06 AM

    @EvieXVI: not a word of that was about “hard done by” teachers. Reading and understanding are two different things.

    37
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    Mute Sean O' Donovan
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    Aug 28th 2020, 12:21 AM

    ‘No zero-risk scenario’: Hiring 1,000 extra teachers to be a challenge, accepts Minister.

    Someone’s having a great laugh at all the panic and fear being spread.

    26
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    Mute Lorraine Mac Rory
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    Aug 28th 2020, 7:13 AM

    @Sean O’ Donovan: none of those teachers are for primary

    33
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    Mute Saorlaith
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    Aug 28th 2020, 7:21 AM

    @Sean O’ Donovan: where are they pulling the 1000 teachers from? They don’t exist!

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    Mute Woolly
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    Aug 28th 2020, 8:00 AM

    @Saorlaith: Fair share of them in Middle East, getting good pay and conditions maybe we should do another Irelands call, it worked so well last time………!!!

    17
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    Mute Seymour business
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    Aug 28th 2020, 12:51 AM

    No doubt it’s going to be difficult and require a lot of hard work and concentration which may not suit a lot of teaching staff for various reasons.. But best of luck to all..

    23
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    Mute Graham Manning
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    Aug 28th 2020, 8:08 AM

    @Seymour business: well there’s a sneaky nonsensical dig that has no relation to the article itself. You know the one about students being disadvantaged?

    35
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    Mute Criostoir Mac Ranghaill
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    Aug 28th 2020, 1:15 AM

    Kids the future of our country now are becoming a serious liability because of inept management by government.

    33
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    Mute Padraic Tuffy
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    Aug 28th 2020, 1:08 AM

    Let’s just all sit at home, sure it will be great. Absolutely let’s be careful and controlled. The kids will loves us for it, and love us, and love us……they will know no difference. They have to grow, pandemic or no pandemic and any any state employees with strong unions really need to consider the bigger picture.

    14
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    Mute Graham Manning
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    Aug 28th 2020, 8:09 AM

    @Padraic Tuffy: decided on your silly post before reading the article huh?

    23
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    Mute Gareth Murphy
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    Aug 28th 2020, 8:21 AM

    @Padraic Tuffy: You dont think overcrowded classrooms fits into the bog picture?

    13
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    Mute Colette Kearns
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    Aug 28th 2020, 1:01 AM

    Where is the 375million going that’s been granted to schools in Ireland? I for one want to know, one school going to use an old woren out garden shed ( used to have one & it cost 199£ & yes ££ that’s how old they are) to put a sick child into!! Ahh seriously!

    27
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    Mute Eddie O'Neill
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    Aug 28th 2020, 1:15 AM

    @Colette Kearns: They released a partial breakdown of the costs a few weeks back, you are right to want to know, I was curious if the €50m for deep cleaning is arranged by each school individually or was a contract awarded to a company to cover all schools. All staff and pupil areas cleaned daily, so all chairs, desks, handrails, doors, toilets etc etc, seems a tall order that would require a full time team of people. My cynical thinking wonders if this cleaning will be half a55ed, that if its not fully done there is little point in half cleaning, and that some contractor(s) will share €50m of taxpayers for doing nothing useful. Gov doesn’t care as along as they can say we did something about it.

    43
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    Mute Paul Gorry
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    Aug 28th 2020, 1:21 AM

    @Colette Kearns: collete give over the scaremongering will you. The child will be taken out off class and put into whatever is available until the appropriate action is taken. Your assumption of putting a sick child in a garden shed doesn’t help parents fears. Haven’t said that I totally understand your frustration.

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    Mute Colette Kearns
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    Aug 28th 2020, 1:29 AM

    @Paul Gorry: Catch up Paul . There was a school principle showing the garden shed yesterday on national tv!

    23
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    Mute Paul Gorry
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    Aug 28th 2020, 1:45 AM

    @Colette Kearns: collette as I said they will be put somewhere until the appropriate action is taken. I seen that news article on rte if its a garden shed so be it, but your putting a sick child in a garden shed comment is all wrong. The child is taken away from the rest of the class, iam 100%sure they won’t be in that shed for too long. So no need for me to catch up.

    13
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    Mute Joe Toner
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    Aug 28th 2020, 4:42 AM

    @Paul Gorry:
    Are you for real? The child will be put in a garden shed whether you decide to change the language to suit your way of thinking….. It is a Garden Shed!!! Open your eyes and come into the real world. When, in your opinion, is a shed not a shed????

    26
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    Mute Eileen O'Sullivan
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    Aug 28th 2020, 1:46 AM

    @irish govt f f S.

    13
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    Mute Chris Mc
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    Aug 28th 2020, 9:42 AM

    A country of moaners. No matter who does what people complain.

    4
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    Mute Nigel Barlow
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    Aug 28th 2020, 10:04 AM

    Whinge whinge whinge. In my day classes of 40 plus were the norm – not 25 for gods sake. It seems whinging about anything and everything these days has become a national trait.

    2
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    Mute Zmeevo Libe
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    Aug 28th 2020, 10:45 AM

    @Nigel Barlow: A shoe box?! I wish we lived in a shoe box!

    2
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