Cana’s surplus for this year will all to go into its reserves instead of to members.
It already has bumper reserves of €11.05m for 2019 against shares of €63.84m, and loans of €27.84m.
Although dividend payments have declined to little or nothing in recent years, many credit unions pay a small dividend and a larger loan interest rebate. Rebates of 10pc of the interest paid in a year have not been uncommon.
This would mean someone who paid €500 in interest in the year would be a refund of €50.
Credit unions affiliated to the Irish League of Credit Union only allow a rebate if a dividend is also being paid.