We’re actively lending & working for our community.
Our only motive is to serve our members – not to profit from their needs.
Credit Unions are member owned, voluntary, self-help, democratic, cooperative financial institutions. In Ireland there are 530 Credit Unions with 2.9 million Members and €13.4 billion in assets. Credit Unions engage in community-based lending i.e. the whole purpose of Credit Unions is to channel the savings from those Members of a community who have spare cash (i.e. savings) to those who need to borrow, thereby generating income for the benefit of all Members.
This Credit Union seeks to build a quality and prudent loan book and has the resources to accomplish same. The ability to repay a loan is of key importance in our determining whether to grant a loan. Officers of the Credit Union are charged with being responsible in our lending practises, always remembering that it is the surplus savings of others we are lending.
Credit Unions are run by their Boards of Directors, all of whom provide their support on an unpaid, volunteer basis. These Directors are elected to the Board, normally at the Annual General Meeting.
Reporting & Regulation
As mutual societies, Credit Unions are accountable to their Members and provide an Annual Report including financial statements to every Member each year and hold an Annual General Meeting where the Members can hold the Board to account. The Credit Union is owned by its members, each member has an equal vote in deciding how the business is run. The Board of Directors is elected from amongst the members at the AGM each year.