How Credit Unions Work

How Credit Unions Work

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. As of 5th April 2017 there were 389 credit union’s affiliated to the Irish League of Credit Unions, 296 in the Republic Of Ireland, and 93 in Northern Ireland. In Ireland over 2.9 million members have recognised the value of credit unions and have savings approaching €11.9 billion. 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.

…with you every step of the way

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