We are
working for you
Credit Unions are member owned, voluntary, self-help, democratic, cooperative
financial institutions that provide financial services to their members.
In the Republic there are 530 Credit Unions with 2.9 million Members and
€13.4 billion in assets. Across the world there are 49,000 Credit Unions,
with 177 million Credit Union Members and €870 billion in assets in 96
countries.
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 for such things as
home improvements, education, car or holiday. We have strict lending criteria
which are set out in our Lending Policy. However where we can, we do use
personal knowledge of the Member when considering Loan Applications because
that knowledge can often provide valuable reasons for approving loan s which
otherwise might no look good on paper.
Every Credit union is a mutual society, which means that it is owned by its
Members. This is one of the key features which makes Credit Unions different
from banks and other financial institutions who make money out of their
customers for the benefit of their shareholders. As a mutual society we
generate income from our Members for the benefit of the same Members.
Every Credit Union is owned and operated individually. This is another key
difference between Credit Unions and banks. Banks have a branch network which
is owned & controlled by the Head Office in the centre. In a bank whatever
Head Office says, goes. In a Credit Union all decision making and
accountability rests within each individual Credit Union. There is no Head
Office.
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.
As mutual societies, Credit Unions are accountable to their Members and the
principal way this is done is to 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.
