All Ireland Credit Union Art Competition

On Sunday 17^th February, family, friends and staff representing credit unions from all over Ireland will assemble at the Gresham Hotel for the awards ceremony and exhibition for the All Ireland Credit Union Art Competition.

The competition is now in its 28^th year and attracts over 30,000 entries annually through over 487 credit unions across the island of Ireland. The thousands of hopefuls from around the country worked hard on their submissions throughout the winter months and the finalists were chosen from an incredible number and standard of entries. The artists, who ranged in ages from 6 to 21 were asked to portray the theme ‘Celebrate Community Colour’. 

The event, favoured by budding artists is one of the many events and initiatives run by the ILCU to highlight that community spirit remains alive and strong in parishes, villages and towns around the country, which some believe has been abandoned through the Celtic Tiger era.

We look forward to a fun filled day on Sunday and extend a huge congratulations in advance to all of the winners and those who receive prizes on the day.

The judges for this year’s art competition were: Kevin Largey, Artist, John Walsh, Creative Director, FOCUS Advertising Agency, and artist Ursula Retzlaff O’Connell and Mandy Johnson, Head of Communications at ILCU.

A statement by the Irish League of Credit Unions

The President of the Irish League of Credit Union Mr Jimmy Johnstone extends our deepest sympathies to the family of Detective Garda Adrian Donohoe who died following an attempted robbery last night at Lordship Credit Union, Jenkinstown, Dundalk.

Our thoughts and prayers are with Detective Garda Donohoe’s family and his colleagues in An Garda Siochana at this sad and very difficult time.

The Irish League of Credit Unions are in contact with the management and staff of Lordship Credit Union with a view to providing the counselling service to those involved with the incident which has been extremely traumatic and difficult for everyone involved.

We are not in a position to comment any further at this time as we are co-operating with the Garda investigation.

About the Irish League of Credit Unions

The Irish League of Credit Unions is the representative body for 487 credit unions on the island of Ireland. It is Ireland’s successful, not-for-profit, financial co-operative run by – and for – its 3.1 million members.

There are two Credit Unions representing on Garda Siochana who are affiliated to the ILCU they are St Raphael’s Credit Union and St Pauls Credit Union two of the largest affiliated memberships of the movement.

Christmas Campaign

It’s amazing to think that we are approaching Christmas again and while this is wonderful time of year for most people, many get caught up in the unnecessary expense of the Christmas season. It is easy to forget that Christmas is not about costly gifts and putting yourself under extra financial pressure - it is about enjoying time with family and friends. As part of our “Let Santa be the only one in the red this Christmas” campaign, this week we released the results of a Christmas spending survey.

The survey results show that Irish consumers expect to spend €527 on average this Christmas compared to €562 last year. Middle aged adults and females are likely to spend more money than other groups. While 8 in 10 of us feel worse about their financial situation in the run up to Christmas 2012 58% of those who took part in the survey state that Christmas will be enjoyable regardless of financial worries. We also looked at spend in different parts of the country and found that those living in Dublin will spend close to €533, in the rest of Leinster €545, Munster €517, Connacht €488 and Ulster €520 on Christmas 2012. Irish parents plan to spend an average of €170 per child on Santa presents.

4 in 10 will be able to rely on their regular income to pay for Christmas related costs, a further four in ten will dip into savings to finance their Christmas celebrations. 19% hold savings specifically for Christmas, 5% will use their credit card, 5% will get a credit union loan, 2% will borrow from family and friends and a further 2% will borrow from moneylenders. The moneylenders statistic in particular is very worrying and we would urge anyone who is considering approaching a moneylender to reconsidering given the high rate of interest charged. Those who have borrowed from a moneylender will more often than not find that they get into a vicious circle of debt that they cannot get out of.

More than half of consumers (56%) expect to experience a shortfall in spending over the Christmas. 25% believe that they will end up paying for Christmas well into the New Year because of unnecessary financial expense. 31% worry where they will get the money to pay for extra expenses for Christmas.

7 in 10 consumers will take a month or more to recover from overspending at Christmas. Consequently it will take on average of 2 months for a typical consumer to recover financially from the holiday season. Male consumers are likely to recover more quickly (7 weeks) than their female counterparts (9 weeks).

With money being tight, there is a strong belief that Irish people spend way too much money on Christmas and 45% believe that Christmas can be a stressful time.

It's easy to say but it's still true - the best gift at Christmas is being together - and that costs nothing. Many families do Kris Kringle or Secret Santa gifts. Some families only give gifts to children. There are many ways of saving money without taking away the magic. Setting a Christmas spending budget is more important now than ever as is writing a list. Plan how much you can afford to spend - and stick to it. This will allow people to be in a better position to keep a tight rein on the Christmas shopping costs. Avoid moneylenders and consider that if you cannot afford to pay for something without a loan, you simply cannot afford it.

Before you buy, compare online and between shops. You’ll be amazed at the difference. Buy from reputable websites and check they guarantee delivery before Christmas. Many shops will have sales before Christmas. Ask around, and maybe you could get those presents for even less! Look for interest-free deals when buying furniture or electrical goods - but make sure to compare prices. If you are suffering from debt stress or already owe money to moneylenders, call into your local credit union to discuss your options.

On that note I wish you all a very happy and peaceful Christmas and the very best wishes for the year ahead.

Third ILCU ‘What’s Left’ Tracker 2012

This week the Irish League of Credit Unions (ILCU) published the third round of the 2012 ‘What’s Left’ tracker series. Like the other trackers that have been released throughout 2011 and 2012, they have been recording the challenges facing households in terms of expenditure, how much disposable income Irish people have, where they are spending their money and the financial hardships they are facing.

For many, the challenge to simply survive continues. Like we have seen over the past 12 months, disposable income continues to decrease with an increase of 35,000 in the numbers with just €100 or less at the end of the month. Half of consumers are now living month to month, with only 3 in 10 able to save any money at the end month. This is the lowest level of those in a position to save since the tracker began in 2011.

The increased cost of energy has meant that household heating and electricity bills are on the rise and will hit people hard this winter and of course there is concern over what Budget 2013 will contain and how it will impact already stretched incomes.

50% of consumers (up from 47% in June) are now struggling to pay their household bills on time and of those who fall behind in their bill payments 24% suffer from huge worry and stress.

Worryingly, in the past 12 months, 42% of consumers had to borrow money to meet their household bills (increase from 40% in June). 58% turned to family and friends and 24% used credit union loans to meet their household bills. The most concerning statistic here is the numbers turning to moneylenders – 10% in this October tracker. The rates of interest charged by the companies and individuals who engage in this type of business are huge and inevitably mean that many vulnerable people are stuck in a vicious cycle of debt.

Three quarters (75%) of homeowners have an issue with the property tax. 23% of home owners fear that they will not be able to afford to pay it. An additional 52% feel that the introduction of property tax is unfair since they already paid a property tax in the form of stamp duty. 10% think it is a good idea as most European countries have this type of tax, 15% believe that a property tax is a good idea but should be based on the value of the home.

Not surprisingly, 9 out of 10 adults (96%) are worried about the upcoming Budget and the impact it will have on their incomes. Irish people are most worried about income tax increases 47%) followed by changes in social welfare (16%) and fuel increases (14%). The top three are followed by VAT increases (7%), cuts to carer / disability allowance (3%) and further increases to university fees (4%).

8 in 10 adults (85%) are concerned about the increasing energy costs this winter. Almost 4 in 10 (38%) will struggle to manage and almost half fear that their household budget will be over stretched or they will be unable to cope with the increased costs. When funding the increased energy costs almost half (49%) will use their already stretched incomes, a further 13% will have to dip into savings while another 6% plan to switch to another utility provider in order to save money. 5% will rely on social welfare benefits and 4% will use child benefit.

Less than 3 in 10 people (29%) are able to save money on a monthly basis. This means that 70% cannot save any money and are living month to month. This is the highest level in the past 12 months. Of those that can save, the average amount that has been put away is €200, a slight increase (3%) on the June figure of €195.

Over two thirds of Irish people are already preparing for the expense of Christmas. 20% state that they will be seriously cutting back on expenditure this year, 16% have been putting a little away throughout the year, 15% said their income will cover it, 14% will dip into savings and 10% will use their credit cards. 7% stated that their family cannot afford the expense of Christmas this year, 2% will borrow from money lenders and a further 31% stated that they are not preparing in any way just yet.

I think people need to think long and hard about Christmas this year and whether they can afford to get caught in the buying frenzy that begins in earnest after the Halloween break. Remember to shop around for the best value and only spend what you can afford, sit down and work out a budget for the season before you start spending and stick to it.

As much as we had hoped for some element of positivity in this tracker round unfortunately the statistics don’t lie. Household incomes all over the country continue to be stretched and it will be a difficult few months ahead for many as the weather gets colder and the affects of the gas increases take root. We would urge anyone who is simply looking for money management advice, wants to enquire about a budgeting service or finds themselves in difficult financial situation to call in and visit their local credit union.

International Credit Union Day 2012

IRISH CREDIT UNIONS JOIN 196 MILLION MEMBERS WORLDWIDE TO CELEBRATE

INTERNATIONAL CREDIT UNION DAY 2012

Members Matter Most!

This Thursday (18th October) Credit Unions all across Ireland will celebrate International Credit Union Day. This occasion is also shared with members from 51,013 Credit Unions which represent over 196 million members from 100 different countries. This year we decided that the theme is – “Members Matter Most”. We believe that this clear and simple message outlines what credit unions are all about, that in times of difficulty credit unions are there to serve their members.

International Credit Union Day has been a tradition dating back to 1948 when members dedicated the third Thursday of October to recognise the credit union’s history and achievements. The credit union movement in Ireland began in 1958 by three founding pioneers, Nora Herlihy, Seamus P Mac Eoin. and Sean Forde. These three ambitious people in the 1950’s acknowledged the effects of long term unemployment such as, sickness, malnutrition, money laundering, poor housing, and realized that this could be changed by the availability of funds and better money management. They believed that this would in turn create a system that would allow people to manage and control their finances in a whole new way.

We have come a long way since the establishment of the first Irish Credit Union in that we have the highest membership per capita at over 3.1 million members which are continually growing. This makes Ireland one of the most successful movements in the world which we are extremely proud of. There are 487 credit unions who are affiliated to the ILCU both north and south with total savings of €11.5 billion and total assets of €13.5 billion. Credit unions play an integral part in communities by employing over 4,500 people and more importantly over 9,000 people volunteer to continue the movements success.

In recent times people have been hit hard by the current economic climate, credit unions have been the heart of local communities by providing customers with financial services which are owned by the people for the people.

Launch of the All Ireland Art Competition

There has been a noticeable darkening of the evenings and a slight nip in the air that that can only mean one thing, the beginning of Autumn. For us in the credit union movement this time of year brings around two of our most popular initiatives - the All Ireland Schools Quiz and the All Ireland Art Competition.

 

This week was saw the nationwide launch of the Art Competition where we were joined by Olympic Boxing Bronze medallist Paddy Barnes, who himself loves to paint in his spare time.

 

The art competition which is one of the biggest initiatives for children and adults alike on the island of Ireland is now open for entries from budding artists around the country.

 

This year’s theme ‘Celebrate Community Colour’ is open to interpretation by each entrant but aims to celebrate the vibrancy and strength of Irish communities as we battle through tough economic times.

 

The competition, which attracts over 30,000 entries each year, will be run through a network of over 490 credit unions located throughout the island of Ireland and will culminate in the national final which will be held in February 2013.

 

 Supporting and nurturing the artistic talents of Irish people across the country is the main aim of this competition and celebrating our communities has never been more important. This competition is one of the credit unions most popular events and the huge volume of entries year on year shows us that despite the digitalisation of hobbies and pastimes, art remains a passion for many.“

 

How the Credit Union Art Competition Works

There are two categories in the 2012 national Art Competition – General and Special. Each category will have the following age groups:

• 7 years and under
• 8-10 years
• 11-13 years
• 14-17 years
• 18 years and over

The Special Category encourages participants with a physical or intellectual disability to submit entries in free expression without the restriction of the competition’s official theme (should they so wish).

 

Local winners at credit union level in each category go forward to Regional Finals. Winning entries from regional level go through to the National Final. Prizes will be awarded at each stage and a National Awards Ceremony will be held in February 2013 will be hosted by TV personality Marty Whelan.

 

I hope you thoroughly enjoy creating your entries over the coming months and I personally wish each one of you the very best of luck in the competition. Remember that what you create is special and competing at such a high level is commendable, regardless of whether you win a medal – I’m sure Paddy Barnes would agree!

Round 2 – What's Left Tracker Index

The growing impact of continued austerity has resulted in increasing financial pressure on many Irish households. These pressures has been laid bare for all to see in the recent ‘What’s Left’ tracker survey published by the Irish League of Credit Unions.

There are many worrying aspects to the survey, with personal indebtedness now becoming a serious concern for many with over use of credit cards, outstanding bank loans and use of moneylenders some of the pressures people are dealing with.

Mortgage and rent are the biggest expense facing households followed by groceries, electricity and gas bills as well as transport expenses. However, it is now apparent, as the survey shows, that paying our household bills like ESB, gas and TV on time is becoming a serious struggle for many. We have found that many are delaying paying bills like television license, phone, bin charges and electricity in order to free up some cash.

This struggle is also placing a burden on families and individuals with over 40% of people saying that they suffer from stress because of the financial pressure they are under. The simple fact is that more and more of us are borrowing every month to make ends meet and running the risk of being caught in a cycle of debt that could take years to break out of.

The tracker survey found that people are finding it increasingly difficult to balance their books. The grim reality of the downturn comes across in a number of findings - 1.8 million people have €100 or less left when they pay their bills each month, while two thirds of us have less money than this time last year.
It is perhaps not surprising that people are literally looking for any port to shelter from the economic storm and have made choices which may ease the burden in the short term, but in reality only lead to more long term problems with months or even years of costly repayments.

Many people have taken out loans and are over using credit cards while being completely in the dark about the charges involved. Half of those surveyed do not know the charges banks put on current accounts including the extra fees for being overdrawn. Four out of 10 owe money on their credit card with a quarter relying on it to meet their needs on a monthly basis.

Moneylenders also have a firm grip in many communities. Of those that borrow to pay for essential bills, 10% of people surveyed use moneylenders, often paying excessive charges. Licensed moneylenders in this country are charging up to 190% APR and that’s not even to mention the rates charged by illegal, unlicensed moneylenders, who target those most in need.

The ILCU have called on Government to immediately address the issue of moneylenders by placing a legal cap on the interest rates charged by licensed moneylenders. We believe that excessive rates will only prolong the problems facing Irish people on daily basis.

As a movement, credit unions encourage people to examine where their money is being spent, how much of it is being used, not to pay bills, but to simply pay off loans and charges. It is our hope people look at the findings of the tracker, they will see the need to manage their money better and not get deeper and deeper into debt. Local credit unions have a role to play here too and will attempt to assist people in their communities by offering affordable options to help people make ends meet.

If people out there find that the are coming under increasing financial strain, they can visit their local credit union and meet one of our trained staff and volunteers and see what affordable options are available to meet their needs. Anyone can come and speak to the credit union safe in the knowledge that we are community based and exist solely to meet the needs of our members. At the credit union we pride ourselves on doing things differently and ensuring that in everything we do, our members matter most.