Credit Union - President's Blog

Final 2011 Disposable Income Tracker

2012-01-17T09:28:00.002Z

The Irish League of Credit Unions (ILCU) has this month announced the results of the final 2011 ‘What’s Left’ disposable income tracker index. The main aim of the tracker is to take a step away from macro economic statistics and data and report on the real struggles of the people of Ireland.

In each of the trackers in 2011, disposable income continues to shrink. Last year was extremely tough for Irish people with financial pressures as a result of continued austerity measures and increasing costs, becoming a worrying burden for families and individuals alike. Strict management of the household budget will go a long way in ensure that spending is kept under control and prioritized in 2012.

The highlights and main points from this round of research highlight the key issues that families and individuals are most concerned about for the year ahead.

The VAT increase, fuel and energy price increases and a possible further increase in health insurance will have had a significant impact on the spending ability of the Irish population this year. In fact our recent tracker has shown that the increased costs of energy and fuel alone have negatively impacted the spending ability of 86% of Irish consumers, not good news for the economy for 2012.

The study shows that overall Irish disposable income remains under pressure for the majority of Irish people. 70% feel that the amount that they have left over after paying the essential bills each month has fallen during the last 12 months with working adults in particular finding that their disposable income is decreasing or not stretching as far as it had been at the beginning of the year.

48% of Irish adults continue to find it difficult to save money in the current environment, this figure remains on par with findings throughout 2011. The numbers of those who have the ability to save in December 2011 have fallen slightly since the September tracker with the amount a person can save also on the decrease.

A huge concern at the moment is the increasing costs of private health insurance. For hard pressed families though, there is only one option it seems. When questioned about private health insurance in the tracker survey, of those that have private health insurance - 9% stated that they will have to give it up in 2012 because they can no longer afford it. A further 31% say they will be forced to give it up if there are any further price increases. It is now more important than ever for people to familiarize themselves with their health insurance policy and their entitlements and review whether they need every part of their cover and instead of dropping it altogether, look and see if another policy is more suitable.

55% of consumers now struggle to pay their bills on time. This is a marked increase from the 42% in the September tracker. TV license, bin charges and TV / Telecoms are the most likely bills to be put off by consumers.

While the survey makes for grim reading, we feel that it is important to show the daily struggle of the ordinary people of Ireland, the challenges they face and the worries they have as we look to in 2012 and we cannot underestimate the difficulties that lie ahead. As always, we urge those who find themselves in financial trouble or those who are feeling some sort of financial stress to contact their bank or credit union to review your situation and work out a budget plan for the year ahead. The earlier you do this the better.

Let Santa be the only one in the red this Christmas

2011-12-12T08:46:00.000Z

As the big day looms, many families are deep in preparations for the Christmas holidays and though it is a time of joy, it puts a lot of pressure on hard pressed parents trying to give their families a holiday to remember.

We must remember that 2011 has been an incredibly difficult year for the Irish public. Families disposable income has been shrinking and there has been an increase in the number of people making do with just a very small amount of money once essential items such as mortgage, rent, groceries and utility bills are paid. Many of Ireland’s energy suppliers will also pass on increased energy costs to the public this winter and Irish people are very worried about the impact these costs will have on their already stretched incomes.

In late November the ILCU launched their annual Christmas campaign – “Let Santa be the only one in the red this Christmas”. The campaign urges people to avoid borrowing beyond their means to avoid a sack full of debt in the New Year

The ILCU Christmas spending survey shows that in 2011 approximately 38% will get into debt this Christmas. 41% of females compared to 34% of males are worried about over spending at Christmas. 77% do not feel any better about their financial situation than they did last Christmas.

55% of respondents say they will use general savings or cash to pay for Christmas, with 28% using Christmas specific savings. 9% will use their credit card with smaller numbers availing of credit union loans and money lenders. Credit union members are more likely to use Christmas specific savings than non members (32% versus 21%)

In terms of recovering from over spending at Christmas, 34% stated that it will take 2-3 months to recover. 12% are taking 4 months or more and a small proportion of respondents say it will take over 7 months to recover financially from Christmas 2011. The survey shows that women are taking longer than men to recover from Christmas debt.

62% of respondents feel that there is not good value on the high-street - this varies by region, with 39% in Dublin, 55% in Leinster (outside Dublin), 67% in Munster and 67% in Ulster / Connacht. Overall 70% believe that Irish people spend too much on Christmas.

We are also highlighting the dangers of using moneylenders, due to the extremely high rate of interest charged and also to watch out for credit card debt, as a high rate of interest will be charged to balances that are not cleared on time every month. We urge people to plan ahead and avoid this situation in the future and go to their credit union and start a Christmas savings account for next year. This way you can put a little bit away every month and not have to worry about sourcing additional money at Christmas 2012.”

As we approach Christmas, our survey shows that the greatest enjoyment for Irish people is spending time with family at Christmas. We want people to enjoy Christmas this year and keep in mind what really matters and that is family and friends and not causing yourself unnecessary stress by getting into financial difficulty.

From everyone at the Irish League of Credit Unions and our affiliated credit unions, we want to wish you all a very happy and peaceful Christmas and very best wishes for 2012.

Credit Unions Ready for a New Era

2011-11-10T18:09:00.002Z

There has been much discussion and public debate about the credit union movement’s current state and its future role and development. This has been informed in part by the Interim Report from the Commission on Credit Unions which was set up at the behest of the ILCU by the government, to make recommendations regarding the strengthening of the regulatory framework for credit unions and to inform the preparation of credit union legislation to be published by year-end 2011. The Commission’s Interim Report gives an overview of the Credit Union Movement, the current financial position and makes specific recommendations with regard to; deposit protection, resolution, stabilisation and liquidity, governance of credit unions and regulation of credit unions.

The Commission concludes that; “While the challenges faced by the credit union sector are significant, they are not insurmountable”,
and also states that; “A strengthened and revitalised sector can be in a position to play an increasing role in the retail financial landscape”.

The initial recommendations of the Commission are to be welcomed and they fulfil the Commission’s mandate with regard to strengthening the regulatory framework and informing new legislation and will lay the foundation for strengthening and revitalising credit unions and lead to credit unions playing an increasing role in providing financial services to members.

Just what that role will be, will be greatly determined by the full implementation of the Interim Commission’s Report recommendations in the short term and the second phase of the Commission’s work which will set out a strategy for the future evolution of the credit union movement.

The Irish League of Credit Unions wants the Irish Credit Union Movement to provide a full range of financial services to its members and all who wish to avail of such services. We believe that this can be achieved through a regulatory and legislative framework that:

·         Facilitates the delivery of a full range of personal financial services to all members
·         Creates the flexibility which will allow for various models of credit union development
·         Enables and encourages various forms of cooperation among credit unions
·         Preserves the movement’s social, volunteer and community ethos
·         Preserves local identity and autonomy while enabling credit unions be a part of greater movement cooperative alliances
·         Facilitates the creation of movement owned infrastructures in information technology, payments and other appropriate areas to achieve the above.

While our members struggle with the severe personal impacts of the current economic climate, their credit unions are doing their best to serve them and will continue to do so in the proud tradition of “not for profit but for service” that has been the movement’s hall mark for over 50 years.

“Credit Unions play a crucial role in helping to meet the financial, economic and social needs of many people. Recent adverse financial and economic conditions allied with internal governance weaknesses and the absence of an appropriate regulatory framework have contributed to the significant issues facing the sector”.

We must all play a part in overcoming the difficulties and challenges we now face. We must grasp the opportunity that now presents itself to chart significant reform and lay the foundation for future development.

The Credit Union Movement will build on the successes and lessons of the past to ensure that credit unions continue to play a crucial role in meeting the financial, economic and social needs of our members, we will ensure that the necessary reforms and developments take place.

Credit unions across Ireland celebrate International Credit Union Day 2011

2011-10-20T11:18:00.000+01:00

Marking the social and economic contributions of credit unions worldwide

On October 20th, credit unions the length and breadth of Ireland mark International Credit Union Day, sharing the occasion with over 188 million members of 53,000 credit unions around the world. This year’s theme - “Credit Unions Build a Better World” celebrates the important economic and social contributions credit unions make to their communities worldwide. It also aligns cooperatively owned and controlled credit unions with the greater cooperative business sector and the United Nations, which will launch the International Year of Cooperatives 2012 later this year.

Since 1948, International Credit Union Day has been celebrated each year on the third Thursday of October to commemorate the credit union’s history and achievements. Ireland’s own Credit Union Movement was started in 1958 by 3 pioneers, Nora Herlihy, Séamus P. Mac Eoin and Sean Forde and has steadily expanded its services to meet the changing needs of members over the past fifty years. The Irish Credit Union Movement is among the most successful in the world with the highest membership per capita.

The Credit Union Movement has a global penetration of 7.5% across 100 countries.

Global Credit Union Statistics Figures	Figures (USD)
Global Savings	1.229 trillion (USD)
Global Loans	960.1 billion (USD)
Global Reserves	131.7 billion (USD)
Global Assets	1.461 trillion (USD)

Abroad

Irish Credit unions are recognised as a force for positive economic and social change and have provided significant value in both developed and emerging nations. The ILCU International Development Foundation (The Foundation) provides financial and technical assistance to support the development of credit unions in our partner countries: Albania, Russia, The Gambia, Ethiopia, Ghana and Sierra Leone.

The work of The Foundation is crucial to the lives of over 500,000 credit union members and their families in these countries. Most people, particularly poor and vulnerable people and those in rural areas, have no access to savings and credit facilities. Credit unions, however, provide opportunities for these people to save money and get loans which help them to help themselves. The support from the Foundation is helping them to improve their quality of life and lift their families out of the poverty trap. This valuable work is only possible thanks to the generous support of Irish credit unions.

At home

At home Irish Credit Unions exist to serve its members, providing not for profit, quality financial services. In the current economic climate, people are looking for more from their financial service providers and the credit union offers something different. The credit union has an ethos of supporting local initiatives, investing in the community by sponsoring/supporting local sports clubs across Ireland. It also continues to support local children by running l art and quiz competitions which have access to national finals. The credit union also engages with the local primary and secondary schools on an ongoing basis. Irish Credit Unions are proud of the role they continue to play in being more than a financial institution but a valuable resource to its community and its people.

Archive Exhibition Launch

To coincide with International Credit Union Day and to mark European Year of the Volunteer 2011, the Irish League of Credit Unions (ILCU) has announced the launch of a new Archive Exhibition which opened at the Oisín Gallery, Westland Row in Dublin. The exhibition was officially opened by John Hume Nobel Peace Prize recipient and Joe Duffy, RTE Presenter and looks back at the last 53 years of credit union history in Ireland.

Founding members of the Irish Movement and their families including John Hume, along with ILCU Board members, credit union volunteers and staff and members today joined RTE’s Joe Duffy in a celebration of its history.

Despite the current challenging times, credit unions in Ireland remain a very popular Movement and more importantly they are an essential part of the country’s social fabric. As Ireland battles the storm of economic crisis, credit unions are still a vital part of Irish communities across the country, offering accessible financial services and an open friendly approach to money management.

In Ireland over 3 million members have recognised the value of credit unions. There are currently over 9,500 active volunteers involved in the movement, and over 4,500 people employed.

The rich history of the Movement means that the fascinating credit union story deserves to be told time and time again. This exhibition will allow credit union members and members of the public an opportunity to explore how a small number of foresighted individuals founded one of Ireland’s must successful cooperatives - the Credit Union Movement. The exhibition takes you on a journey from the Movement’s beginning in 1958 to present day 2011.

Statement by Jimmy Johnstone, President of the Irish League of Credit Unions to Interim Commission Report

2011-10-14T12:30:00.000+01:00

Statement by Jimmy Johnstone, President of the Irish League of Credit Unions to Interim Commission Report

Commenting on today’s publication of the Interim Report of the Governmental Commission on Credit Unions , Jimmy Johnstone, President of the Irish League of Credit Unions said: “While many of the difficulties we now face were not of our movement’s making, we must now address the shortcomings which are highlighted in this report.”

The Commission notes in its conclusion that: “A strengthened and revitalised sector can be in a position to play an increasing role in the retail financial landscape” and further that “While the challenges faced by the credit union sector are significant, they are not insurmountable.”

“The only way that we will overcome the challenges that we face is by working together. We must all play a part in successfully implementing the Commission’s recommendations. We look forward to the genuine consultation, dialogue and engagement that the credit union movement deserves. It is incumbent on us all to ensure that the necessary reforms and development take place.

I ask that the Boards of Directors of all credit unions study the report in a comprehensive and objective manner and to carefully consider its recommendations in full. The Board of the Irish League of Credit Unions will do likewise and will revert to its member credit unions in due course”.

Mr. Johnstone concluded “Finally I thank the members of the Commission and commend them for completing the first stage of their work within a very short timeframe and also the Minister for Finance for the timely publication of this report.

The Commission has remained true to its terms of reference and I sincerely hope that this interim report will significantly contribute to the necessary reform and development of the Irish credit union movement. The work of the Commission is not complete and during its second stage of work, it will proceed to turn its attention to crafting a strategy for the future development of the movement.

The publication of this interim report marks a good beginning to that process agus mar a deirtear, “tús maith leath na hoibre”.

Ní neart go cur le chéile.

ILCU Launch 2012 All Ireland Schools Quiz

2011-10-04T10:45:00.001+01:00

It is this time of year again when the days get shorter and Winter draws in. For us in the Credit Union Movement it can only mean one thing and that is the launch of the annual All Ireland Schools Quiz.

The Quiz, which has become one of the most popular and successful promotions undertaken by the Credit Union Movement over the past years, will be run throughout the winter months in communities all over Ireland.

The annual event, now in its 21st year, has become the highlight of the school calendar, attracting over 25,000 participants in over 300 venues throughout the 32 counties. Volunteers from the 500 ILCU affiliated credit unions come together each year to make the school quiz happen.

This year TV personality Marty Whelan will be joining us as Quiz Master at the national finals in the RDS in April next year and he will also launch the event.

The Quiz is all about encouraging learning and teamwork among young school children under the age of 13. We wholeheartedly support the development of young people in communities all over Ireland and are delighted to launch the 2011 event, which is set to be our biggest yet. Questions for the quiz are compiled by primary school teachers and will cover topics such as geography, history, music, literature and sport.

The quiz consists of two knock out stages at local and regional level and culminates in a National Final Day in Dublin in early April 2012, where 100 qualifying teams compete. The quiz is split into two separate competitions – Competition A for the under 11 category and Competition B for the under 13 category.

I want to say a big thank you to our volunteers from credit unions nationwide who work incredibly hard to make sure this event is a success year on year. This event shows very clearly how credit unions are a part of their local community and highlights in a very positive way local identity and involvement. It is also a way for children around Ireland to have lots of fun while learning the importance of team work in achieving success and the chance to participate in an all Ireland final.

I want to take this opportunity to wish all of the schools and credit unions around Ireland that are involved in the 2012 event the very best of luck. Make sure you check our website and Facebook page for regular updates on the 2012 Schools Quiz.

ILCU Student Research

2011-08-24T20:50:00.000+01:00

At this time of year there is great excitement and anticipation in many households across the country with the announcement of the Leaving Certificate results and subsequent CAO round one offers. That has certainly been the case in my own houshold and it is indeed a very stressful time for all concerned. Over the coming days and weeks, students will have to make very serious decisions and choices which will decide their future. As parents we all wish them success in their endeavours and we will of course do our very best to support them in their future studies and try to ensure they get the opportunities that they deserve to develop and grow.

Those of us who already have children in 3rd level know only too well of the many challenges to be faced in the coming weeks, months and years. In the difficult economic climate that we now find ourselves in it will be even more difficult for many parents to provide the financial support needed to ensure their children can avail of 3rd level education. The increase in registration fees this year will put considerable pressure on both parents and students starting or returning to 3rd level education. These fees combined with monthly rent and bills, books and materials and day to day expenses will mean that many more will struggle financially this academic year.

To coincide with the round one CAO offers on Monday 22nd August, the Irish League of Credit Unions announced the results of a study into the cost of 3rd level education in Ireland in 2011. The purpose of the study was to give families an idea of what the average monthly costs for students are likely to be, in order to help them budget and plan for the year ahead and indeed the years ahead.

In addition to looking at the issue of financing education, the study also highlights how the current financial crisis has impacted on how students view the current jobs market and their future career prospects in Ireland.

The iReach research indicates that Irish students (72%) are still relying heavily on their parents to help fund their 3rd level education. 39% of parents of fulltime college students use monthly income to fund their child’s college education.

The remaining 61% of parents of full time college students who fund their child’s education are forced to locate finances from other sources: Savings (38%) and Credit Union loans (11%) are the second and third most common methods used followed by bank loan (7%) and credit card (4%)

On top of academic fees, average monthly spend (excluding rent and bills) stands at approximately €480. As expected, rents in Dublin are still the highest in the country averaging at €380, followed by rents in Munster, greater Leinster and Connacht / Ulster. Food is the most expensive element of a student’s monthly budget with an average student spending (€148) per month on groceries. The research indicates that female students spend more on food (€163) compared to males (€128) per month. Travel is also an expensive part of the budget of 3rd level students with an average of €82 being spent on commuting to and from college each month. Male students spend more on phone bills per month than female students (€42 versus €39).

Our research also showed that 55% of students are forced to work throughout the academic year with 33% skipping lectures to do so. Students are making on average €10 euro per hour and working an average 14.5 hours per week, with male students working slightly longer hours than females.

We want to let people know that credit unions are available to support both parents and students as they prepare for the academic year. Credit unions offer some of the most competitive personal, student and education loan rates on the market. While the costs associated with supporting students at 3rd level are very significant, budgeting and planning can reduce the worry and concern for students and parents alike. We encourage anyone who is looking for educational finance or who simply wants some advice on planning ahead or budgeting to call into their local credit union and speak to a member of staff.

On behalf of myself and everyone at the Irish League of Credit Unions, we want to take this opportunity to wish all those students who begin college this year the very best of luck and continued success in their studies for the years ahead.

Jimmy Johnstone
ILCU President

Credit Unions - a Changing Landscape

2011-06-30T08:57:00.001+01:00

We live in difficult times. Credit unions, like all businesses in the country, are feeling the cold winds of recession biting at their balance sheets. Credit union members have been deeply affected by unemployment and austerity measures which have put intense pressure on household budgets. Nonetheless, despite these pressures, credit unions have managed to avoid the virtual collapse experienced by the Irish banking sector and have remained open for business, welcoming over 40,000 new members through their doors last year. As co-operative organisations, credit unions exist solely to meet their members' financial needs on a not for profit basis and have brought enormous benefits to communities and society generally in terms of volunteerism, social impact, financial inclusion and enablement in every corner of Ireland.

The new Government has recognised the important role of credit unions as a volunteer co-operative movement and the vast distinction between credit unions and other institutions. A Commission has been established by the Minister for Finance to review the future of the credit union movement and make recommendations in relation to the most effective regulatory structure for credit unions, taking into account their not-for-profit mandate, their volunteer ethos and community focus, while paying due regard to the need to fully protect depositors’ savings and financial stability. Various commitments were made in the Memorandum of Understanding with the IMF/EU and ECB in relation to credit unions which include bringing forward legislative and regulatory reform in respect of the movement. Credit union representation on the Government’s Commission will provide the movement itself with the opportunity to input into its own future which is vital to its continued success.

The retail financial landscape that was once so familiar is now barely recognisable. We are left with two indigenous pillar banks and an empty space where the mutual/trustee sector used to be. The Registrar of Credit Unions recently stated that “there is an opportunity for the credit union sector to take advantage in the current re-shaping of the financial sector”. Credit unions recognise that, in order to fill this space, change will be necessary.

Restructuring the credit union movement has received considerable media attention in recent weeks. Article upon article speculates as to the number of credit unions that may exist in the future. This is missing the point. Yes, amalgamations will be a feature of restructuring in the future. That is not a bad thing. In fact, the ILCU has facilitated many amalgamations in the past where credit unions have merged to serve their members to the highest possible level. The effect of this is that the local credit union office in the local community is retained but service levels to members are improved through, for example, increased opening hours and extended product offerings. Other movements (such as those in the United States and Canada) have successfully restructured their credit unions through amalgamations and mergers, significantly reducing the number of credit unions but almost always increasing the number of service outlets, through branch office networks and enhanced ATM service provision. The process of restructuring and reshaping is nothing new to the credit union world and the result – in real terms – has been increasing assets, improving technology, increasing member penetration and enhancing service delivery. An alternative model which is already emerging on a regional basis in Ireland, is that of shared services, whereby a number of credit unions share a common service provider with a view to obtaining better rates and charges as a result of economies of scale.

In the future, it is envisaged that the credit union movement will provide a full range of appropriate and affordable financial services to members, through movement-owned resources and infrastructures which will maximise economies of scale and will be available to all credit unions, regardless of size, through collaboration with their neighbours. The credit union movement has been quietly preparing for this outcome for some time now and has initiated transformational change in terms of a secure communications network, new and improved management systems and payment services which will facilitate closer co-operation and service development across the movement.

In this way, credit unions will continue to survive and thrive and fulfill the economic and social objectives of the movement and their communities. Not for profit, not for charity, but for service.

Jimmy Johnstone
President
ILCU

Launch of GR8 Savers week

2011-05-11T14:13:00.000+01:00

We were delighted to welcome the Minister for Children, Frances Fitzgerald TD and the legendary former Republic of Ireland goalkeeper Packie Bonner to launch our annual GR8 Savers Week. The GR8 Saver initiative really aims to highlight the need to provide children with a healthy attitude to money and savings and underline the important role that parents can play in assisting children to develop a savings habit.

GR8 Savers Week happens every year and is run by the ILCU. As part of the campaign, credit unions and schools around the country will undertake a number of fun activities including open days, schools visits, treasure hunts and more, all in an effort to educate younger children on the benefits of saving. The 2011 GR8 Savers week will run from the 9th – 15th May. I want to say a big thank you to all the staff and volunteers who work to make the week a success.

Given the harsh economic reality facing many Irish families today, there has never been a more important time to focus on teaching our children to save and manage their money properly. A healthy attitude to money is crucial to ensure that children don’t develop bad habits when it comes to money management. Studies have shown that the development of a savings habit at a young age results in that healthy attitude to money staying with the person through to adult life.

AGM 2011 Belfast - ‘Strength in Unity’

2011-04-18T12:00:00.003+01:00

On Saturday 30th April and Sunday 1st May 2011 over 4,000 people including 1,500 delegates from 498 credit unions all over Ireland – north and south – and representatives from the World Council of Credit Unions (WOCCU) will meet in the Belfast Waterfront for the Annual General Meeting of the Irish League of Credit Unions (ILCU). The conference will review strategies to further the development of the credit union movement in Ireland.

Martin McGuinness Deputy First Minister will give an opening address at the conference and the Lord Mayor, Councillor Pat Convery will welcome the ILCU to Belfast Waterfront. To mark the European Year of the Volunteer Mickey Harte, GAA personality and motivational speaker will address the delegates on the issue of the importance of volunteering and community solidarity on Saturday afternoon.

Credit union staff and volunteers will gather for two days of meetings, which will focus on the credit union movement’s future plans. The conference will address the new challenges and opportunities facing credit unions in a rapidly changing economic and social environment.

This year’s theme “Strength in Unity” reflects the ethos of credit unions who believe that through our combined efforts we can become a stronger service for our members. This is certainly necessary today more than ever with more and more people in need of social and financial security and access to credit”.

Founded by our esteemed colleague John Hume there are now 103 credit unions in Northern Ireland with assets of over 900million. This Chapter 3 area is a real stronghold for the credit union movement and we are delighted to be returning to Belfast for what is an important meeting for credit unions. We are very pleased to welcome Deputy First Minster Martin McGuinness, to the AGM this year and I am certain his attendance will prove informative and productive in terms of the future of credit unions. We have also been working with the Belfast Visitor & Convention Bureau in advance of our visit to ensure that we assist with showcasing a beautiful city to all our members during our visit”.

Delegates will attend a dinner in the Europa Hotel, on Saturday evening where the finalists of the CU Factor will perform for the guests.

Information

The Irish League of Credit Unions is the representative body for almost 500 Credit Unions on the island of Ireland which includes 103 in Northern Ireland. It is Ireland’s successful, not-for-profit, financial co-operative run by, and for, it’s almost 3 million members. Chapter 3, a regional grouping of credit unions in and around Belfast, has 31 credit unions with over 128,000 members. These credit unions have assets of over £290 million and have granted loans totalling £158 million to their members. In the formative years back in 1969, the largest 3 credit unions in Chapter 3 had 4,000 members and £230,000 in savings. Now the 3 largest credit unions in Chapter 3 have over 40,000 members and almost £120 million in savings.

The first time the convention came to Belfast was in 1984 and was held at the Masefield Leisure Centre. The Chair of the organising committee then was Bert Lancaster from Abbey Credit Union who had been an ILCU Board member since 1967. Gerry Mulherron from SAG Credit Union and Kevin Helferty of Lisburn Credit Union also both former ILCU Board members were part of the committee that helped ensure the first Northern Ireland convention was a success.

The first credit union in the Northern Ireland was established by John Hume in Derry in 1960. Since 1960 credit unions in NI have been providing access to affordable loans, secure savings and shared surplus among its members. Credit Union success in NI is down to caring about people and taking care of their money. The average loan size to members in NI during 2010 was £3,480. Also during 2010 six credit unions in the province launched a new pre-paid debit card service to their members.

For further information, please contact the Helen Loughran, Irish League of Credit Unions on 078 99991579 or email hloughran@creditunion.ie

2010 A TOUGH YEAR, BUT IRISH CREDIT UNIONS REMAIN CONFIDENT FOR THE FUTURE!

2011-03-15T14:56:00.001Z

This month the Irish League of Credit Unions published its 2010 Annual Report. The majority of credit unions delivered an average dividend of 1.10%, with credit union membership increased by 40,000 in 2010 to 2.98 million members North and South. Over 440 credit unions delivered a surplus and member’s savings grew to €12 billion. The average loan was €8,650 and average savings per member stood at €3,900.

While we do acknowledge that there are difficult times ahead, credit unions are weathering the financial storm well and with the principle of prudence an uppermost priority; credit unions are making responsible decisions to protect their member’s interests now and into the future.
Undoubtedly, the economic downturn has had an effect on the credit union movement and 2010 has proved a challenging year for us. However, most credit unions are performing very well given the circumstances. Loan arrears are up but this is a sign of the times and this can be closely linked to increased unemployment levels and financial hardship.

When our members suffer, we suffer. We will continue to be vigilant and pro-actively manage our financial affairs in a responsible and prudent manner to protect our members in these difficult times and we will remain a vital part of local communities across the country providing excellent services and welcoming new members every day. Members savings are protected by the Government’s Deposit Guarantee up to €100,000 per depositor and the ILCU Savings Protection Scheme.

In this time of adversity, there also lies opportunity. The ability to provide a broad range of financial services, which are attractive to existing and potential members, will be crucial to the future long term development of credit unions. However, this change does not involve sacrificing our ethos and core values.

It does mean that we need to recognise that there may well be better ways to provide services to our members in the future. The fact that credit unions’ modus operandi has worked in the past does not guarantee or entitle us to success into the future.

Credit unions are different. They were established over 50 years ago to provide people with a secure place to save and access affordable credit, and this remains the case today and into the future. They are financial cooperatives, owned and controlled by their members, servicing the financial needs of their communities on a not-for-profit basis, advocating a philosophy of mutual self-help.

While we have not been immune to the turmoil in the global financial system, credit unions have fared better than many other financial institutions. The recent crisis has highlighted the strength of the credit union business model. Irish credit unions are proud of their history and remain confident for the future.

By Kieron Brennan, CEO, Irish League of Credit Unions

Protecting our most important asset

2011-03-04T09:37:00.001Z

Youth officers from credit unions throughout the island met in the Sheraton Hotel Athlone last weekend (26th / 27th February) to discuss the vital role to be played by young people in the future development of the credit union movement on the island. The seminar, which was attended by 164 delegates from 103 credit unions throughout the island, focused on empowering young members to take control of their futures, both by helping them to develop sound money management techniques and by promoting and encouraging young people to become involved as volunteers within the movement”.

The rights and importance of protecting our younger members of society was the subject of the keynote speech delivered by Fergus Finlay, Chief Executive of Barnardos. Mr. Finlay spoke about the role of Barnardos in assisting over 5,000 families and children throughout the island, noting that there is still much to be done in Ireland in order to become leaders in this area.

“We’re still not got a model of how to treat children. We can be???. It will require legislation and commitment to rights and some extra resources. It will mean an investment in prevention and early intervention in the lives of children and families, where there’s a risk they won’t reach their potential.”

He went on to highlight that addressing social inclusion at an early stage is much more important and efficient that tackling the results of social exclusion at a later stage. After clearly outlining the social and societal rationale for investing in our young people, he further emphasised the point by giving an economic rationale.

“There is an unanswerable case for investing in early years’ education especially in communities that have suffered generations of disadvantage. It’s not just a case based on justice but it’s a hard-nosed economic argument. It’s the best possible way to break the cycle of poverty and to build real opportunity”.

“Every police officer appointed in a large US city costs around $80,000 a year but he or she saves $200,000 in the cost of crime – so they have to be good value for money. But look at this – for every $15,000 of direct input into education, you ultimately get the same result – a $200,000 reduction in the cost of crime. It’s cheaper and more effective to invest in young people through education that it is to train policeman in fighting crime….Why pay a policeman when education receives the same results for a fraction of the cost?”

Mr Finlay concluded by outlining the important role played by credit unions in providing a better way of life by people who find themselves in very difficult situations.

“In the work we do in Barnardos, we have a lot to be thankful to the credit union movement for over the years. There are some credit union people who volunteer to work in Barnardos, and that’s really important to us. But I couldn’t tell you the number of times in very difficult situations, families that we work with, some of them in deep trouble to money lenders have been helped and rescued by local credit union managers and staff and that applies in many, many different parts of the country. Today, for me anyway, is an opportunity to say thank you to the credit union movement and to acknowledge for people all around the country, it’s not just a source of credit, it’s not just a source of saving, it can be and has been a lifeline and a way out of really, really deep trouble towards a somewhat better life”.

‘Managing your Money in 2011’

2011-02-09T12:05:00.004Z

‘Managing your Money in 2011’ Nationwide Personal Finance Public Meetings

In the context of the deep recession and the current challenging economic times, we at the Irish League of Credit Unions are organising a series of nationwide public meetings to provide personal finance advice and guidance to members of the public. These meetings entitled ‘Managing your Money in 2011’ will be taking place across the country in February and March.

Each meeting will be addressed by Frank Conway, the Founder and Director of moneycoach.ie – an independent money advice centre specialising in the area of personal finance, personal budgeting and money management. A representative from the Irish League of Credit Unions will also provide a keynote address regarding the challenges currently facing credit unions and their members.

Each meeting will be chaired by Brendan Keenan of the Irish Independent. Each road-show is open to members of the public to attend, free of charge. However, we want to advise members of the public that numbers are limited at each venue.

This year in particular, many families will struggle to keep their heads above water as they deal with reduced incomes, the introduction of the new universal social charge, cuts in social welfare, and job losses

Managing your money prudently and responsibly in tough financial times is extremely important and we hope that the credit union, through these events, can in some way help individuals and families around the country address any personal finance issues they may have, while offering honest, open advice on personal budgeting and money management.

The ILCU is urging both members of credit unions and non members who find themselves in financial trouble this January and throughout the rest of the year to call in and speak to their credit union. Credit unions are flexible and will work with their members to find a solution to financial difficulties, be it by assisting with budgeting or rescheduling of loan repayments where possible.

By Kieron Brennan CEO

Volunteerism – The Cornerstone of the Credit Union Movement

2011-01-18T09:07:00.003Z

European Year of Volunteering (2011) is a celebration of the commitment of millions of people throughout Europe who selflessly give their time and effort to make a real difference in their local communities. In Ireland the spirit of volunteerism is well and truly alive and prevalent in the credit union sector. The National Census for the Republic of Ireland, conducted in 2006, found that 1 in 6 (500,000) Irish adults volunteer on a full-time or part-time basis. The majority of these people are middle aged and 25% of volunteers come from professional or managerial occupations.

The Irish credit union movement is built upon the efforts of thousands of volunteers who give freely of their time and skills to their credit unions in the spirit of co-operation. Each credit union has a team of volunteers with the relevant skills and knowledge to lead and manage credit unions across the country. At last count, there are over 9,500 volunteers throughout our 500 affiliated credit unions, both north and south.

Research commissioned by the Irish League of Credit Unions in 2010 highlighted the critical importance of volunteerism in the credit union movement. The key reasons for becoming involved with their local credit union, identified by those surveyed, were to give something back to the local community and to provide a service to those in need.

87% believed that volunteering in a credit union was something worthwhile to be involved in

64% felt that they became involved in order to give something back to the community

36% felt it would be beneficial from a personal development point of view

27% believed that it would improve their skills

The majority of respondents were recruited to the credit union by an internal recruitment process (asked by an existing board or committee member), which reflects a strong endorsement for working at the credit union.

The vast majority of volunteers (more than 90%) were impacted positively by their time working with the credit union, highlighting that the experience has had a positive impact on their lives.

Increase in Volunteerism

One of the most positive aspects to the current economic crisis is the numbers of people turning to volunteering. Research recently published by Volunteer Centres in Ireland highlighted that since 2009, they have experienced an increase of 70% in people registering with them to volunteer. Anecdotal evidence from credit unions would also suggest that more and more people are interested in giving their free time to put something back into the community.

What is the monetary value of volunteerism to the movement?

While we are all cognisant of the tremendous dedication and effort of credit union volunteers, a quick analysis helps to underline the contribution which our volunteers make. On average, a credit union volunteer contributes 17.5 hours each month to the credit union, via attending Board meetings, Committee meetings, Chapter meetings, roadshows, preparing accounts etc. In working hours, this equates to 28 days per annum. Indeed, if volunteers were paid the average industrial wage for their time and efforts, this would equate to a contribution of over €42 million annually throughout the movement.

Hours per year	Av. industrial hourly pay rate (€)	Total Number of Volunteers	Total Annual Contribution (€)
210	21.47	9,500	42,832,650

With many banks still paying exorbitant bonuses to their top level management, it is heartening that the selfless contributions of credit union volunteers continue to shine as the banking system in Ireland struggles to stay afloat. In a time of economic uncertainty, when thousands of people are struggling to make ends meet, the credit union movement stands proud and strong, backboned by an able and willing army of local volunteers serving local communities. These credit union volunteers should be commended for the work they do in their communities and the impact they have on the lives of others by providing much needed not for profit financial services to all.

Schools Quiz - Today FM Competition

2011-01-10T10:42:00.001Z

Starting on Monday 10th January 2011, a competition to promote the Credit Union Schools Quiz will be run on the Ian Dempsey Breakfast Show on Today FM for 5 days.

The Competition
The show will ask for national school children to call in every day with one child coming on air to play the ‘Big Wheel of Knowledge’. The child that comes on each day will win a daily prize. On the last day after the final child comes on air, the show will stick all 5 names on the big wheel and Ian will spin it. Whatever name it lands on wins an over all prize for their family.

Daily Prize;
A Nintendo DSi XL with a Nintendo Accessory Pack and a Nintendo - Junior Brain Trainer 2 game.

Weekly Prize;
A prize for all the family to enjoy – A Samsung 40" Full HD 3D Ready LCD TV with a Samsung Home Cinema 3D Blu-ray system.

Why not follow us on Facebook and Twitter to keep up to date with the competition and credit union news? Or you can just tune in to Today FM on the 10th of January from 8am onwards and don’t forget to tell your members and local schools about it!

This Christmas let Santa be the only one in the Red!

2010-11-12T10:27:00.002Z

We hear a lot of information in the run up to Christmas on regulated moneylenders and the high rates of interest which they charge.

Moneylending is the practice of giving cash loans or supplying goods or services that are repaid at a high level of interest over a short period of time. Moneylenders are required to hold a licence to trade in moneylending. The Central Bank of Ireland regulates the activities of moneylenders and is responsible for issuing moneylending licences in Ireland.
A moneylending agreement is defined as "a credit agreement into which a moneylender enters or offers to enter, with a consumer in which one or more of the following apply:

1. the agreement was concluded away from the business premises of the moneylender
2. any negotiations for, or in relation to the credit were conducted at a place other than the business premises of the moneylender
3. repayments under the agreement will, or may, be paid by the consumer to the moneylender at any place other than the business premises of the moneylender
4. where the total cost of credit to the consumer under the agreement is in excess of an APR of 23 per cent., or such other rate as may be prescribed."

As of October 2010, there are 48 licensed money lenders in the Republic of Ireland. The rates charged by these moneylenders vary, with the highest being 188.45% APR. The Combat Poverty Agency estimates that there are 150,000 people in Ireland using money lenders.
Of course, the above information is relevant to licensed moneylenders and does not cover any groups or individuals illegally lending money outside of this structure.

Times are hard for many families, individuals and businesses. And though Christmas is a time of joy, it puts a lot of pressure on hard pressed parents trying to give the family a Yuletide to remember. The temptation is to borrow beyond our means, from sources that charge very high interest, resulting in a sack full of debt in the year to come. But you don't have to spend next year living with the Ghost of Christmas Past!

Here are some simple ways you save money this Christmas without being a Scrooge.

The 12 ways of Christmas;

• Budget, Budget, Budget. Plan how much you’re going to spend - and stick to it.
• Make a list. Decide what you're going to buy in advance. Decide in the store and you'll spend more!
• Pay with cash where possible. Avoid ‘expensive money’ via store cards, credit cards catalogues and money lenders – they’ll cost you more
• If you borrow be sensible. Borrow where the interest is right.....not on your doorstep!
• Compare prices. Before you buy, compare online and between shops. You’ll be amazed at the difference.
• Use trustworthy vendors. Buy from reputable websites and check they guarantee delivery before Christmas.
• Check for sales. Many shops will have sales before Christmas. Ask around, and maybe you could get those presents for even less!
• Interest free deals. Look for interest-free deals when buying furniture or electrical goods - but make sure to compare prices.
• Christmas clubs. Joining a Christmas club or buying a few savings stamps will help you now - it will also get you into the habit for next year.
• Read the small print. If you borrow or enter into a buy-now-pay-later deal, be careful. Some lenders will penalise you for paying it back early or, if you do not pay it within the interest free period, you could be subject to hefty interest payments.
• Under pressure? Talk to us first. Suffering from debt stress? Already owe money lenders? Call into your local credit union to discuss your options.
• Friends and family are priceless. 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.

International Credit Union Day 2010

2010-10-15T12:35:00.000+01:00

Thursday 21st October, 2010 will mark International Credit Union Day. Credit unions in Ireland will be sharing the occasion with over 183 million members of 49,330 credit unions around the world. This year’s theme - “Local, Trusted, Serving You.” reflects the core values of the credit union (cooperative spirit emphasising value, trust and service to members ) and is an important message amid Ireland’s current economic crisis.

The ultimate goal of International Credit Union Day is to raise awareness about the great work that credit unions are doing and give members the opportunity to get more involved. Credit unions and associations throughout the world celebrate the day with open houses, contests, picnics and parades.

The theme reminds us that credit unions exist to serve their members, their owners. So as you celebrate this year, keep in mind why credit unions were founded – not for profit, not for charity but for providing high quality and affordable financial services to members.

Since 1948, International Credit Union Day has been celebrated each year on the third Thursday of October to commemorate the credit union’s history and achievements. Ireland’s own Credit Union Movement was started in 1958 by 3 pioneers, Nora Herlihy, Séamus P. Mac Eoin and Sean Forde and has steadily expanded its services to meet the changing needs of members over the past fifty years. The Irish Credit Union Movement is among the most successful in the world with the highest membership per capita and has grown by 40,000 new members this year alone.

This year, under the theme of “Local, Trusted, Serving You.” the strength, stability and uniqueness of the credit union brand will be highlighted.

The Movement has a global penetration of 7.6% across 97 countries. Figures from Ireland in 2009 show that Membership stood at 2.9 million, Savings at 15.1 billion Euro and Assets at 13.4 billion Euro.

Global Credit Union Statistics Figures (USD)
Global Savings 1.146 trillion (USD)
Global Loans 911.8 billion (USD)
Global Reserves 119.7 billion (USD)
Global Assets 1.353 trillion (USD)

We are delighted to celebrate International Credit Union Day, 50 years after the Movement began here in Ireland. Despite financial uncertainty, credit unions have weathered the financial storm but we need to be prudent and responsible in the decisions we make going forward. This will help strengthen the Movement and ensure our continued ability to provide financial services to our members and the wider community.

Because of our members, credit unions are able to play a vital role in the development and financial stability of the communities we serve by providing fair loans and high quality services to our members. Our strength lies in our difference and we are very proud of this fact.

CUSO…Change is in our hands

2010-10-08T16:43:00.001+01:00

New challenges and opportunities facing credit unions in a rapidly changing Irish economic and social environment were a key focus of all discussions held at the Irish League of Credit Unions AGM 2010. One such key issue for the future development of credit unions discussed and approved at AGM was the Credit Union Services Organisation (CUSO).

The vision driving CUSO is to enable all credit unions to access the services required to continue to grow and strengthen the Movement.

Immediate benefits to Credit Union Members
Initially a member in the credit union will be able to do the following:
• Send money electronically to anyone who has an account in a credit union with EFT or a bank within Ireland or abroad.
• Receive money electronically directly into their credit union account from anyone who has an account in another credit union with EFT or a bank within Ireland or abroad. E.g. receive salary payments or social welfare payments directly into credit union account.
• Request their credit union to electronically pay bills such as Electricity, Gas, Mobile and Landline by once off payment or direct debit of variable amounts.
• Send/Receive regular payments (standing orders) to anyone who has an account in a credit union with EFT or bank. E.g. every month automatically transfer money to a landlords account for monthly rent.

Immediate benefits to Credit Unions
• Credit Unions can provide members with similar services to those offered by other financial institutions. This will include direct debits and standing orders.
• Credit Unions can arrange to receive payments from employers, Government Departments (e.g. welfare or subsidy payments etc.) and others.
• Loans can be issued electronically. Loan repayments can be received electronically.
• Credit Unions will achieve greater operational efficiencies through automated transactions.

Future benefits
It is anticipated that the future benefits of the Payments CUSO will be:
• Credit Union Debit Cards
• The foundation for fully functional Credit Union Internet Banking
• Transactions through mobile phones.

Nationwide Advertising Campaign

2010-09-24T09:33:00.002+01:00

I am delighted this week to announce the launch of our new nationwide advertising campaign entitled “Credit Unions – We look at things differently”.
The aim of this campaign is to highlight the differences between the credit union and other financial service providers. With this campaign we wanted to focus on the uniqueness of the credit union brand by focusing very much on the strengths and values of the credit union itself. Our commitment to co-operation, mutual self help and dedication to the communities in which we operate are represented strongly throughout the advertising.
In the current economic climate, people are looking for more from their financial services providers and the credit union is offering something different - we take pride in this difference and in our strength and stability. We research what people are looking for and the views of members and non members across the country shaped our thinking on this campaign. We primarily looked at attitudes to existing services; willingness to use future services and the difficulties faced by people in the current economy and used this when creating our message.
We are very happy to welcome Grainne Seoige, the current new face of GMTV in the UK, as a partner in this campaign and I want to take this opportunity to thank her for coming on board with the ILCU and we look forward to working with her again in the near future.
Grainne has lent her voice to the radio and TV elements of the campaign which is set to target the 25- 44 year old market.
The first phase of the campaign will consist of: TV adverts, radio announcements, local and national print advertising (including a new suite of product specific adverts), outdoor city billboard advertising / bus side advertising, online advertising and in-store communications materials at local credit unions country wide.
We have also created a new iPhone App which provides a credit union locator, credit union news feed and credit union history and information – a useful tool for existing and future credit union members across the country. Also remember to visit us on our Website / Facebook and Twitter pages for all the latest news about what is happening in credit unions around the country.
This is something of a milestone for the Movement as, for the first time, ILCU affiliated credit unions will have a national and local brand that has been developed to incorporate any advertising and promotional requirements that may arise. This will bring about uniformity in above the line marketing material across the Movement, reducing cost substantially.
The campaign kick starts this Friday September 24th with the TV ads and will run for a three week period.

CUs Lead the Way on Student Loans

2010-09-03T09:43:00.000+01:00

The great philosopher Aristotle once mused that “Education is an ornament in prosperity and a refuge in adversity”. In the boom years of the Celtic Tiger, there was a certain ‘chutzpah’ that one could strive for any job one wanted, regardless of skills or qualifications. It was an age of up selling yourself rather than upskilling.

With the demise of the Celtic Tiger, realism has hit home that as a nation, we need to re-focus on training and personal development, with a particular emphasis on third level education. But this certainly does not come cheap. Research produced by DIT Office Campus Life* has highlighted that over a nine-month college year, the cost of living for a student living away from home is €7,470 and €3,789 for a student living at home. Rent can account for over a third of the cost of students who live away from home.

Above any year, students and parents are finding it difficult to finance third level education, particularly those up-front costs such as registration fees, books, rent deposits etc. Other factors which are impacting on the affordability of college are the 5% reduction in the student grant announced in last December’s budget and the scarcity of part-time or summer work for students. The majority of students work during the summer months and many during the college year in a bid to finance the costs of third level education. With increasing unemployment rates, this seasonal work is much harder to come by.

Credit unions across the island are reporting an increase in enquiries for student loans as more and more students start to feel the pinch. In an effort to make education as affordable as possible for members, many credit unions have special student loan rates which are significantly discounted from their standard loan rates. Indeed, both Rathmore Credit Union in Kerry and Mountmellick Credit Union in Laois are offering rates as low as 4% (4.1% APR) for student loans. Each credit union sets their own lending policy and depending on individual situations, a parent may be required to act as guarantor.

Credit unions have no hidden fees or transaction charges and won’t charge you if you wish to repay your loan early or make additional lump sum repayments. So while other financial institutions attempt to woo third level students with gimmicks or introductory offers, credit unions will continue to offer straight forward, low cost loans tailored to meet the individual’s needs.

* DIT Campus Life (Cost of Living Survey 2010/11)

Review of Credit Union Sector

2010-08-13T10:39:00.001+01:00

The formal announcement by the Central Bank and Financial Regulator on the 27th July of an independent strategic review of the credit union sector in Ireland came as no surprise to those within the credit union movement. The review was announced over 12 months ago and indeed the Irish League of Credit Unions has sought this review of the sector for some time now.

While much of the focus since the announcement has been on the financial performance of credit unions, the review is an opportunity to strengthen the credit union movement by identifying the key role played by credit unions in society and underpinning that role by reflecting on the support mechanisms, governance, operation and indeed the overall regulatory and legislative framework for credit unions.

This legislative framework will be crucial to enable the credit union movement to continue to evolve, develop and serve almost 3 million members on the island. Credit unions do not fear additional regulation; however this regulation must be appropriate, enabling and cognisant of the unique ethos of the credit union movement.

Of course credit unions have not been immune to the financial difficulties we are currently facing. We are working with our members on a daily basis to help them cope with the strain of job losses, pay cuts and manage their finances in the best manner possible.

In this time of economic uncertainty, it is unfortunate that most of the focus has been on the effects of the crisis on large profit making institutions such as banks, property developers etc. The real concern should be the impact on ordinary people who are struggling to make ends meet on a day-to-day basis. These are the real victims of the financial crises and are the people who credit unions are endeavouring to assist. During this review, the ILCU will endeavour to have the credit union movement treated as the unique, volunteer-led locally based, not for profit financial institution that we have always been, serving our members in good times and in bad.

Small Business Loan Schemes

2010-07-16T09:09:00.000+01:00

Dear Visitor
As mentioned in my blog on 16th June, I informed you that I would be posting a fortnightly blog to encourage debate on topics which affect credit unions and our members. This blog is going to focus on Small Business Loans with your local credit union.
Small businesses throughout Ireland have been hit hard in the recession. Here we look at one of the schemes credit unions have set up to support the growth and sustainability of small businesses in their community.
According to a survey conducted amongst clients and contacts of the County and City Enterprise Boards (CEB) last January, 43% of businesses feel credit has worsened in the last six months.

In response to this, Dundrum Credit Union in partnership with Dun Laoghaire Rathdown CEB, developed a new Small Business Loan Scheme with a loan rate of 5.95% (6.11% APR).

Members of the credit union can apply for a Business Loan. They must be living, working or operating a business within the Dundrum Credit Union catchment area. They are then eligible to apply for a loan up to a maximum of €40,000, with a repayment period of up to 5 years. The CEB appoint a mentor to all successful loan applications to assist with business planning and development, as well as management capability.

Gerry McConville, Manager from Dundrum Credit Union told me that, ‘The scheme is aimed at the self employed and micro enterprises. We expect demand will primarily come from early phase applicants who are less than 18 months in business but we also expect interest from existing enterprises which require access to credit in these difficult times’.

All applicants must complete a loan application from the credit union and submit a basic business plan with 3 year cash-flow projections. Existing businesses must also submit a copy of their latest set of audited accounts and bank statements. Applications are reviewed by the Evaluation Committee of Dun Laoghaire Rathdown CEB. The committee make recommendations for loan approval to the credit union, who ultimately decides which applications are successful.

This new small business loan scheme is a wonderful response from two key organisations, coming together for the betterment of businesses in local communities.

As mentioned above, this is only one example of how credit unions are supporting small businesses in their community, there are a number of other similar schemes around the country.

2010-06-16T12:41:00.000+01:00

Dear Visitor,

Welcome to the newly developed credit union website, which we have been working on for the past number of months, changing many facilities to make it much more user friendly and functional for you, the users. These changes will improve communications to credit unions, members and non members alike. We have endeavored to look at the problems which existed for credit unions logging in every day, and also for our members and new visitors who are looking for information on savings and loans.

In the months ahead we have planned further development, which will include the development of smart phone/iphone applications for credit union members. In time we will run training videos, webcasts, promotional films, roadshow presentations and information clips on the website for our affiliated credit unions, and for members where appropriate. The main thing to remember about this website is that it is a building block for new possibilities for everyone. This is the beginning of our web development, not the end. We hope you find the website a useful resource in getting the information that you require, and that it becomes a regular fixture in your browsing day.

This new site will allow us to explore new avenues in terms of advertising, promotion and connection. As part of new initiative we will be introducing Social Media to creditunion.ie, with a Facebook and Twitter presence. In addition it will allow members and non members to contact us directly with questions, and we can assist credit unions with more targeted approaches to the promotion of existing offerings. Most importantly, we have a feedback section as previously stated - we welcome your thoughts and comments on the site, and improvements that could be made before we promote the site nationally.

For my part, as President, I will be posting a fortnightly blog to encourage debate on topics which affect credit unions and our members. We look forward to your views and input on these issues, and look forward to inclusive and informative ongoing debates about how we can progress in terms of services.