What Is A Credit Union?

A Credit Union is a mutual financial co-operative which provides a convenient saving and low cost loans service to its members. It is democratically owned and controlled by the members and directed by volunteers. Staff are employed to manage the operations of the organisation and they in turn work alongside employee and community volunteers. Members have the right to attend, speak and vote at the Credit Union's Annual General Meeting. They elect Directors onto the Board of Management and vote on other pertinent matters brought before them. Credit Unions offer their members a convenient way to save and offer affordable credit (maximum annual percentage rate prescribed by law at 12.68%) as well as promoting the welfare and financial education of their members. All Credit Unions are regulated by the Financial Services Authority. All officers have to be fidelity bonded: this insurance covers the members in the event of an internal fraud or embezzlement. All Credit Unions are required by law to carry full insurance at all times, and their activities are monitored by internal supervision, external Auditors and the Financial Services Authority. ABOUT CREDIT UNIONS... • Credit Unions are financial co-operatives owned by the members who save with them • They are democratically run by their members for their members • They encourage thrift by helping members save on a regular basis • They offer credit at a fair and reasonable rate of interest • They promote the welfare and financial education of their members THE INTERNATIONAL PERSPECTIVE • 100 million members worldwide in 90 countries • Half the population of Ireland are members of credit unions • 30% of Americans 25% of Canadians are members of credit unions

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