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Credit Unions - The Irish story
Blackrock Credit Union............Mission & Values
Loans Policy.............Savings
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School Quiz |
Credit Unions - The Irish story Blackrock Credit Union............Mission & Values Loans Policy.............Savings
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Poster Competition |
Credit Unions – The Irish story
Credit unions were introduced to Ireland in 1958. The credit union philosophy of mutual self-help has proved to very popular, and there are now 535 credit unions affiliated to the Irish League of Credit Unions throughout Ireland.
In Ireland over 2.3 million members have recognised the value of credit unions, and have savings in the order of 5 billion euro with their credit unions. There are over 12,000 active volunteers involved in the movement , and more than 2,000 people are employed.
Each credit union is a separate autonomous organisation, and manages its own affairs. The Irish League of Credit Unions is the representative and service body and provides a wide range of services for affiliated credit unions.
Blackrock Credit Union
The Blackrock Credit Union was founded in 1970 with a membership of one dozen in a premises on Temple Road. It has since grown to a membership of in excess of 3,700 with a share and deposit balance of over £4 million, and now operates from No.1 Carysfort Ave.
Blackrock Credit Union exists to service all who live or work in the neighbourhood of Blackrock. The Credit Union is owned by its members and operates for their benefit. It supports their financial independence, providing loans, and other financial services. Any surplus generated is returned to the members in the form of dividend, reduced interest rates, or interest rebates.
The Address and contact numbers for Blackrock Credit Union are
1 Carysfort Ave, Blackrock, Co. Dublin
phone: 2831034.........Fax: 2781068........ email: blackrockcu@eircom.net
for a map of where we are click here
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Mission & Vision The mission of Blackrock Credit Union is: Our vision is to be recognised in the Community for
professionalism, with a personal touch, the place of first resort
for loans within our range. top
What are the advantages of being a credit
union member? The credit union movement sees the principal
advantages of membership as being The credit union movement prides itself as
being a community movement supporting community value. In line
with this, a survey of Credit Unions carried out by the ILCU
found that Credit Unions were appreciated by their members
particularly for Particular benefits (subject to conditions)
arising from Credit Union membership are top
How do you become a member? Membership costs 1euro. If you live or work in
the area of Blackrock you can become a member. You are welcome to
join at any time, just remember to provide proof of identity and
residence & your PPS (Personal Public Service, formerly RSI)
number. The staff of the Credit Union will be delighted to
facilitate your membership You can see an outline map of the area covered
by Blackrock Credit Union (the "common bond") by
clicking ............Here You can see an outline map of the area showing
the location of the Credit Union Office by clicking ............Here Address & phone: 1
Carysfort Ave, Blackrock, Co. Dublin; ........phone: 2831034 top
Blackrock Credit Union – Loans
Policy Loans from Blackrock Credit Union are available
for a wide range of needs such as The credit union aims to provide hassle-free
loans, tailored to your particular needs and income. You can pay
a lump sum off your loan whenever you want with no penalty and no
transaction costs. Decisions on loans are made rapidly to
facilitate members. Applications for loans are welcome from anyone
who has been a member and regular saver for 3 months. The main
criterion for providing a loan is the ability to repay without
undue stress. The length of membership, regularity of savings,
size of loan, ratio of loan to savings, are among the factors
taken into account when considering a loan application as well as
an individuals history regarding previous loans. The credit union
needs to have evidence of earnings to assess the ability to repay
the loan, and third party guarantees or other assurance may be
required for large loans. We actively encourage our members to take out
loans rather than deplete their savings, in our objective of
enhancing the financial independence of members. To protect
members savings, we will allow top-up loans in certain
circumstances as part of our flexible operating policy, tailored
to best suit your needs. The rate of interest charged on loans is
continuously under review to maximise the benefit to our
membership. In a climate of reducing interest rates, the benefit
of this can be transferred to the members either through lower
interest rates, or through interest rebates distributed at the
end of the year (as has been done by Blackrock Credit Union in a
number of years). The present rate of
interest is 0.79% per month on a reducing balance, or 9.9% APR. For the last number of years we have provided
an interest rebate at the end of the year. We gave a rebate of 20% for the year ending 30 September 2005. Loans are
automatically insured against death at no extra cost. To estimate the cost of loans
click here: top
Blackrock Credit Union
– Savings The Credit Union provides its Loan facilities
and other services through the funds provided by the savings of
its members. One of the main reasons for the Credit Union is to
encourage saving, on a regular, secure basis, and to consequently
provide a fund to support the borrowing needs of the members. You
can save any amount as often, or infrequently as your choose. You
may save through a standing order instruction to your bank, for
extra convenience, or call into the office at any time. Your
shares will build up quickly, and at the end of the financial
year, each member is entitled to a dividend, based on the number
of shares. The dividend to be paid depends on the surplus
available, which in turn reflects the level of loans and the
general interest rates in the economy. If your level of shares goes over 12,700 euro
the excess is held in a deposit account on which interest, rather
than a dividend, is payable. The dividend paid for the year ending Sept.
30th 2005 was 2.5%. The interest on deposits at present is 0.5%. Standing Orders: A convenient and flexible way to save regularly is to
set up a standing order from your bank to the Credit Union. Ring us or call in for a form to set it up. top
Savings and Loan Insurance Credit Unions offer insurance protection
through Life Savings and Loan Protection insurance on the lives
of their members. Life Savings Insurance Depending on your age, the credit union will
provide, upon your death, insurance benefit on your savings. Benefits: When you save in a credit union you benefit
from Life Savings Insurance cover for your shares. This is paid
for directly by the credit union. You, as an eligible member, pay
no individual charge. Who is eligible? You are entitled to Life Savings Insurance
cover when you save in the credit union, if you are under the age
of 70 years, and actively at work (or able to carry out the
normal duties of your occupation) or if not working, in good
health. (In the case of joint accounts the member eligible for
cover is the member whose name appears first on the credit union
ledger records). How does life savings insurance work? The amount of insurance benefit on savings
which a member is entitled to is in direct proportion to their
savings and their age. In your credit union account every 1 euro
you save: For example, if you are 54 years of age with
1,000euro saved in the credit union, an insurance benefit of
1,000 euro in addition to your savings will be paid out on your
death. If you are 57 years of age with nothing saved before the
age of 55 but save 1,000 euro since, an insurance benefit of 750
euro in addition to your savings will be paid out on your death. Once earned the insurance remains in force as
long as you leave your savings in the credit union. Loan Protection
Insurance In the credit union, the outstanding loan
balances on credit union debts of eligible members are
automatically insured (up to certain limits) at no direct cost to
the member. So you can take out a credit union loan in the full
confidence that your dependants will be protected against your
debts in case of your death. Who is eligible? Every credit union borrower, whether in
employment or not, is eligible for loan protection insurance
provided they: (In the case of joint accounts the member
eligible for cover is the member who signs the promissory note
first). Is the amount of cover limited? Loan Protection cover generally covers the full
loan provided by the credit union. Check with the credit union
for full details. Death cover ceases, generally on a member's
70th birthday, in Blackrock Credit Union however, it extends,
under present policy, to the 80th birthday. Who pays for Loan Protection Insurance? Your credit union pays for this service out of
its earnings. You, as a borrower, pay no individual charge. Both Loan Protection and Life Savings Insurance
are underwritten by the credit unions' own insurance company,
Eccu Assurance Company Ltd.
AGE
COVER
before
55
provides
1 euro of insurance
during
55 to 59 inclusive
provides
75c of insurance
during
60 to 64 inclusive
provides
50c of insurance
during
65 to 70 inclusive
provides
25c of insurance