What is the Credit union?

 

A Credit Union is a type of peoples bank set up by those who have a common bond of working together, living in the same district or belonging to the same trade union. It promotes thrift and the use of member's savings for the mutal benefit of all members of the society.
Savers in the Credit Union obtain dividends on their deposits. Once they have saved a certain sum members can borrow from the Credit Union at fixed rates of interest and obtain insurance on their borrowings. The surplus funds of the society after building up reserves go to the member's dividends. Credit Unions are monitored by the Irish League of Nations

The Credit Union and the Euro
· All accounts by 1 January 2002, be converted to euro at the conversion rate, free of charge
· From 1 January 2002, services will be in euro. Credit unions will accept payment in Irish notes and coins up to 9 February 2002, but change will be given only in euro
· From 1 January 2002, credit union ATMs will begin to dispense euro notes. Initially, they will mainly dispense €10 and €20 notes
· Credit unions will exchange, for members, household amounts of Irish notes and coins for euro free of charge during the circulation period and for a time afterwards. A "household amount" means an amount up to an overall total of £500 per member
· Credit unions will accept lodgements of Irish notes and coins from members during the circulation period and for a short time afterwards.