Who Controls Us?

• Only the members. We are independent and owned and run by our members.
  
• Credit unions are regulated by the Central Bank. Every Credit Union has an appointed supervisory committee whose role is to protect the interests of members. Credit Unions are governed by the 1997 Credit Union Act. Credit Unions are also independently audited every year. The Audited accounts are distributed to all members and are presented for approval at the annual general meeting.

What Makes Us Different?

• Credit unions are owned by all their members. One Member One Vote.
  
• Every Credit Union is a ‘not-for-profit’ financial co-operative.
  
• There are no transaction charges on loans or saving accounts.
  
• Loans are insured at no direct cost to the eligible member.*
  
• Savings are insured at no direct cost to the eligible member. **
  
• Flexibility -you can repay a credit union loan earlier or make larger repayments than agreed with no penalty.
  
• Additional lump sum repayments are accepted with no penalty.
  
• Surplus income generated is returned to the members or it may be directed to improved or additional services for members.
• The Credit Union works in co-operation with the local community.

Is your money safe?

• Yes. Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Central Bank of Ireland. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. The maximum amount a credit union member can receive under this scheme is €100,000.
  
• In addition to this, the Savings Protection Scheme (SPS) which is owned and operated by the Irish League of Credit Unions. The SPS where required can provide expertise or financial help to any credit union which may experience difficulties.