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Credit Unions : Ireland

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Credit Unions : Ireland 40 years of development Serving 60% of the population (over 2 mln) Locally based and directed 530 CUs, directed by local board – PowerPoint PPT presentation

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Title: Credit Unions : Ireland


1
Credit Unions Ireland
  • 40 years of development
  • Serving 60 of the population (over 2 mln)
  • Locally based and directed
  • 530 CUs, directed by local board
  • Supported by Federation (ILCU)
  • Savings led
  • no donations or external credit, no member
    capitalisation
  • Consumer and SME Lending

2
Typical Irish CU
  • Geographical Base
  • From 1,000 to 8,000 members
  • Directed by 20 to 30 elected volunteers
  • Board (10 -15 people) Credit Committee (3) etc.
  • All members have savings
  • 25 to 50 of members have loans
  • Members pledge savings as security for loans
  • 20 to 30 of savings are pledged against loans

3
Irish League of Credit Unions
  • Services
  • .Protection
  • .Training
  • .Insurance and Bonding
  • .Liquidity and Investment Management
  • .Marketing and Communication
  • .Representation
  • Special Status with State Regulator in 1997 Law

4
Reasons for Success
  • Strong Community and Voluntary Tradition
  • influences of culture, religion, emigration
  • Strong savings, Careful lending
  • Mix of CUs countrywide
  • Urban and workplace were strong enough to
    maintain the ILCU, which gave the smaller rural
    CUs the services they needed.

5
CHALLENGES
  • Be more competitive in traditional services
  • Expand services
  • to give full range of daily financial services
  • Technology
  • link all 535 CUs into network
  • link up to state payment systems.
  • Regenerate the volunteer leadership
  • average age of volunteer is too high (50)
  • after 40 years the old pioneers are tired
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