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What is a Credit Union?

A credit union is a group of people who save together and lend to each other at a fair and reasonable rate of interest. Credit unions offer members the chance to have control over their own finances by making their own savings work for them. Regular savings form a common pool of money, which in turn provides many benefits for members.

Castleblayney Credit Union was formed in 1963 and is owned by people like you, the members, who both save with, and borrow from it. As a member, you will receive a dividend, if declared, on your savings and you have access to loans at fair and reasonable rates.

 

What are the benefits of a Credit Union?

The big difference between your credit union and any other savings account is that members own the credit union. Our philosophy has always been to look at things differently.

 

Credit Union Ethos

  • Savings with the credit union are called ‘Shares’.
  • In the event of your death your credit union savings are insured – subject to terms, conditions and eligibility criteria – at no direct cost to you
  • No matter how much you have saved, all members aged 16 or over, have equal voting rights on issues affecting their credit union

A credit union is an organisation of people – for people. It exists only to serve its members – not to profit from their needs. Credit unions are non-sectarian and non-political, and continue that Irish tradition of co-operative self-help.

 

Castleblayney Credit Union

Board of Directors and Board Oversight Committee

Castleblayney Credit Union Board of Directors pictured at the AGM, held in Castleblayney’s Glencarn Hotel last weekend. Back row from left; Martin Carr, Nicholas Clancy, Tony Conlon, Rory O’Neill, Martin Kerr, David Funcheon, Alice Duffy and Sean Duffy. Seated from left; Kathleen Carville, Kelly O’Brien, Paul Gibbons, Sinead Duffy and Sinead Madden. Picture: Jimmy Walsh

President  Paul Gibbons
Vice President  Rory O’Neill
Secretary  Sean Duffy
Assistant Secretary Kelly O’Brien
Finance  Tony Conlon

 

Staff Members and CEO Catriona Curtis

Castleblayney Credit Union Staff

 

Regulation

Castleblayney Credit Union is, as all Credit Unions are, subject to various levels of supervision and regulation. Castleblayney Credit Union Limited is regulated by the Central Bank of Ireland.

The financial affairs of the Credit Union is subject to annual audit by registered auditors who report directly to the members.

Under the Credit Union Act 1997 an independent board oversight committee is elected by the members at the Annual General Meetings to supervise the operation of the credit Union and the performance of the directors in carrying out their duties.