Savings at credit unions in Northern Ireland have exceeded £1 billion

[barryqwalsh]

In an overview of figures ahead of announcing its year-end results, the Irish League of Credit Unions (ILCU) said the movement in the north had strengthened over the past 12 months.
Membership has increased to 442,000 with the loan book at the end of June showing £453 million in lending while savings rose by 5.4 per cent to £1.017bn

http://www.irishnews.com/business/savings-first-for-credit-unions-1383709

[barryqwalsh]

CU Locator

Click on a county to find the nearest CU to You

http://www.creditunion.ie/culocator

[barryqwalsh]

It's funny the message board suspects the initials for CREDIT Union must be a naughty word.

[barryqwalsh]

Mutual Financial Services

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http://www.findyourcreditunion.co.uk/home

[T Fearon]

Is this good or bad news? Savings up to over twice the amount out on loan,and little or no interest available on this excess money,resulting in little or no dividends for savers (although probably on a par with interest available anywhere else ).Also suspect bad debts down due to large write offs

[never kickt a ball]

These guys will put a dent in the savings.

Ballymacarrett Credit Union goes bust but savers' money is safe

By John Campbell
BBC News NI Economics & Business Editor
An east Belfast credit union with around 1,000 members has gone bust.
However, all the savers in Ballymacarrett Credit Union will get their money back under the government's Financial Services Compensation Scheme (FSCS).
The credit union, which is based on the Albertbridge Road, holds savings of around £530,000.
The FSCS said the overwhelming majority of savers will get their money back within seven days.
People with less than £1,000 saved will receive a letter to get cash over the counter at their post office.
Anyone with savings of more than £1,000 will receive a cheque.
Mark Oakes, head of communications for the FSCS, said: "We're ready to help. Your savings are safe and we will get your money back to you within the next week.
"The process is automatic so you won't have to apply for compensation. We will pay up to £85,000, so every member of the credit union is protected."
Those with loans from the union will continue to repay on the same terms.
The most recent accounts for the credit union show that it ran a deficit in 2012 and 2013 as a result of "increased provisions for bad and doubtful debts".
In 2012, the deficit was £30,500 and in 2013 it was £6,500.
A note in the accounts adds that the directors were "reviewing lending procedures".
This is not the first credit union in Northern Ireland to be wound-up.

And these guys

Savers reassured as Portadown Diamond Credit Union wound up

A Northern Ireland credit union with more than 1,300 members has been wound up.
Portadown Diamond Credit Union was wound up by the High Court on Thursday following a petition from its directors.
The Financial Services Compensation Scheme (FSCS) has said the overwhelming majority of savers will get their money back within seven days.
Those with loans from the union will continue to repay on the same terms.
People with less than £1,000 saved will receive a letter to get cash over the counter at their post office. Anyone with more than this will receive a cheque.
FSCS protects up to £85,000 of savings or £170,000 for joint accounts. It has come to the aid of more than 4.5m people since 2001 while paying out billions of pounds in compensation.
According to its last set of accounts the credit union had begun legal action against a member for non-payment of a £300,000 loan, a large part of its total £1.9m loan book.
The winding-up order was supported by the body that regulates credit unions and a liquidator has been appointed.
The credit union in question is different from Portadown Credit Union, which said it was "fully functional".

And these guys

Carleton Credit Union in Portadown goes bust
By John Campbell
BBC News
A Country Armagh credit union with around 600 members has gone bust.
However all the savers in Carleton Credit Union will get their money back under the government's Financial Services Compensation Scheme (FSCS).
The credit union, which is based in Carleton Street in Portadown, holds savings of around £390,000.
The FSCS said the overwhelming majority of savers will get their money back within seven days.
People with less than £1,000 saved will receive a letter to get cash over the counter at their post office.
Anyone with more than this will receive a cheque.
Those with loans from the union will continue to repay on the same terms.
The last set of accounts for Carleton Credit Union showed that it had made a £37,00 provision for doubtful debts.
Due to its small size those doubtful debts were enough to tip the credit union into insolvency.
This is the second credit union in Portadown to go bust in recent months.


What's going on here Tony?

[T Fearon]

They won't! All three were Ulster Federation CUs (ie prods) whereas the vast majority are Irish League of Credit Union affiliates (ie taigs) in the North and it's the ILCU affiliates whose combined savings have exceeded £1bn.

Still they do expose the vulnerability and increasing unsustainability of smaller Credit Unions who only need a few bad debts to get into serious trouble,as these three did.

Thankfully no individual loses their money now as savings up to £85k are guaranteed by the Statutory Compensation Scheme in place since regulatory responsibility for Credit Unions moved to the Financial Services Authority ( now the Prudential Authority) in 2012,

[BennyCake]

Is the CU next to McQuillans and the market safe? Ive a few million in there meself.

[T Fearon]

Ben my your money is safe!

[gallsman]

A good friend of mine is an auditor for the ICLU. Based on some of the stories I've heard, I wouldn't dream of putting money anywhere near one of the things.

[BennyCake]

Ben my your money is safe!

Phew!

[T Fearon]

Gallsman why not? Savings secure,opportunity to leave double your savings as a legacy,loans life assured and renegotiable with no penalties,funeral expenses covered for less than £20 per year.

[Rossfan]

Credit Unions are great.  A few have fcukd up - maybe 10 out of 5 or 600.
Meanwhile the Banks.........

[Hereiam]

Have to say I prefer the credit union to the bank. Any loans I have ever taken out have been with the credit union. Best thing is that you have to go in an get your money out in person which helps you resist the urge to spend it.

[T Fearon]

Amazing the number of people who don't know about Credit Unions.Main advantages:

Savings protected.

Amounts saved and retained at age 55 are doubled and paid out to nominee at death.(Upper limit savings £15k typically).

Loans are life assured and fee free and can be renegotiated without penalties

Death Benefit Insurance (funeral expenses) for an annual premium under £20

All profits distributed to members in form of interest on savings and loan interest rebate.

Any member can join Board of Directors by nomination and election