{"id":10,"date":"2013-12-12T17:58:48","date_gmt":"2013-12-12T17:58:48","guid":{"rendered":"http:\/\/republicirelandbank.com\/?page_id=10"},"modified":"2022-10-08T14:26:15","modified_gmt":"2022-10-08T14:26:15","slug":"credit-unions","status":"publish","type":"page","link":"https:\/\/republicirelandbank.com\/?page_id=10","title":{"rendered":"Credit Unions & Post Offices"},"content":{"rendered":"

Want to avoid credit union risk?<\/span> Get rid of credit unions.<\/span><\/strong><\/span><\/h4>\n

By Greg Allen,banking and finance consultant with GDA Consulting<\/span>
\nAug 3, 2010<\/em><\/span><\/p>\n

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Financial regulator Matthew Elderfield and Kieron Brennan, chief executive of the Irish League of Credit Unions: could getting rid of credit unions be at the back of the regulator’s mind? Credit unions will vanish from Ireland over the coming years. A familiar pattern will emerge of small credit unions transferring their business to bigger credit unions. This will continue until what is left is a small number of very large credit unions. These will eventually be sold to much larger international financial institutions until they no longer exist. History, they say, repeats itself. This is exactly what happened to the trustee savings banks.<\/p>\n

This is going to come about because of one specific change introduced by the Registrar of Credit Unions in 2009. This requires credit unions to have a non-distributable regulatory reserve of 10% of total assets with effect from 1 October 2009.<\/strong> Currently, most credit unions can comply with this requirement, and because they can achieve the standard, it appears to be reasonable on the face of it.  . . . . . . . . . . . . . . . . . .<\/p>\n

“The credit union movement is going to die slowly but not obviously. We will be safe from a credit union collapse because there won’t be any credit unions. This is the best risk avoidance of all.”<\/strong><\/p>\n

Read full article AccountingNet.ie<\/a><\/p>\n

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Ireland is reducing its number of Credit Unions<\/span> while the UK is increasing its number!<\/span> <\/span><\/h3>\n

Who’s right?<\/span><\/span><\/h3>\n

Commission calls for mass mergers among credit unions. Independent.ie<\/a><\/h3>\n

The move to encourage mass mergers among the lending co-operatives could see their number fall to as few as 250 over the next three years, although no official figure has been put on the number of credit unions.<\/p>\n

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The Archbishop of Canterbury  has vowed to put payday lenders out of business <\/span>by using the Church to build up Britain\u2019s network of credit unions. <\/strong><\/h3>\n

The Independent UK<\/a><\/strong><\/p>\n

The Church of England has already set up a credit union for its own staff,  which will advise the other co-ops on how to expand their reach.<\/p>\n

The Archbishop, a former oil industry executive and a member of the Parliamentary Commission on Banking Standards, has pointed out that the Church has 16,000 branches in 9,000 communities \u2013 more than the banks. In an interview with Total Politics magazine, he said: \u201cI\u2019ve met the head of Wonga and we had a very good conversation and I said to him quite bluntly \u2018we\u2019re not in the business of trying to legislate you out of existence, we\u2019re trying to compete you out of existence.\u2019 He\u2019s a businessman, he took that well.\u201d<\/span><\/p>\n

Read Full Article The Independent UK<\/a><\/strong><\/p>\n

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Vancity credit union CED award<\/h1>\n

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\"\"  Credit Union<\/span><\/strong><\/p>\n

Vancity is a values-based financial co-operative serving the needs of its more than 492,000 member-owners and their communities through 57 branches in Metro Vancouver, the FraserValley, Victoria and Squamish. As Canada\u2019s largest community credit union, Vancity uses its $17.1 billion in assets to help improve the financial wellbeing of its members while at the same time helping to develop healthy, sustainable communities. Member deposits enable the credit union to loan to other members, businesses and organizations that are creating positive economic, social and environmental impact in their communities. In addition, since 1994 Vancity has given more than $238 million to members through dividends and to communities through grants and community investment initiatives. Vancity is a Living Wage employer and a member of the Global Alliance for Banking on Values, a network of the world\u2019s leading sustainable banks sharing a commitment to achieving triple-bottom-line impact through responsible banking practices. More information about Vancity is available at www.vancity.com<\/a>.<\/p>\n

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 Final Statement of the Board of Directors of Newbridge Credit Union <\/strong><\/span><\/p>\n

Final_Statement_of_the_Board_of_Directors<\/a> of Newbridge Credit Union<\/p>\n