Monthly Archives

November 2019

Notification of Share Cap

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Following due consideration and deliberation, the Board of Directors of Carrickmacross Credit Union Limited has decided to introduce a cap on savings of €40, 000 per adult member and €25,000 per minor member (a minor is classified aged up to 16 years of age) with effect from 1st January 2020.

It is important to note that this limit is based on the member, not the account. Therefore, each adult member is limited to a maximum of €40,000 combined savings, whether they are in a single or joint account.

Members who already have a balance in excess of €40,000, will be allowed to retain this balance but no more than that amount. However, any withdrawals reducing the balance, will limit the maximum the member will be allowed to retain to that sum following any withdrawals.

The rationale behind introducing the cap is as follows:

  • Our total savings are growing by approximately 3.7% per annum and now stands at €1m as at 30/09/2019. In an environment of historically low interest rates, it has become incredibly challenging for Carrickmacross Credit Union Ltd. to find yielding products to invest the balance of these escalating savings that are not utilised in our credit book to our members.
  • Under Central Bank of Ireland regulations, we are obliged to maintain our statutory capital at a percentage of our total assets. In practical terms, this means that for every additional €100,000 of savings, we must allocate €10,000 from our surplus/profits to our Capital Reserve.
  • The approved share cap will affect circa 6% of our current membership. This may prove an inconvenience to these members with savings close to or above the relevant limits nonetheless, the Board of Directors of your credit union must act prudently in the best interest of our membership as an entirety.

Thank you for your understanding in this matter.  Please be assured that we continue to innovate and work hard to protect the sustainability of Carrickmacross Credit Union Ltd.

The success that we have experienced over the years is because of members like you, who faithfully support our credit union. We appreciate your trust and loyalty and we will continue to offer quality products and services in line with your needs.

Interested in becoming a Director on the Board of Directors?

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Do you have expertise and experience in Finance, Accountancy, Risk Management, Strategic Planning, HR, Legal, Investments or Marketing?

Would you like to be involved in your Credit Union by becoming a Volunteer on our Board of Directors?

If so, Carrickmacross Credit Union Ltd. would like to hear from you!

As part of our Succession Planning process, we are always seeking expressions of interest from members of Carrickmacross Credit Union Ltd., with a view to forming a panel of suitable candidates for possible future vacancies on the Board of Directors and various working committees.

We are always seeking enthusiastic, community-minded volunteers, with an interest in the function of the Board and who have the time and skills to fully participate in the decision-making process and the strategic planning for the future of Carrickmacross Credit Union Ltd.

Please take a look at our Volunteer Application Form and read this in conjunction with the Volunteer Eligibility Criteria, and if you feel you would like to know more, please then contact The Nominations Committee by emailing nomcomm@carrickmacrosscu.ie or calling the office on 042 9661937 and a member of staff will pass on your expression of interest to the Nominations Committee.

We would love to hear from interested members, and discuss the role in detail with you.

Carrickmacross Credit Union Ltd. is Regulated by the Central Bank of Ireland.

Christmas Loans at Carrickmacross Credit Union Ltd.

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Christmas. It’s the most wonderful time of the year. That is if you’re not stressed that the cost of it all will financially wipe you out for most of the New Year. If you’re usually down to your last few euro by the end of the month, then the thought of the additional December bills probably has you coming out in a cold sweat. If you’re thinking about a loan to help you through the festive season, make sure you’re getting the most affordable loan you can. And one that is flexible and stress-free.

You should definitely not reach for the credit card, store credit, or even worse, moneylenders/payday loan companies for your Christmas loan. Not only are they far from affordable but the terms and conditions can be complicated and very inflexible.

So then, where should you go for the most affordable Christmas loan this Yuletide?

If it’s a flexible, straightforward, ethical and affordable Christmas loan you want, then Carrickmacross Credit Union Ltd. should be your first stop.


Affordable Christmas Loan Rates

Our Special Christmas Loan is available at the low rate of 5.99% (6.15% APR). When you compare this with credit card interest rates, between 13% and 23% in Ireland, it’s a no brainer. Or, if you choose to use store credit, the interest charged would be even higher. For example, one major, online department store charges a whopping interest 39.9% APR. Not what you want when you’re trying to get in the festive mood.

Stress-free Christmas Loan

Aside from offering very affordable Christmas loans, Carrickmacross Credit Union Ltd. also provides one of the most stress-free loans you can get. This is because we are very flexible. The loan repayments won’t be dictated by the credit union, but will be worked out with you. Your loan officer will discuss with you how much you can afford to pay back per week or per month. If at any time you find the repayments are too much for you, there won’t be a problem. Simply contact your loan officer and they will work out a repayment schedule that will suit your financial circumstances a little better.

On the other hand, if you want to pay back the loan earlier than scheduled, there is no issue with this either. And you will never be charged any penalty fee for doing so.


Better than a Moneylender

A Christmas loan from us is always a better idea than a moneylender or payday loan company. With us you will be getting an affordable Christmas loan. But with a moneylender, you can be charged interest rates as high as 288% in the Republic of Ireland.* And that’s just the rates that can be charged by the licenced moneylenders. (Those regulated by the Central Bank of Ireland). Unlicensed moneylenders could be charging much higher.

So, if you’re looking for an affordable Christmas loan, there really couldn’t be a better, friendlier place to go this festive season than Carrickmacross Credit Union Ltd.

 

WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future.

Terms & Conditions apply. Carrickmacross Credit Union Ltd. is Regulated by the Central Bank of Ireland.Reg. No CU 141

Now Open 6 Days a Week

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Carrickmacross Credit Union has extended its opening hours and is now open 6 days a week.

The office previously opened five days a week, closing its doors every Wednesday. As and from yesterday, November 6th, the credit union will now open six days a week, Monday to Saturday.

The previous opening arrangements had been in operation for over 35 years and have served the Credit Union and its Members well.

However, as part of a strategic review of operations, the Board of Directors has decided to extend the opening hours to meet continued demand from Members for additional services.

Marian McEnaney, CEO Carrickmacross Credit Union said: “Since our foundation in 1963 we have always tried to meet the financial needs of our Members and have introduced new and improved services progressively over the years. As other financial institutions have reduced and changed the services they provide to the public, the demand for our services, particularly the personal in-office service that we provide, has greatly increased. The extension of opening hours is something that the Board of Directors and Management Team have been considering for some time, and I am delighted that we are now in a position to open our doors 6 days a week. Following the introduction of the new opening hours, Carrickmacross Credit Union will be open to the public for 43 and a half hours per week.”

 

New Opening Hours:

Monday: 9.30am – 5.00pm

Tuesday: 10.00am – 5.00pm

Wednesday: 9.30am – 5.00pm

Thursday: 9.30am – 5.00pm

Friday: 9.30am – 5.00pm

Saturday: 9.30am – 4.00pm

Sunday: Closed

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LOAN DETAILS

 

Christmas Loan - 5.99% (6.15% APR)

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LOAN DETAILS

 

Green Energy Loan - 7.25% (7.51% APR)

REPAYMENTS

 

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LOAN DETAILS

 

Green Energy Loan - 7.25% (7.51% APR)

REPAYMENTS

 

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LOAN DETAILS

 

Green Energy Loan - 7.25% (7.51% APR)

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LOAN DETAILS

 

Education Loan - 5.99% (6.15% APR)

REPAYMENTS

 

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LOAN DETAILS

 

5k Net of Shares Loan - 6.99% (7.22% APR)

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LOAN DETAILS

 

Holiday Loan - 6.99% (7.23% APR)

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LOAN DETAILS

 

Secured Loan - 5.99% (6.15% APR)

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LOAN DETAILS

 

Summer Sizzler Loan - 8.5% (8.8% APR)

REPAYMENTS

 

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LOAN DETAILS

 

Car Loan - 7.25% (7.51% APR)

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LOAN DETAILS

 

Personal Loan - 10% (10.51% APR)

REPAYMENTS

 

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