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21 Mar 2024

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What is the Common Fund?

As the amount of shares builds up, the common fund of money grows. This in then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.

What are shares?

Every £1 saved is equivalent of one share in a credit union. A minimum saving of £25.00 is needed to keep the account open. You should save regularly to build up a savings history. Each share is eligible for a dividend at the end of the year. The more savings held by the Credit Union, the more funds are available for loans to members.

What can a credit union do for you?

Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans

What is the common bond?

The common bond is that factor which unites all members of a credit union. It defines the area within which the credit union can operate. In Ireland, the most usual common bond are:

  • Community bond (where all members live in defined village, town or locality);
  • Occupational Bond (where all members are in the same occupation or work for the same employer);
  • Associational Bond (where all members are in the same society or association).
What is a credit union?

A financial cooperative, owned, and controlled by its members for its members.

How much dividend / interest rebate can I expect each year?

The amount of dividend / interest rebate varies from year-to-year and is dependent on the amount of the Credit Unions surplus of income over expenditure less amounts that must be help is reserve as required by the Central Bank of Ireland (who are responsible for the regulation of Credit Unions in Ireland).

The income consists of the interest paid on loans given out by the Credit Union and returns on investments of member’s funds made by the credit union.

Expenditure consists of the running costs of the credit union such as staff costs, insurances, light and heat etc.