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W E L O O K A T T H I N G S D I F F E R E N T L Y

W E L O O K A T T H I N G S D I F F E R E N T L Y Co-operatives a Model for Sustainable Development Credit Unions – the Financial Co-operative Rosemary O’Doherty, Director, ILCU Europa Hotel, 28 th June 2012. W E L O O K A T T H I N G S D I F F E R E N T L Y. The ILCU.

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W E L O O K A T T H I N G S D I F F E R E N T L Y

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  1. W E L O O K A T T H I N G S D I F F E R E N T L Y • Co-operatives a Model for Sustainable Development • Credit Unions – the Financial Co-operative • Rosemary O’Doherty, Director, ILCU • Europa Hotel, 28th June 2012

  2. W E L O O K A T T H I N G S D I F F E R E N T L Y The ILCU • 492 affiliated credit unions • Affiliates from Northern Ireland and ROI • Trade & Representative – not a Head Office • Legal, Insurance, Monitoring, Marketing, ICT, HR & Training • Lobbying, dealing with Government, WOCCU • Savings Protection Scheme

  3. W E L O O K A T T H I N G S D I F F E R E N T L Y What is a Credit Union? • Community based financial co-operative • Member owned, “one person one vote” • Not for Profit but for Service • Independent, stand-alone legal entities • Managed by a voluntary Board of Directors • Common Bond • Ethos – equality, self-help

  4. W E L O O K A T T H I N G S D I F F E R E N T L Y A Brief History • Started in Ireland in 1959 • To provide access to credit for those who couldn’t otherwise access it • Credit rationing – save & borrow • Operating Principles • Democratic Control • Return of surplus to Members • Social Responsibility • Co-operation among Co-operatives

  5. W E L O O K A T T H I N G S D I F F E R E N T L Y Co-operation among Co-operatives • Co-operation has played a key role in the development of the credit union movement • Common Bond – allowed new credit unions to develop • Credit unions do not compete with each other • Funding of new credit unions • Sharing of skills and expertise • Sharing of services, facilities, IT, etc.

  6. W E L O O K A T T H I N G S D I F F E R E N T L Y Credit Unions Today • Regulated by the Financial Services Authority FSA • Most now have professional staff • Savings & Loans, plus some ancillary services • Statistics:- • Members – 3million NI 415,000 • Savings - €12 billion NI €1 billion • Loans - €5.5 billion NI 514 million • Assets - €13.5 billion NI €1.16 billion • Reserves - €2 billion NI €152 million

  7. W E L O O K A T T H I N G S D I F F E R E N T L Y Key Challenges • The economic situation • Increased regulatory burden • FSA • Governance issues • Technology deficit • Aging Membership

  8. W E L O O K A T T H I N G S D I F F E R E N T L Y Co-operative Alliance Ireland • Alliance of the three main co-operative organisations in Republic of Ireland namely • ILCU • ICOS - Irish Co-operative Organisation Society • NABCO National Association of Building Co-operatives • Formed to organise conference to mark IYC

  9. W E L O O K A T T H I N G S D I F F E R E N T L Y Thanks for your attention! Rosemary O’Doherty, Director ILCU

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