Killarney Credit Union

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What's happening here at Killarney Credit Union

 
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064 KillarneyCU6631344

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Park Road

064 KillarneyCU6637800

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Kenmare

064 KillarneyCU6642111

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Killarney Credit Union

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Members Draw July 2017

Congratulations to our Members Draw winners.  

Helen Brosnan - winner of the car 

  1. Mary O Reilly
  2. Margaret Culloty
  3. Dan O Sullivan 
  4. Sean Brosnan
  5. Mary O Donoghue 
  6. Johanna Ryan
  7. Anthony Curtin
  8. Cliona Hallissy
  9. Noreen O Connor
  10. David White
  11. Betty McSweeney 
  12. Theresa Ferris 

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If you want to join the members draw today, please complete the application form here

Inter Kenmare 5 a side

Inter Kenmare FC announce launch its 5 a side competition

Credit Union28th Jun 2

Inter Kenmare Football Club today (28th June) launched its annual 5 a side tournament with Killarney Credit Union announced as main sponsor.

The competition which will commence on Monday 24th July in Kenmare and is open to senior men, ladies and underage boys and girls competitions.
Speaking about the competition, Mark Granville, Head of Youth Development with Inter Kenmare stated “we are extremely proud to have such an influential sponsor such as Killarney Credit Union involved in our tournament this year, it can only add to the success of previous years” he concluded.

The tournament which has been in existence for the past 25 years, opened up the competition to younger players last year and has been a tremendous success.
Helen Courtney Power, Business Development Officer, Killarney Credit Union commented “the credit union has always been a keen supporter of clubs in South Kerry and we are delighted to be main sponsor of the Inter Kenmare 5 a side competition this year” she stated.

The entry fee for the competition for Senior Men and Ladies is €120 and U 8- U14 is €5 per player. Application forms are available from PF McCarthys Bar, Kenmare, Majella O Sullivan Auctioneer, Main Street, Daybreak, Main Street and all Killarney Credit Union branches. Fees and application forms can be returned to any of the venues listed.
Mark added “the draw for the competition will take place on July 23rd in PF McCarthys, we will be posting regular updates on our website www.interkenmarefc.com and on social media”.
The closing date for receipt of application forms and fees is Friday 21st July.

Application Form here 

Killarney Athletic 7 a side draw

Killarney Credit Union is main sponsor of the Killarney Athletic 7 a side. 

FIXTURES WEEK 1
Pitch 1 Monday 26th June
6.45 DUNBOY CONSTRUCTION v THE FLESK RESTAURANT
7.10 TOKEY BADGERS FC v TATLER TOFFEES
7.35 LIEBHEER CONTAINER CRANES v TRICEL
8.00 FC KILLARINHO v FAILTE LEGENDS
Pitch 2
Monday 26th June
6.45 CELTIC STEPS v MD O'SHEA PARK ROAD
7.10 DYSLEXIA UTINED v BOUSIE BRIGADE
7.35 MUSTANG SALLYS v MACKEYS YOUNG ONES
8.00 CRONINS TYRES CASTLEMAINE v STEVES BARBER
Pitch 1
Tuesday 27th June
6.45 THE HOBBITS v TRICEL
7.10 LIEBHEER CONTAINER CRANES v THE HOBBITS
7.35 TIM JONES & SONS v DUNCAN DONUTS
8.00 MACKEYS YOUNG ONES v CRONINS TYRES CASTLEMAINE
8.25 MUSTANG SALLYS v AN OTHER
Pitch 2
Tuesday 27th June
6.45 SPEAKEASY v THE FAILTE BAR
7.10 DUNLOE LODGE v TOUGH TOTTS
7.35 DUNBOY CONSTRUCTION v TOKEY BADGERS FC
8.00 TRU PRO v MACKEYS CREW
Pitch 1
Wednesday 28th July
6.45 TRU PRO v TIM JONES & SONS
7.10 THE FAILTE BAR v TOUGH TOTTS
7.35 FAILTE LEGENDS v TRICEL
8.00 MACKEYS CREW v DUNCAN DONUTS
8.25 FC KILLARINHO v LIEBHEER CONTAINER CRANES
Pitch 2
Wednesday 28th July
6.45 DYSLEXIA UTINED v CELTIC STEPS
7.10 BOUSIE BRIGADE v MD O'SHEA PARK ROAD
7.35 SPEAKEASY v DUNLOE LODGE
8.00 THE FLESK RESTAURANT v TATLER TOFFEES
8.25 AN OTHER v STEVES BARBER

Car Finance - read the small print

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Motor Finance – be informed before your sign up

With the 712 car registrations on the horizon, it’s important that you inform yourself on the motor finance deals that are on offer and consider all your option before signing on the dotted line.
Research conducted by the Competition and Consumer Protection Commission (CCPC) regarding consumer behaviour when purchasing cars indicated that 54% of respondents to the survey planned how much they were going to spend and how they would finance their car prior to choosing their last car, while 46% chose the car first.
Killarney Credit Union advise customers to set a budget when purchasing a car and stick to it, as often customers can be swayed by dealer finance on offer and commit to purchasing a car without considering all the facts.
The key difference between a credit union loan and say dealer finance, is that you own the vehicle Day 1 with a credit union loan. With PCP/Hire Purchase with dealer finance, you are effectively renting the car as you don’t own it until the final repayment is made.
Helen Courtney Power, Killarney Credit Union stated “we are advising our members to be prudent when looking at car finance and as sometimes the devil is in the detail. With PCP/Dealer Finance they may be deposits required at the start, balloon payments at the end, mileage restrictions, wear and tear, these restrictions don’t apply in the credit union.
Competition and Consumer Protection Commission back up this claim. This May, the CCPC raised concerns about car finance products with the Department of Finance and Central Bank of Ireland following an increase in people buying new cars using types of hire purchase.
The commission said it was “of the strong view that there are certain characteristics of car finance products that mean some consumers could take out a product which may not be affordable or in their best interests in the long term”
With a credit union loan, there are no fees, and no charges and you also have the flexibility of clearing your loan early without any penalty. Also, if you run into arrears, you can sell the car, such options aren’t available under PCP deals, as you are essentially renting the car until the final payment is made.
The credit union offers free Loan Protection and Life Savings Insurance so in the event of your death or permanent disability your loan is cleared. With dealer finance, there is no such protection, so repayments will still have to be made or alternative arrangements made to pay outstanding debt.
Helen added “Killarney Credit Union has 3 branches, so a local credit union branch is never too far away. Call and ask for a car loan quote today It’s worth putting in the time to study and understand the different finance options available, it will save you money in the long run” she concluded.

Car Loan Application

Flexi Finance Scheme

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Killarney Credit Union is looking for retail partners for its new initiative “Flexi Finance”. The scheme offers a finance options for customers of local retail outlets in Killarney and South Kerry. Speaking about the scheme, Helen Courtney Power, Business Development Officer said “we have been approached by a number of local retailers who want to help out their customers finance major purchases such as appliances, home furnishings, electronics, garden equipment and other purchases. Many of these items are costly and the retailer ends up holding the item in stock while waiting for payment from the customer, which may be over weeks or months. The beauty of the Flexi Finance scheme is that retailer refers the customer to Killarney Credit Union for the finance and we make the payment direct to the retailer in question. The customer can take home the goods immediately and repay the loan over a term that suits them and the retailer gets paid” she concluded.
Killarney Credit Union will provide all the training and support to the retailers who sign up to the Flexi Finance Scheme. Participating retailers will be promoted to the credit unions’ 25,000 members as part of the scheme. If you are a retailer who is interested in becoming a partner in the Flexi Finance Scheme, please contact Helen Courtney Power on 064-6623730/ 087-4518000 or This email address is being protected from spambots. You need JavaScript enabled to view it..

 

Killarney Athletic Competition

 

launch23rd May 2017: For immediate release

PRESS RELEASE

Killarney Athletic officially launched its Annual 7-a-side tournament in Killarney Athletic Grounds, Woodlawn, Killarney on Monday 22nd May. The event which celebrates its 41th anniversary will take place on Monday 26th June at the Killarney Athletic Grounds. This year the main sponsor of the tournament is Killarney Credit Union.

Speaking about the event, Colette Casey of Killarney Athletic stated “We are delighted to be celebrating our 41st year of this event and the competition is open to all ages. Senior Men, Over 35’s and underage boys from 10-16 years” she concluded.

There will be a range of accolades as part of the event, the Premier and Reserve Cups, the Kieran Cahillane Senior Player of the Tournament Award will be on offer for the outstanding player on view, while The Johnny Heffernan Underage Player of the Tournament Award will also be up for grabs. Also, there will be free entry to the 2018 tournament for the Premier Cup winners.

“Killarney Credit Union is delighted to be the main sponsor of the tournament in 2017 and is wonderful to see participation from all ages in this event. We would like to wish all the players the best of luck in this year’s soccer tournament” stated Pat Delaney, Chairman of Killarney Credit Union.

Application forms are available from all branches of Killarney Credit Union - Beech Road, Park Road in Killarney and also in the Kenmare branch. Further information is available on www.killarneyathletic.com.

The entry fee for Senior Men: €200; Over 35s: €150; Ladies: €150
Under 10/12: €75 (Competition 14th + 15th July) Under 14/16: €100.

The closing date for senior entries (to be returned to Killarney Credit Union) is Friday 9th June before 5.30pm. The draw will take place on Monday 12th June in Scotts Bar, Killarney at 9.00pm. The closing date for entry to the underage tournaments will be announced shortly.

Further information is available from www.killarneyathletic.com.

Credit Union sponsor Fleadh Cheoil Chiarrai

 

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Chapter 23 Kerry and West Limerick Credit Union are proud to sponsor the 2017 Fleadh Cheoil which takes place from Wed 17th May to Sunday 21st. 

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To win one of the 5 fabulous goodie bags worth €50 each, simple like and share and RT on social media. 

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GR8 Savers Week 8-12 May 2017

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Its always a good time to begin a savings habit, so why not join up as a junior member of Killarney Credit Union this week. All new junior members get a Junior Members Pack junior members pack

How to sign up as a Junior Member - see our Junior Members Guide

 

Member Communications

An post increase comms channels

With the largest increase in postage in years, we are trying to look at more effective ways of communicating with members. 

Option 1: If you have moved house recently, please bring in an up to date utility bill, bank statement or offical document with your new address, please also bring in photographic ID with you  (passport, drivers license). Each year, we post over 25,000 statements to members, a proportion of which are returned. It is vital that you update your address or else your private financial information could be send to your old address. 

Option 2: Update your communication preferences - this can be done here or in any of the branches. 

Option 3: Register for online banking here and you can subscribe to estatements and eAGM notices. 

Lily of Killarney 2017

 Killarney Credit Union announced as sponsor of Lily of Killarney 2017

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TG4 AUTUMN LAUNCH 2013 Sile Seoige 1

l-r Shiela Curtin, Chairperson, Lily of Killarney (outgoing), Mark Murphy, CEO, Killarney CU, Eve O Donoghue, Lilly of Killarney 2016, Geraldine O Neill, Chairperson, Lilly of Killarney, 

Sile Seoige, Celebrity Guest Judge, Lily of Killarney 2017

Lily of Killarney 2017 Competition Opens
This week, the 44th Lily of Killarney launched with an announcement that this year it will have Sile Seoige (RTE Television presenter) as celebrity judge in the competition. Killarney Credit Union has also been announced as main sponsor of the event.
The Lily of Killarney has been running for the past 43 years by Spa GAA Club Ladies Committee. The current holder of the Lily of Killarney title is Eve O Donoghue, from Glenflesk who represented The Shire Pub.
Geraldine O Neill, Chairperson, Lily of Killarney stated “we are delighted to announce the launch of the 2017 competition and to welcome Killarney Credit Union on board as main sponsor. TV presenter Sile Seoige is a great addition to our judging panel and brings huge expertise in public speaking and presentation” she concluded.
The competition is open to all girls over 18 years and an entry fee of €150 is applicable. The contestants must be available for press events and the selection night takes place on Friday 19th May in the Gleneagle Hotel at 7.30pm. Tickets for the selection night and dinner/buffet are €25.00.
Mark Murphy, CEO, Killarney Credit Union said “both the Lily of Killarney and the credit union have been part of Killarney for over 40 years. This year, we are proud to be main sponsor of this event and wish the contestants and organisers best wishes for this year’s competition”.
The winner receives the Healy Cronin Perpetual Trophy, cash gift of €500, trip to London, flowers, electrical products and beauty and hair gifts.
Geraldine added “we are thankful to all our sponsors for playing a vital role in the success of the Lily of Killarney and we look forward to a wonderful evening for the contestants, families, sponsors and friends on May 19th “ she concluded.
Application forms are available from Sheila Curtin – 086-4089506 or Geraldine O Neill -087-7657822 or by email This email address is being protected from spambots. You need JavaScript enabled to view it. or Lily of Killarney Facebook page. Closing date for receipt of entries is Friday 21st April.

Your Club, Your Credit Union

 Win €1,000 for your local sports club

Club Comp 2017

What you need to do?

Become a member of Killarney Credit Union and nominate your club when you join up. 

How do I become a member of Killarney Credit Union?

If you live or work in our common bond, you are entitled to join. Membership is open to all ages from new borns to retirees! 

Common bond

What do I need to bring with me to join?

To open a individual account, you need 2 forms of ID to join (photo and address ID). €0.65 membership fee and €6.35 to keep the account active. For further details on individual membership types and documentation required, click here. 

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What do I have to do next?

Call into any of our branches with your documentation and make sure you tell staff when you join what club you are nominating. Simple as that!!

How will I know if my club won?

The competition is open from 1st April 2017-31st May 2017. The club with the largest amount of nominations will win the €1,000 worth of O Neills equipment, the 2nd prize of €250.00 will be selected at random from all the clubs that participated. The winners will be widely publicised in the media and on our social media/website. 

Do I have to be a member of the sports club to nominate that club?

No. You can nominate any club you wish. Credit Union membership is open to individual, club and junior accounts. Joint accounts are not considered. If you are a member of Killarney Credit Union already, you cannot nominate a club. Dormant account that are reactivated are not counted as new membership. 

For further information: Helen Courtney Power - This email address is being protected from spambots. You need JavaScript enabled to view it. -064-6623730

Your club your credit union launch

Pat Delaney Chairman Killarney Credit Union (seated seated centre) launching the Your Local Club - Your Local Credit Union with Mia Granville, Inter Kenmare and Laoise Carey Killarney Athletic Club, Aodhan and Gary O'Halloran St Pat's Hurling, Pauline Russell Killarney Cycling Club, Freya Granville (back from left) Michael Crowley Gleneagle Squash Club, Paul Murphy Killarney Rugby Club, Donal Carroll Beaufort Golf Club, Donie Murphy Killarney Athletic Club, Paul O'Donnell O'Neill's Sports Gear and Micheal O'Donoghue Gleneagle Squash Club at the Killarney Credit Union

 

Kerry Leagues Fixtures

6th March 2017
Kerry County Leagues 2017 Launch
Killarney Credit Union played host to the official launch of the 2017 Kerry Senior Football and Hurling County Leagues sponsored by Chapter 23 Kerry & West Limerick Credit Unions on Monday March 6th 2017 at its head office in Beech Road.
The County Leagues commenced back in 1971 when eight teams took part in Division 1 and the following year it was decided to form three Leagues, Senior, Towns Cup and Junior and then in 1973, the Leagues really took shape with three divisions.
John Long, Chairman, Chapter 23 Kerry and West Limerick Credit Unions stated at the launch “the Credit Union movement is a vibrant community based financial co-operative who supports & serves the financial needs of its members, (many of whom are also GAA members), throughout Kerry & Ireland. The Credit Unions share the same common ethos as Kerry GAA, of Community spirit and indeed Voluntary service, and both are at the heart of many community successes. I believe that both organisations have played & continue to play a huge role in making the Island of Ireland what it is today” he concluded.
The partnership between Chapter 23 – Kerry and West Limerick Credit Union and the Kerry County Committee has been in place since 2003 – now entering its fifteenth year. The Senior Football League gets underway on March 19th (March 12th for Division 5) and the Senior Hurling League commences on April 9th.
John O’Leary, PRO CLG Coiste Chontae Chiarraí commented “The Leagues began back in 1971 and have stood the test of time and are the envy of every other county. We are delighted to have been associated with the credit union for the past fourteen years and we look forward to continuing that association in this and future years.” he concluded.
On the night sponsorship cheques were presented to:
2016 County Leagues Winners:
FOOTBALL
Div 1 Dr Crokes
Div 2 Rathmore
Div 3 Ardfert
Div 4 Na Gaeil
Div 5 Castlegregory
HURLING
Div 1 Kilmoyley

Presentations were also be made to the following:
Glenbeigh/Glencar - All Ireland Junior Football Champions
All Ireland Post Primary Schools Hogan Cup Winners St Brendans College Killarney
The Senior Football League gets underway on March 19th (March 12th for Division 5) and the Senior Hurling League commences on April 9th.

Leagues Sponsorship Chapter 23

Football Fixtures 2017
Hurling Fixtures 2017

 

 

Member Documents

Under the Criminal Justice (Money Laundering & Counter Terrorist Financing) Act 2010 to operate a standard account in Killarney Credit Union you must have up to date records on file such as*:

1. Photographic ID: (one of those listed below)

a. Current driving license 

b. Current passport

c. National photographic ID card

d. ML10 form from Gardai with picture.

2. Proof of Address: (one of those listed below – must be within the past 6 months)

a.Letter from Revenue/ Government Dept/ local authority

b. Bank/ Credit Card Statement

c. Utility Bill

d. Household/ motor insurance cert

3. Proof of tax residence

a. Proof of PPS Number: (Personal Public Service Number) on official document

b. Public Service Card

If you have supplied this documentation recently to the credit union, please disregard this notice.

What to do next?

Option 1
Call into your local Killarney Credit Union branch at Beech Road, Park Road and Kenmare with the original documentation. Staff will copy the originals and return same to you.
Option 2
Post copies of the documentation to Killarney Credit Union to:
Compliance Department, Killarney Credit Union, Beech Road, Killarney, Co. Kerry. Please ensure that your member number is listed on the documentation supplied.
Option 3
Scan documents and email them to This email address is being protected from spambots. You need JavaScript enabled to view it. . Please ensure that scanned items are clear and legible. Ensure that your name, address and member number are also detailed in the email.

Please note: Where we cannot obtain the necessary documentation from a member, we are required by law to cease providing services and ultimately, to discontinue the business relationship which would mean having to close accounts. In order to avoid this unfortunate scenario, we would greatly appreciate your co-operation with this request.

If you have any queries or seek any clarification in relation to this please contact us 064-6631344 or email This email address is being protected from spambots. You need JavaScript enabled to view it..

 

Happy Valentines 2017

Congrats to our winners of the Valentines Competition.

Joan Bowler & Kathy Doolan 

Valentines Competition 2017

Kathy Doolan collecting her prize from Helen Courtney Power, Killarney Credit Union

 

Valentines comp winner 2

Joan Bowler and her mother Bridie collecting their Ross Hotel voucher as part of the Valentines competition. 

Schools Quiz 2017 Results

There was huge excitement in the INEC on Sunday 29th January where 64 primary school teams from all over South Kerry competed in the Killarney Credit Union School Quiz.

Lissivigeen National School emerged victorious in the Under 11 category and Gaelscoil Faithleann came first in the 11-13 age category.

This year, 21 primary schools were represented in the quiz with parents, pupils and teachers all in attendance in the INEC. Killarney Credit Union has been hosting the quiz for over 20 years with students travelling from Lauragh National School, Kenmare over 60km away.

In the U13 section first place went to Gaelscoil Faithleann represented by Ben O Cearbhaill, Isabelle Ní Fhuitligh, Dáire O'Brian & Cormac O Rua scoring 63 points. Second place on 62 points went to St Olivers National School represented by Lauren Tucker, Benjamin Gaughran, Teddy Muldoon & Tia McNabb. The 3rd place position went to Lissivigeen National School with team members Caroline Casey, Sam Bolger, Liam Waldron & Oscar McCarthy.

In the Under 11 category, 1st place went to Lissivigeen National School represented by Hannah Ryan, Aoibhín Kelly, Harry Bolger & Shane O'Sullivan. 2nd place went to Fossa National School with team members of Roan Daly, Jamie Vausden, Tadgh Kissane O'Sullivan & Aoibhe Coughlan. 3rd place was awarded to St Olivers National School team members were Jack McGrohan, Tomás Swords, Frank Ibrahim Islan & Shaker Rayham.

Each participating schools received a gift from Killarney Credit Union and Karena McCarthy, Marketing Officer, Killarney Credit Union stated “we would like thank all those that participated in the quiz this year, for parents, pupils and teachers who attended on the day. We would also like to acknowledge the staff, management and volunteers who helped out on the day also in correcting, stewarding and adjudication” she concluded.

The winners received trophies and a perpetual cup will be given to the 1st placed winning National Schools.

The 1st and 2nd placed winning teams will go on to represent their school in their age category at Chapter 23 Regional Quiz on 5th March 2017 at 2.30pm at the Ballyroe Heights Hotel, Tralee.

 

Under 11 Lissivigeen Fossa St Olivers NS

Under 11 winners 

Under 13 Gaelscoil St Olivers Lissivigeen

Under 13 winners 

Members Draw January 17

32 winners in Killarney Credit Union members draw

32 lucky members of Killarney Credit Union received a welcome boost this week when they were selected as winners of the twice yearly members draw. In total, over €26,000 was given out which included a brand new Toyota Yaris which was won by a Killarney town local woman, Ann Marie Cronin from Cahernane Meadows who was delighted with her win.
Speaking about the members draw, Karena McCarthy, Killarney Credit Union Marketing Officer stated “we currently have over 2,500 members in the draw which is held twice a year. This year our prizes include a new car and cash prizes ranging from €175 to €1,500 cash, our next draw will take place during the summer” she concluded.
Members can apply for the members draw at any of the branches or download an application form online www.killarneycu.ie. €12 will be taken from your account twice a year as an entry fee for the members draw.
The winners were:
Brid Marie Mahony, Kathleen Hickey, Pa Sugrue, Anne O Donoghue, Kathleen Snr Bartlett, Anne O’ Kane, Mary O’Connor & Colin House, Michael & Lucy Clifford, Kathleen Sullivan, Elaine Horgan, Alan Perry, Michael Lionaird Leane, Margaret Noonan, Josephine & Michael Lawlor, Marguerite Howe, Veronica McCarthy, Marie Brosnan, Frances Clifford, Billy & Rose Tangney, Helena Buckley, Nora Morton, Judy Ryan, Deirdre Leahy, Mary Horgan, Mary Brosnan & Geraldine O’Mahony, Maureen Broderick, Martin Brosnan, Zden Korova, Breda Moran
Karena added “the draw is limited to members of Killarney Credit Union and anyone over the age of 18 can apply to join, so we would encourage members to sign up, if they haven’t already, as the saying goes, if you’re not in, you can’t win” she concluded.

Ann Marie Cronin recieving keys from Pat Delaney, Chairman, Killarney Credit Union 

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To apply to join the car draw , complete form and return to the credit union.

Schools Quiz 2017

The schools quiz 2017 will take place on Sunday 29th of January in the INEC @ 1PM. Applications forms will now be with your local school. For further information contact This email address is being protected from spambots. You need JavaScript enabled to view it. or 064-6631344.

Schools Quiz FB Cover 851x315

CU Loan v PCP

2017 is set to be a bumper year for car sales with 45% of Irish consumers intending on buying*. It is also the year when a number of first round Personal Contract Plans (PCPs) are ending. Many will simply opt to roll-on their existing PCPs to finance the purchase of a new car. Others will face a final payment, known as a balloon payment, to buy out of the contract. Consumers considering rolling up should read all the small print, and they may find it’s time to burst that particular balloon.
Helen Courtney Power, Business Development Officer, for Killarney Credit Union says ‘Headline rates on some car finance deals such as PCPs can easily distract from a range of additional charges, and a great deal of inflexibility. With a personal car loan from Killarney Credit Union, you own the car from the outset. If you run into difficulty, you can talk to us about adjusting the repayment schedule and if you are in the happy position of being able to repay the loan early, you can do so without any complications or rescheduling fees."
PCPs are among the least flexible forms of finance. Essentially they are lease schemes which makes financing a new car seem affordable due to low monthly repayments. You have, in effect, hired the car for a particular period of time, usually 3-5 years, while you make these repayments. At the end of the agreement, you will have to make the balloon payment in order to own the car.
In addition, you need to be conscious of the mileage you are racking up on the car, because the balloon payment, or guaranteed minimum future value (GMFV), of the car will have been calculated with your annual mileage in mind. Crucially, with a PCP you are also restricted with what you do while you are still ‘hiring’ the car. Should your financial circumstances change and you find you can no longer afford the monthly repayments, you cannot sell off the car to pay your debt, as it is not yours to sell.
In contrast, with a personal loan from a credit union the consumer simply borrows the money to pay for a car, which they own immediately, and which they can drive as much as they please, and sell on at any time they wish.
PCPs can set up a situation where the easiest and simplest option is to roll over into a new car - and a new plan. PCPs are effectively a way of trying to ensure that you will come back and buy another car from the same dealer or manufacturer. All well and good, but what if you don’t like the brand of car or they range they have to offer any more?
Helen continued “If you arrange finance with Killarney Credit Union before going shopping for a car, you are in a much stronger position. You are effectively going as a cash buyer to the car dealer, and may well be able to negotiate a better deal. We also offer car insurance, through the credit union insurance website coveru.ie or Axa Insurance. So if you’re thinking about bursting that balloon payment, you should consider Killarney Credit Union.”

Some things to consider before signing a PCP
• To extend the term of a PCP you may be charged a rescheduling fee.
• Take note of the cap on the number of miles/kilometres you are allowed to clock up over the period of the contract.
• You may be requested to commit to certain car servicing agreements.
• Ensure you always enquire about additional fees and charges, you are entitled to a list of all additional charges so ask the garage for this before you sign any agreement.

For more information on PCP's and how they work check out www.consumerhelp.ie/pcp

*Carzone Motoring Report 2016

Information on credit union car loans 

ILCU End of Year Report

End of Year Report

• Credit union loans are up by €216 million (6.1%) in 2016 and were up €94 million alone in the last quarter before year end, September 2016.
• 68% of credit unions (192) have recorded growth in their loan books
• Loans have now been up for five out of the last six quarters.
• The credit union movement is extremely well capitalised, reserves have increased by 8.4% to €2.3 billion.
• Credit unions have €880 million in excess capital above the 10% minimum capital requirement.
• Total loan provisions (funds set aside for loan losses) now exceed total gross loan arrears by €170 million. This buffer is in addition to capital reserves of €2.3 billion.
• Gross loan arrears have fallen by 27% (€119 million) for the year to end September 2016, and are now at a ten year low.
• Arrears have fallen for 19 consecutive quarters.
The Irish League of Credit Unions (ILCU) has released very positive 2016 year-end figures showing that demand for loans across credit unions in the Republic is increasing steadily. Loans are up by a significant €216 million (6.1%) with 192 credit unions growing their loan books, compared with 141 for the same period last year, and 80 the previous year. In the quarter to September 2016, loans grew by a substantial €94 million. Lending has now been on the rise for five out of the last six quarters.

The increase in loans is being attributed to an overall increase in demand, proactive credit union advertising and marketing, and in some cases an easing of lending restrictions.

Savings increased by 7%, to now stand at €12 billion. In addition, assets also grew significantly, by over 7%, and now stand at slightly over €14 billion – up almost €1 billion (€999m) in the year to end September 2016.

The 2016 results once again show that the credit union movement is extremely well capitalised. Capital reserves increased by €179 million (8.4%) and now stand at €2.3 billion. Credit unions now have €880 million in excess capital above the 10% minimum capital requirement. 62% (173 credit unions) have capital ratios in excess of 15%.

In addition, total gross loan arrears are now almost back at September 2006 levels, following a 27% fall in 2016. The overall arrears ratio is now down to 8.8%.

Commenting on the year end results, ILCU CEO Ed Farrell said “These figures are hugely encouraging, especially with the healthy upward trend in lending. Credit unions have been very proactive in growing lending over the past year and this has been demonstrated by the fact that the vast majority are now reporting lending increases. The figures are reflective of a movement that continues to grow and strengthen, while confidence continues to be expressed by the steady growth in membership, which has now reached three million in the Republic alone. We are going into 2017 from a very positive position and will continue to succeed because we continue to change to meet members’ needs.”

The ILCU also outlined the increased focus on training and development within credit unions during the past year. With additional compulsory roles created within credit unions in recent times (such as Risk, Compliance and Internal Audit), and with all Board members being now subject to Fitness and Probity requirements, the demand for training continues to rise.

Mr Farrell continued “The ILCU has almost 3,000 people registered on our Continuing Professional Development (CPD) Scheme who we expect will carry out over 45,000 hours of CPD training this year. It has been acknowledged that the governance requirements on credit unions are now as comprehensive as those in place in the most advanced of credit union movements. Credit union personnel are fully committed to upskilling and development to be the best they can be for credit union members.”

 

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