The finals of the Reserve Cup, Over 35's and Premier took place on Wednesday sponsored by Killarney Credit Union. It was a very wet evening in Woodlawn but a very entertaining one. The Reserve Cup winners were MD O'Shea's Park Road 5 and Dean Machine 3. The scorers for MD O'Shea's were John McDonagh hat trick Chris Brady and Stephen Hayes 1 goal each. The goal scorer for Dean Machine was Mikey Casey with a hat trick.
Over 35 Jimmy Brien's Bar 1 Tim Jones Older Butchers 2. Dan Cronin scoring the 2 goals for Tim Jones Older Butchers and Mark Griffin scoring for Jimmy Brien's Bar.
The Senior Premier final went to penalties with The Failte Legends winning out 2 1 on penalties to Last Picks. It was 3 all at the full time whistle with Danny Roche scoring all 3 goals for The Failte Legends and Ryan Carroll, Mike Milner and Cian Tobin scoring 1 each for Last Picks.
Gary Keane Captain of The Failte Lengends received the coveted Kieran Cahillane Memorial Perpetual Cup for Player of the tournament presented by Jason.
(l-r) Joe O’Toole (Chair, MetaCU), Shane Foley (Killarney Credit Union), Denis McCarthy (CEO, Fexco)
Killarney Credit Union join Metamo – a joint venture between 16 of Ireland’s largest Credit Unions and Fexco
Metamo will deliver improved service and products to Killarney Credit Union’s 34,000 members
• Metamo represents a €10 million investment in the credit union movement
• Credit unions joining Metamo represent over 480,000 members
• Metamo will support credit union sustainability and improve efficiency
• Research and development of new products and services for credit unions, supporting them in offering a wider range of financial products to their members
• Establishing a central shared services hub to improve delivery capability for credit unions
4 July 2019: Killarney Credit Union is one of 16 of Ireland’s largest credit unions who have today announced a €10 million collaboration with Killorglin based international financial technology company Fexco in the formation of a new joint venture to be named Metamo.
Metamo is a 50:50 joint venture between the 16 investing credit unions incorporated under the name MetaCU and Fexco, one of Ireland’s largest financial services companies. MetaCU credit unions represent over 480,000 members from across the country – and in Kerry to Cara Credit Union’s 43,000 members and 34,000 members from Killarney Credit Union - and combined assets of over €3billion (c.19% of the sector).
The primary objective of Metamo is to support credit union viability and sustainability through the provision of a more complete and modernised suite of financial products including enhanced lending capabilities. Metamo is also uniquely positioned to develop more efficient operating systems for credit unions in areas like process improvement, risk management and technology delivery.
Mark Murphy, CEO of Killarney Credit Union said:
“This is an exciting day for Killarney Credit Union and I am convinced that this joint venture will allow us to provide an improved service and set of products to our members in South Kerry. We are delighted to work with our neighbouring credit union, Cara Credit Union on the Metamo venture.
The delivery of this project with international fintech company Fexco, headquartered in Killorglin, means we can offer an enhanced service offering allowing us to keep pace with other financial service providers.
Speaking about the launch of Metamo, Minister for Finance Paschal Donohoe TD, commented:
“Credit unions hold a unique and special standing as one of the most trusted brands in the country. They continue to provide invaluable services to local communities promoting financial inclusion. I am delighted to see collaboration within the sector that will support its continued viability and sustainability. Members of all credit unions stand to benefit from the enhanced products and services, more efficient operations and improved service delivery that Metamo will provide. Collaborative efforts for the sector can come in many forms and I am encouraged by, and supportive of, the many projects designed to drive the sector forward, including the venture being launched by Metamo. I would like to congratulate the credit unions and Fexco on this initiative and to wish them every success into the future.”
The initial focus of the venture is on collaboration between Fexco and the investing credit unions to identify and develop products and solutions required by members. Metamo will offer these solutions to all other credit unions in the country who are not part of the joint venture in order to sustain the continued development of the sector.
Joe O’Toole, Chairperson of MetaCU – the entity comprising the 16 credit unions investing in Metamo – said:
“Metamo brings unprecedented scale to any previous sector initiative and signals a new and exciting development in the financial services industry. The company will deliver new income streams and improved processes for the investing credit unions and has the potential to transform the entire sector.
“We identified Fexco as our partner based on their familiarity with the sector, having provided foreign exchange services to credit unions for over 20 years. In addition, we will benefit from Fexco’s technical expertise and commercial delivery focus. For Metamo, Fexco is a natural fit.
“The multi-million euro investment by the credit unions and Fexco in the establishment of Metamo is a significant vote of confidence in the future of these credit unions.”
Denis McCarthy, CEO of Fexco commented:
“Participating in Metamo allows Fexco to leverage two of our key strengths; strategic investment and new product development. Like the credit unions, Fexco understands the value of supporting local communities, indeed we remain loyal to Killorglin where the company was first founded, employing approximately 1,000 staff there today. We enjoy a longstanding relationship with the credit union sector in Ireland having provided foreign exchange services to them for over two decades. I look forward to broadening the scope of that work through the establishment of Metamo which, through strong collaboration, will ultimately safeguard the sector while delivering better products for members.”
Metamo is based in Kerry with offices in Dublin. The company is currently actively recruiting its senior management team having appointed Neil Hosty as CEO in 2019. Neil has over 20 years’ experience in the financial services sector and has held various senior executive positions in the Irish and US banking sectors.
Credit unions are held in high regard by Irish consumers, providing the best customer experience in the country according to Amárach Research, and topping the 2018 Reptrak survey measuring the level of public trust in an organisation.*
More information is available at www.metamo.ie
Why a credit union car loan is better than a PCP
Close to four in ten consumers in Ireland will buy a new car in 2019. Over half plan to spend more than €10,000 on their new set of wheels, according to the most recent Carzone Motoring Report (2018). The study also found that one in four consumers who spent between €10,000 and €20,000 on their previous car, used a credit union car loan to fund the purchase.*
Credit union loans have always been popular amongst car buyers for their straightforward terms and conditions and flexibility, and look set to be a top choice again in 2019. Indeed, credit unions, such as Killarney Credit Union, are lent out over €5.5 million in car related borrowing in the past 12 months.
Helen Courtney Power, Business Development Officer of Killarney Credit Union explains why she feels there has been a renewed interest in the traditional car loan. “A credit union loan is transparent and carries no hidden fees or charges. The buyer owns the car outright once they buy it, while with other more complex finance options, such as a PCP agreement, the buyer has effectively hired the car for a period of time while they make payments. At the end of the PCP agreement, they will have to make a balloon payment in order to actually own the car, which can prove to be quite the financial sting in the tail if it hasn’t been budgeted for.”
The Carzone report however also found that 72% of people who had spent more than €20,000 on their last car had used a finance options such as a PCP agreement. So while PCPs can be complicated, have a raft of additional charges and a good deal of inflexibility, they are proving popular with car-buyers in the over €20,000 market. Could this be down to the fact that a lot of consumers don’t fully understand what they are signing up to with a PCP?
“For many people, headline rates on PCP agreements can at first look more attractive, but these can easily distract from the fact that essentially PCPs are lease schemes and the buyer will need to be conscious of the mileage they are racking up, because the balloon payment, or guaranteed minimum future value (GMFV), of the car will have been calculated with their annual mileage in mind” Helen explains.
“In contrast, with a car loan from the credit union, the buyer simply borrows the money to pay for a car, which they own immediately, and which they can drive as much as they please. They can also sell the car on at any time they wish, should they need to, whereas they do not have this option with a PCP. Credit unions are ethical lenders. We will work with our members to structure repayments that suit their individual circumstances. At Killarney Credit Union our car loan is available at an affordable APR rate of 7.8%**, and is typically approved within 48 hours. We also offer car insurance to make the whole process as convenient as possible for our members. I would really encourage anyone thinking about going the PCP route to have a chat with us first at Killarney Credit Union before making the final decision. We are happy to see all our members, no matter how long it has been since they did business with the credit union, and of course we are always happy to chat to anyone who has never been a credit union member.”
Helen also says potential buyers should familiarise themselves with the below checklist before signing the dotted line on a PCP agreement:
• Be aware that 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.
*Carzone Motoring Report 2018
** For a €10,000, 5 year variable interest rate loan with 60 monthly repayments of €200, an interest Rate of 7.49%, a representative APR of 7.8%, the total amount payable by the member is €12,019. Information correct as at 19/12/2018.
More an more people are moving towards - or at least considering the move towards - electric vehicles (EV's).
John Hayes lectures at University College Cork and previously worked in the automotive industry. He is the lead author on energy systems, power electronics and drives for hybrid, electric and fuel cell vehicles. Here he provides 10 tips if you are thinking of buying an electric car.
Here are some things you need to consider first.
1.Range – is it a reason to be anxious?
The infamous range anxiety is a much talked-about topic for electric vehicles (EV). Let’s do the numbers. The typical Irish driver travels about 50 km a day. The kilowatt-hour (kWh) is the unit of measure of battery size. Each unit can result in about 3 to 6 km of driving for a typical battery-electric vehicle (BEV). The typical BEV on sale in Ireland now comes with a battery pack sized from 28 to 60 kWh. The luxury cars from Tesla are from 75 to 100 kWh. The 40 kWh BEV has a published range of about 270 km. This is over 5 days’ range in the battery on good driving days. This range will drop by approximately 20 %, as the battery ages over the 8 years for which it is guaranteed. A further drop in range of about 30 % can be expected due to the use of heating, air-conditioning or defrosting on very hot or very cold days. Thus, the range, in several years’ time, could be as low as 150 km in adverse weather conditions. However, that is still close to 3 days driving for the typical driver. Driving aggressively, driving up and down hills, and carrying heavy loads will also reduce the range. So drive less, lighten up, and slow down if you want to maximize the range.
2.Hybrid or fully electric?
The hybrid electric vehicle (HEV) features two energy sources on the car: a battery with an electric motor combining with a high-efficiency petrol engine. Examples are the Toyota Prius, the Lexus RX 450h, the Ford Mondeo and the Hyundai Ioniq. The battery and the electrical system enable the engine to run in the most efficient mode. The car can drive quietly in electric mode for several km when it is inefficient to use the engine. The fuel economy of a HEV is about 50 % greater than that of a conventional petrol car. The big advantage of the hybrid is that you get improved efficiency and reduced emissions, while not having to worry about range.
3.How much do you save a month?
Battery electric car drivers can save hundreds of euro every month. Essentially your fuel is free at many public chargers, or is cheap-rate night-time electricity at home. There are serious savings to be made on fuel.
4.Power - are electric cars as powerful as petrol engines - can they pull my horsebox/ trailer?
One of the great things about an electric car is the acceleration. The zero-to-100 km/h can be unreally fast and is thrilling for many drivers. Of course, don’t be accelerating too hard because it’s (i) dangerous, and (ii) not good efficient driving. Many EVs are not designed for towing, and so be sure and check on whether you can tow or not.
5.Did you know – NASA has been putting electric cars on Mars for decades?
The two Mars rovers Spirit and Opportunity landed on the planet Mars in January 2004. They were to last 6 months while they searched for signs of water on Mar’s surface. Spirit lasted 6 years and Opportunity died in June 2018. Opportunity completed a marathon on Mars in March 2015 – it was covering about 10 m a day. It eventually ran out of energy and died when it got stuck in a crater and its solar panels could not get recharged by the sun.
6.Tax - is the road tax cheaper?
EVs carry the lowest road tax. They are cheap to run after initial purchase… unless you have to replace the battery outside of warranty (see No. 9).
7. Maintenance - do they have to go to a special mechanic if something goes wrong?
Yes, you must go to trained mechanics for service and repairs as battery and hybrid cars have powertrains which are quite different from a conventional car. The garages, which sell electric cars, will have the highly-trained mechanics and technicians which your car requires.
8. Do the tyres and brakes wear more?
One of the wonders of electric cars is regenerative braking. When you hit the brakes in an electric car, the computers on the car actually tell the electric motors to capture the energy of the car as it slows down and recharge the battery. So, it’s quite likely that you don’t use the actual brakes at all. This saves a lot in term of wear and tear on brakes, and creates free energy for the battery! No matter what car you drive, it’s important that the tyres are at the correct pressure. If the tyre is under-pressured, then you’ll end up using excess fuel. If the tyre is over-pressured, you’ll have a bumpy ride. Driving at the wrong tyre pressure is also dangerous.
9.What about battery replacement costs?
This can be expensive for a battery or hybrid electric car. In general, the batteries are warranteed for 8 to 10 years. This may lead to the need to replace the battery as the car itself can last for 12 to 16 years. While battery replacement is likely the best environmental option, it will raise the overall cost of ownership of the vehicle, and also drop the resale value of older vehicles.
10.What comes next for technology?
We will likely be seeing hydrogen fuel-cell EVs in Ireland in the next decade. These vehicles will run like an electric car but are powered by compressed hydrogen instead of a large battery. The big truck or bus running a long distance on hydrogen will have one emission from the exhaust pipe – water vapour!