This competition is now closed for entries.
Read here about the research on the costs of Third Level Survey (Source ILCU, 2016)
Going to college can be costly, get prepared by completing the Third Level Budget Sheet here
Need to learn about budget. Download the My Budget Buddy App (on Apple and Android)
Why not apply to enter our 2015 Bursary Award.
Click here to download the Bursary Award Application 2015.
Don’t delay, closing date is 25th September 2015. This competition is now closed.
A new, national survey has identified a rise in the number of parents in debt due to back-to-school related costs. Well over a third of parents in Ireland (36%) now say they are getting into debt trying to cope with costs at back-to-school time. This compares with 29% who reported being in debt last year. The worrying findings were revealed in the study commissioned by the Irish League of Credit Unions.
More than two thirds of parents in the study also said that they found back-to-school costs a financial burden. Nearly half (46%) said meeting costs was their biggest back-to-school related worry. Close to one third of parents said they would be forced to deny their children certain school items this year because they could not afford them. Extracurricular activities and new school shoes were amongst the items to be cut from the budget this year.
Reacting to the findings, Helen Courtney Power, Business Development Officer of Killarney Credit Union said that the credit union is all too aware of the struggle for parents this time of year. “We do see parents approaching us around this time of year requesting assistance with either budgeting and saving for the back-to-school spend, or with taking out a loan to see them through. It’s understandable that back-to-school costs are seen as a financial burden for so many when parents are paying out €999 for every primary school child, and over €1,300 for every secondary school child in their household.
At Killarney Credit Union, we offer a special Back to School loan with an affordable APR rate of 6.2%*. The loan is typically approved within 48 hours and there are no hidden transaction fees or charges. As always, we are happy to work with parents to structure repayments in a way that suits their individual circumstances.”
Of concern for the credit union was the finding that, of those parents who said they were getting into debt, more than a quarter (27%) said they had turned to a moneylender in an effort to cope with back-to-school costs. This was a noticeable increase on the 20% last year who had opted for a moneylender.
Commenting on this finding, Helen said, “I would really encourage these parents to reconsider approaching a moneylender, some of whom charge APR rates as high as 188%**. This can lead to a recurring cycle of unnecessary debt and panic borrowing. We offer a service called the Personal Micro-Credit Scheme or ‘It Makes Sense’ which was specifically designed to assist social welfare recipients who feel they have no option but to borrow from a moneylender. Our welcoming staff are always on-hand to answer any queries in relation to this loan.
* For a €1,000 1 year variable interest rate loan with 12 monthly repayments of €86, an interest Rate of 6%, a representative APR of 6.2%, the total amount payable by the member is €1,032.
Information correct as at 31/07/2018.
** Central Bank of Ireland Register of Moneylenders, July 2018.
The Boards of Kenmare and Killarney Credit Unions are pleased to announce that the two local credit unions are planning to merge together in a process that is called a ‘transfer of engagements’. This process is subject to Regulatory approval and it is hoped that the process will be completed on 19th May 2015.
This is a welcome development for the credit unions who will now be able to focus on providing enhanced member services in their local communities.Speaking about the proposed merger, Michael Gavin (CEO) from Kenmare Credit Union “assured members that the merger will not mean that services to members will be disrupted or changed. Members will be unaffected by this process and can continue to do business as normal with their credit union. The credit union offices in Kenmare and Killarney will remain open and fully operational”.
Savings at both credit unions remain protected by the Government’s Deposit Guarantee Scheme of up to €100,000 per depositor. By combining resources the merged credit union will have assets of over €92 million, savings of over €79 million and combined reserves of over €12 million.
Pat Delaney (Chairman) from Killarney Credit Union said “Both credit unions recognise and appreciate the loyalty and support of their members. For this we thank you and assure you that together and with your continued loyalty we will continue to make a positive difference. We believe that by merging Kenmare and Killarney Credit Unions, we will strengthen the credit union service offering. We are taking decisions now which will result in enhanced products and services to our members and we are very much looking forward now to the continued role that your local credit union can play in your local community.”
The credit unions have decided to come together in the spirit of co-operation to enhance efficiency and to work together to manage regulatory requirements with the main objective of enhancing service provision to valued members at both credit unions. The credit unions will continue to lead the way in the provision of loans, savings and budgeting services, in essence, accessible and friendly financial services in the local areas of Kenmare and Killarney. The credit unions will work together to grow to meet the increasing demands of members for a wider range of services.
Member information evenings will be held in Kenmare and Killarney on Wednesday 6th May 2015. Alternatively, please call into the credit union and speak to a member of staff who will be happy to speak with you.
We have a range of back to school loan options available to members. Why not make a quick loan enquiry and we will call you back.
Back-to-school time might seem like a long way off at the moment, but a significant number of Irish homes will have no choice but to start preparing for the associated costs.
Many parents will need a little financial assistance, whether it be dipping into their savings, borrowing from loved ones or taking out small loans. In fact, three quarters of parents of school-attending children say they view the back-to-school spend as a financial burden, with 29% saying they will get into debt. The findings were revealed in the 2017 Back to School Costs survey commissioned by the Irish League of Credit Unions.
The same survey found that on average, parents were spending €1,209 per school-going child to get them ready for the school year ahead. The cost has continued to increase over the years and was up 2% on 2016, and up 4% on 2015. In fact, a substantial one in four parents said they would be forced to deny their children basic school items in 2017 because they simply could not afford them.*
Helen Courtney Power, Business Development Officer of Killarney Credit Union says that many parents can be tempted to use quick, but ultimately expensive means to fund the back-to-school spend.
“With more than a quarter of parents saying the costs will negatively impact on household bills, it’s very understandable that it’s a significant source of stress and that many might feel the easiest option is just to use the credit card or worse, turn to a moneylender. However the interest rates with these options can be extremely high, and parents can find themselves in significantly more debt than they had planned for. We would urge all parents in the South Kerry area who might be considering these options to come in and talk to us in the first instance. We offer a range of short term loan options which is typically approved within 48 hours. We can also work with parents to ensure that the loan repayments are structured in a way that suits their individual circumstances best. We never charge administration or transaction fees, or penalties for paying a loan back early.”
Helen continued: “I would also say to parents to feel free to drop into us for a chat about how to budget and spend within their means, so as to ensure they don’t get into unnecessary debt around back-to-school time. For those who are considering a loan, we stand ready and willing to lend to new credit union members, as well as those members we may not have seen in years. There is no need to save with us for a set period of time before applying for a loan. Our aim is for all parents in the South Kerry area to enjoy the summer holidays with their kids without the worry of a looming financial burden.”
*All findings from ILCU 2017 Back to School Costs survey
Who is making this decision?
This decision was made by the Board of Killarney Credit Union and Kenmare Credit Union.
Why did the Board of Kenmare Credit Union and Killarney Credit Union take the decision to merge with another Credit Union?
As part of the planning process the Board of Kenmare C.U. carried out a comprehensive audit of their membership’s wants and needs, products and services on offer, Central Bank regulations, income from loans and investments, and our cost base, and came to the conclusion that in the medium to long term Kenmare Credit Union was not viable as a stand-alone Credit Union. The Board believed that the best interests of members would be served by proactively looking for a suitable Credit Union with which to merge.
As part of its Strategic Plan, Killarney Credit Union sought to look at merger options to ensure that it can achieve a financially stronger credit union that is in a position to offer a broader range of services to members. The Combined Credit Union will have a more robust organisation structure and will benefit from cost savings in a number of areas. Our aim is to be able to provide our members with the services expected of a modern Credit Union including enhanced online and mobile access by year end and to examine the possibility of introducing access to a debit card (subject to Central Bank approval)
Why was Killarney Credit Union selected as the merger partner by Kenmare?
Killarney is Kenmare’s nearest neighbour, and they have been very supportive in their discussions with us. Both Credit Unions share the same values, ethos and vision.
Will members have to do anything?
No, members will be unaffected by the merger process and can continue to do business as normal with their Credit Union.
Will members of Kenmare Credit Union still have full membership and voting rights?
Yes, following the merger members of Kenmare and Killarney Credit Unions will have full membership and voting rights in the combined entity.
Are members’ savings safe?
100 % safe. All members savings are state guaranteed up to €100,000.
Will the Kenmare Credit Union office remain open or will the opening hours be reduced?
No change in opening hours is proposed for the foreseeable future.
Will the Credit Union be stronger after the merger?
Yes. The merged Credit Union will have over €92,000,000 in assets. We will be able to serve most of our members lending and banking needs and subject to approval by the board and members, pay a dividend to our members.
Will I have to travel to another office after the merger?
No, Kenmare Credit Union and Killarney Credit Union offices will continue as before however members will be able to use either Kenmare or Killarney Credit Union offices to transact their business. In the not too distant future it is also expected that members will be able to fully access their accounts electronically.
Will anything change?
Day to day operations for our members will remain the same and over time you will experience enhancements to these services. What will change is that the legal name of the credit union Kenmare Credit Union Ltd will no longer exist as it will have merged its business with Killarney Credit Union Ltd.
Will the same people still be handling my accounts?
Yes, we do not see a change in staff at the Kenmare or Killarney offices.
Are jobs secure?
Yes, members of staff have been kept informed of all talks and their pay and conditions will not change.
Will the cost of my loan go up or down?
The terms and conditions of existing loans will remain the same. However, any new loans or top-ups of existing loans will be at Killarney Credit Union’s rates, which at the moment are lower than that of Kenmare Credit Union.
Will my dividend go up or down?
As you are aware, no dividend has been paid for the past number of years by Kenmare Credit Union, we would be hopeful that the combined Credit Union to be able to pay a dividend in the near future.
Will existing suppliers of services/goods continue to supply services/goods post-merger?
This is a matter for the new management team.
If we get bigger, will we become more like a bank and lose the local feel?
No. We will maintain the ethos and values of the Credit Union, which will continue to be locally based and owned by the members. Our aim is to be able to provide our members with the services expected of a modern Credit Union, but we have to be able to compete with the banks in providing these services. We will still be a locally based Credit Union, controlled by the local community.
Will the Credit Union still be owned by its members?
Yes. The Credit Union is owned by its members and democratically controlled by its members; its purpose is to serve the members and their community for their common benefit.
Will the Credit Union name change?
Kenmare Credit Union will remain over the door. However the legal entity will be Killarney Credit Union Ltd.
What are the benefits for existing members of each Credit Union?
There are numerous benefits for Kenmare members, including:
There are numerous benefits for Killarney members, including:
Will the Credit Union continue to support the local community following the merger?
Yes, most definitely. A budget will be set aside to support local community projects and it is proposed that local forums will be established to ensure local representation at board level.
When will the merger take place?
It is expected that from 20th May 2015, Kenmare and Killarney Credit Unions will operate as a combined Credit Union.
How will the merger affect me personally?
The Credit Union will continue as before, but with increased services for existing Kenmare members and a stronger credit union for Killarney members. Hopefully, in time we will be able to meet members’ banking needs which we have not been able to do up to now, there will be access to larger loans, insurance products, and hopefully the payment of a dividend. There will be no negative effects on members.
I pay my loan by standing order; will this be changed automatically to the new entity?
Yes. Existing loan repayments arrangements will continue as before.
I was in a process of getting loan approval for a loan. What happens to it?
Loan applications will continue to be accepted and assessed as normal.
Will my account number change?
Members of Kenmare Credit Union will have 50,000 added to their current account number to get their number in the merger entity e.g. if your account number is 541X it will become 50541X. There will be no changes to account numbers for existing Killarney Credit Union members.
Where will the AGM be held?
This will be a matter for the Board of the merged Credit Union.
Is the Central Bank aware of the merger?
Yes. The Central Bank has been fully informed of the merger process and they will have to give final approval for the merger to be completed.
Who can I contact for further information?
Michael Gavin, Kenmare Credit Union, or Mark Murphy, Killarney Credit Union.
Starting college in 2018. Why not make an appointment with one of our student loan advisors in each of our branches on 064-6631344. Karena in Beech Road, Donogh in Park Road and Eileen in Kenmare.
We are now taking applications for our Third Level Bursary Award 2018. Students attending college for the first time are eligible to enter the draw. It is open to all ages including mature students, attending colleges in Ireland or aboard.
For an application form and to see the terms and conditions see here. Closing date is the Friday 21st September 2018.
At a time when many of us are under financial strain, Kenmare Credit Union continues to be there for those in the local community who need a helping hand by offering small, affordable loans to members and a secure environment for member savings.
The good news is that unlike other financial institutions, Kenmare Credit Union is welcoming new members every day and is still providing loans to their members
Kenamre Credit Union is lending within the local community and offers competitive and fair loan rates to members. As well as offering a standard loan of 11.4% APR to their members,Kenmare Credit Union offers specialised rates for things like car loans, holiday loans, education loans and home improvement loans– everyday things that matter most.
We understand the positive effect a personal loan can have on your life, giving you the chance to get things when you need or want them, so we always look at your whole story. We only propose personal loans with realistic terms, which you can pay back in a way that works best for you.
Before taking out a loan of any kind, it's worth taking the time to understand how lending works. That way you can compare the benefits and be aware of the risks. Some of the things that make a credit union loan different are –
Catherine Orpen from Kenmare Credit Union said: “A loan from Kenmare Credit Union is a much better and more sensible option than borrowing from high interest rate moneylenders and we would urge you to come and talk to us first before you approach one of these companies. The two most important things about a loan are being able to borrow the money and being able to repay it. Loans are only one of a raft of services available to members at their local credit union, so whatever stage of life you are at - we are here to help.
She continued: "A credit union personal loan can help you in many ways, whether it’s to upgrade your entertainment system or to invest in a new mode of transport. At any stage in life, you’ll find your Kenmare Credit Union is there to help you. Call in for a chat today and we’ll soon have you sorted for whatever you need."
*Cost of Finance
*For a €2,000, 3 year variable interest rate loan, with 36 monthly repayments of €66.50, an interest rate of 11%, a representative APR of 11.4%; the total amount payable by the member is €2,358 Information correct as at 08/04/2015
Inter Kenmare FC announce launch its 5 a side competition
9th July 2018 – for immediate release
Inter Kenmare Football Club today (6th July) launched its annual 5 a side tournament with Killarney Credit Union announced as main sponsor.
The competition which will commence on Monday 23rd July in Kenmare and is open to senior men, ladies and underage boys and girls competitions.
Speaking about the competition, Sean Murphy, Chairman of Inter Kenmare stated “we are delighted to have such an influential sponsor such as Killarney Credit Union involved in our tournament for the second year running, they are a vital asset in small communities like Kenmare as they are always keen to support a variety of clubs and without their support clubs we would find it more difficult to run big fundraisers such as our 5 A Side” he concluded.
The tournament which has been in existence for the past 26 years, opened up the competition to younger players over last two 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 the second year running, it is great to be able to support an event that involves such a wide age group of competitors” 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.
Sean added “the draw for the competition will take place on Friday July 20th 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 20th July.
Well done to all the fantastic savers who were winners of the Schools Savings Scheme with our mascot Rua.
Members in the money with 25,000 in prizes in credit union draw
There was a jubilant Helen O Leary from Killarney who received a call this week to find out she won a brand new Seat Arosa in the Killarney Credit Union members draw. Helen and her son Michael were the outright winners of the car in the bi yearly credit union draw.
Mary from Countess Grove, Killarney picked up the keys of her new car from Pat Sheehan, Board Chairman at a prize giving ceremony at the credit union on Friday 13th July at the credit union headquarters.
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 included a new car and prizes ranging from €250 to €1,000 cash, our next draw will take place in January 2019” 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 11 cash prize winners were Martina Griffin, Laura Wickham, Peter Moynihan, Margaret Griffin, Elizabeth O Mahony, John Healy, Paul Cahill, Nora O Carroll, Thomas Punch, David Sheehan and Elaine Sugrue.
The draw was adjudicated by solicitor Eoin Brosnan and KCU Risk and Compliance Manager Shane Foley in the credit union offices on Tuesday 10th July.
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.
The tournament which is in its 42nd year will take place in the Killarney Athletic grounds in Woodlawn on Monday June 25th.
Group 1
Failte Bar
Tatler Toffees
Big Hitters FC
Cavemen Clothing
Group 2
Speakeasy
Failte Legends
MD O’Shea’s
Enter My Van
Group 3
Dennehy’s Bar
Michael Healy Rae Team
Mackey’s Crew
O’Riordan Sand & Gravel
Liam Lynch Skoda
Group 4
Liebherr
The Lake Hotel
Port River Wanderers
Tim Jones & Sons
Dunboy
South West Gnó Skillnet in association with Killarney Credit Union are delighted to host a GDPR lunchtime briefing for Accountants
Date : Next Thursday, June 21st 12-2p.m.
Complimentary light lunch included
Venue : The Brehon Hotel, Killarney.
Speaker : Liam Lynch - L2 Cyber Security Solutions.
Liam will be specifically addressing the area of GDPR for Accountants and will be available for individual questions post-briefing.
FREE ADMISSION
BOOKING ESSENTIAL AS PLACES ARE LIMITED.
For further details or to book your place please call :
Oonagh in the Killarney office on 064-6636622 / E-mail This email address is being protected from spambots. You need JavaScript enabled to view it.
Jake Carter and Karen Byrne winning Dancing with the Stars Ireland
The Lily of Killarney organising committee today announced that RTE Dancing with the Stars winners Jake Carter and Karen Byrne will be the 2018 celebrity judges of the competition.
The Lily of Killarney competition which is in its 45th year will be hosted in the Gleneagle Hotel Ballroom on Friday June 8th where 33 girls will compete to become the 2018 Lily of Killarney.
Geraldine O Neill, Chairperson of the Lily of Killarney Committee stated, “we are delighted to announce that Jake and Karen will be our celebrity judges this year, we are very honoured that they have chosen to attend our event, and we look forward to welcoming them to Killarney’ she concluded.
The country was gripped every Sunday night watching Jake Carter and Karen Byrne dance their way into the final and waltzing off with the glitterball trophy.
The Lily of Killarney is being sponsored by Killarney Credit Union once again this year and is delighted to once again support this local event.
The Lily of Killarney is run by Spa GAA Club Ladies Committee and the current holder of the Lily of Killarney title is Mary T Moynihan who represented Jimmy Brien’s Bar.
Geraldine added “Tickets for this prestigious event are €30 and are available for purchase from the Spa GAA Ladies committee members. Keep an eye on the Lily of Killarney Facebook page for details of ticket sales in the coming days”.
WHAT IS THE GDPR?
The GDPR is a piece of EU legislation which will overhaul our current data protection legislation. It aims to strengthen and unify data protection for all EU individuals and in some cases those outside of the EU. It brings with it further obligations for organisations (like your credit union) who process your personal data in order that your personal data is fully respected. Processing is basically doing anything with, even storing, your personal data.
WHAT ARE YOUR RIGHTS?
The GDPR enhances your rights in respect of your personal data.
You have a right to:
Download the GDPR Information Leaflet here
Update your communication preferences here
We are pleased to advise you that credit unions have been voted as the most reputable organisation in Ireland in the 2018 RepTrak® study.
In total, over 7,000 members of the public were surveyed for the annual study which examines the emotional connection between people and the different companies and organisations they interact with. There were 17 different categories of organisations, with credit unions claiming the top spot overall. RepTrak stated that credit unions won for their ‘role in providing trusted financial services to local communities and being at the heart of communities in Ireland’.
Companies were ranked on a Reputation Pulse score from 0-100, based on levels of trust, respect, esteem and admiration. With a RepTrak® score of 82, credit unions were one of four organisations to fall within the ‘Excellent (80+)’ category. The average RepTrak® score was 66.0, with the an average score of 57.5 amongst financial services organisations.
KILLARNEY CREDIT UNION LAUNCHES YOUTH FINANCIAL EDUCATION INITIATIVE
GR8 SAVERS WEEK RUNS FROM 7th – 13th MAY 2018
Killarney Credit Union is embarking on a financial education initiative for children in the South Kerry area. A savings and spending awareness week, known as GR8 Savers Week, will run between 7th and 13th May. The event aims to encourage parents and teachers to educate children about the importance of responsible money management and saving for the future. Experts agree that adult money habits are typically set by the age of seven*, so it is never too early for children to start learning positive money behaviour.
During GR8 Savers Week, Killarney Credit Union will have in branch give-aways, colouring competitions and activity sheets for younger savers, while staff will be on-hand with helpful tips and guidance for parents on financial education. The awareness week is designed to be fun and enjoyable for young people, while also highlighting the value of money and the benefits of prudent spending.
Speaking about the initiative, Karena McCarthy (Marketing Officer) Killarney Credit Union said: “We see it as part of our commitment and responsibility to the South Kerry community to help ensure that our young people are taught how to become financially independent. Sound financial planning and prudent money management are skills that can be nurtured from a young age. Encouraging children and young people to develop a regular savings habit during GR8 Savers Week can assist them greatly in the future, especially when they need to manage budgets while at college or in their first job.”
Killarney Credit Union operates a schools savings scheme in a number of national schools throughout the Killarney and Kenmare area. Parents and guardians are encouraged to call in and find out about joining up their child as a junior member of the credit union. The credit union is offering special prizes for regular savers through the school savings scheme from now until the end of the school year. Further information on what is required to join the credit union is on www.killarneycu.ie.
Karena continued: “All parents, children and teenagers are welcome to call into our credit union throughout the week to enjoy the fun and activity, and pick up some great tips on starting a healthy savings habit. It’s also an opportunity for young people to learn about the not-for-profit ethos of their local credit union and the fact that we will always be there for them in the future, offering fair and affordable loans for whatever they might need, be it college, a new car, a holiday or their wedding day.”
Killarney Credit Union has also put together some of their top tips for teaching children how to develop a healthy and responsible attitude to money.
1. Consider rewarding children for regular saving. Don’t focus on the amount saved, but the fact that they are developing a savings habit. Supporting and rewarding them to save even very small amounts on a regular basis will help to imbed the habit.
2. Help young people to decide on a savings goals – it’s good for them to have both a short term and a long term goal. They will find it much easier to save regularly when they are savings towards something they really want.
3. Dissuade young people from spending their savings on impulse. Remind them of their savings goal and what they originally wanted to save for. Share with them a story of something that you would have saved for when you were younger.
4. Help young people to develop a savings plan, calendar or mood-board to highlight when their goal will be achieved. Having a visual prop or a visual ‘countdown’ can also encourage them to stick to their target.
5. Give pocket money or allowances in small denominations and encourage them to put a little aside. Having a piggy bank, or better still a transparent jar so they can watch their money physically increase, is also a good idea.
6. Consider linking pocket money and allowances to chores or responsibilities in the home. This helps to embed the idea that money must be earned. The more effort required to earn their money, the less likely they will be to spend on impulse or all at once.
7. If pocket money and allowances run out at an early stage, don’t rush to replace them. Providing additional money at the drop of a hat will defeat the purpose of giving a set allowance.
8. Why not bring them in to Killarney Credit Union to open their own credit union account. This will give them a sense of independence and responsibility.
Gaelscoil Faithleann Killarney were presented with a cheque by
Killarney Credit Union to support their bid to become National Credit
Union School Quiz winners which is being held in the RDS Dublin on
Sunday 8th April. In attendance at the presentation were teachers,
students, parents and staff from Killarney Credit Union.
Gaelscoil Faithleann is being represented at the national finals by
Daire O’Briain, Adam Ó Súilleabháin, Sinéad Olibhéar, Cameron O Rua
who were the winners in the U13 age category.
Karena McCarthy, Marketing Officer, Killarney Credit Union stated “we
are delighted to see the Gaelscoil Faithleann progress once again to
the national title and we would like to wish them to best of luck in
bringing the title back to Kerry” she concluded.
The hotly contested event is run by the Irish League of Credit Unions
(ILCU) each year and attracts more than 25,000 participants. The local
and regional knockout rounds were organised by volunteers from 400
ILCU affiliated credit unions, and took place in over 300 venues
throughout the 32 counties over the winter months. At the National
Schools Quiz final, 100 teams will compete and the MC for this year’s
Quiz will be Aidan Power, TV and radio presenter.
The quiz is divided into two sections; Competition A for children up
to 11 years and Competition B for children between 11 and 13 years.
The winning teams at the national final receive €1,250 per school,
with the runner up teams in each category receiving €750 for their
schools, adding up to a fantastic prize fund of €4,000.
Gaelscoil Faithleann are no strangers to the school quiz having
reached the school quiz finals last year and winning the coveted
title in 2010.
Front from left are Stephen Darmody (Killarney
Credit Union Financial Co-ordinater / Credit Controller), Daire
O’Briain, Sinéad Olibhéar and Shane Foley ( Risk and Compliance
Manager). Back from left are Treasa Ui Scannlain (Muinteoir), Adam Ó
Súilleabháin, Cameron O Rua and Karena McCarthy, Marketing Officer,
Killarney Credit Union.
Avoid Unnecessary Debt this First Communion Season
Preparing for a child’s First Holy Communion is a very special time for families. In recent years however it has also become a very financially stressful time. Brand new outfits, cash gifts, lunches or dinners for family and friends and even children’s entertainment are all features of modern-day First Holy Communions. This pressure has seen many parents reaching for the credit card, or worse, contemplating a moneylender.
A May 2017 poll carried out by website Evoke.ie revealed that almost half of people (46%) feel parents should spend between €100-200 on their child’s outfit for the day. 58% said they would expect their meal to be paid for if they were attending the celebrations. The overwhelming majority, 74%, felt that cash was the most appropriate communion gift, followed by jewellery or a watch. These attitudes are understandably compounding the financial pressure on families already grappling with daily bills.
Helen Courtney Power, Business Development Officer of Killarney Credit Union is advising parents in the South Kerry area to start budgeting now for First Communion time, and avoid getting into unnecessary debt. “We would really discourage parents from using their credit cards to fund their child’s First Holy Communion – as some can charge interest rates of more than 22%* leading to a long financial recovery period. We would especially urge people away from moneylenders – some of whom can charge outrageous interest rates of 188%** trapping people in a never-ending cycle of debt. At Killarney Credit Union we really want parents and families in the South Kerry area to enjoy this special time with their family free from financial worries, and so we would encourage them to start budgeting now. Resist the temptation to spend money on some of the more unnecessary trappings, and of course, seek out one of our friendly staff members for any budgeting tips or guidance you might need.”
Helen continued “Of course, we also understand that First Holy Communion is an important milestone in your child’s life and you might need a helping hand to fund your plans for the day. At Killarney Credit Union we are offering a special loan for the occasion, which like all our loans, does not carry any hidden transaction fees and we are happy to structure a repayment plan to suit individual circumstances. There is always the option to repay lump sums without incurring any extra penalties or charges – and this loan is available to all members, including those who have not used their account for a while or who we may not have seen in years.”
Cash gifts received for children making their First Communion have also increased. The Evoke.ie poll found that more than half of people (51%) feel €20 should be gifted, while almost a quarter believe it should be €30. This presents a great opportunity for parents to educate their children about the importance of saving.
Helen says; “Parents can encourage their children to put aside some of their communion money by opening a credit union savings account for them. Perhaps they have been talking about something they really want such as a bike, new games or clothes. Encouraging them to save towards something they have always wanted is a good way to start their financial education. Starting to build up a savings history from an early age is also a great advantage should your child need to borrow in the future for third level or their first car.
We can offer a wide variety of loan products. These include One Year loans and also the Personal Microcredit Loan which a loan that can be repaid by social welfare payments.
For advice on managing costs of managing the costs of Communion and Confirmation, MABS have created a useful guide.
At Killarney Credit Union we are proud to offer some of the best rates available for a wide range of loans. Here you can use the handy loan calculator to quickly get an idea of the cost of a loan.
Simply enter the amount you wish to borrow (for example '€5,000') then choose the type of loan you want and select how long you wish to take the loan for.
Information is correct as at March 2021.
Fast approaval
Great rates
Local service
Flexible repayments