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Website. www.creditunion.ie. The Irish League of Credit Unions (ILCU) (Irish: Conradh na hÉireann de Chomhair Chreidmheasa [1]) is a trade association for credit unions in Ireland. It operates in both the Republic of Ireland and Northern Ireland. It is an unincorporated body governed by a board of directors elected by member credit unions.
A credit union is a member-owned nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (cheque accounts), credit cards, credit, share term certificates (certificates of deposit), and online banking.
The Irish loan funds [a] were microcredit organizations that operated in Ireland between 1720 and 1915. They were run by local associations that made small loans to the industrious poor, and were often very successful. At peak there were about 300 loan funds. Some of the funds were set up in the 18th century, and many more in the 19th century ...
According to Bank of England figures, the number of credit union members in Britain nearly doubled from 562,000 in 2004 to almost 1.04 million in 2012, while total assets increased from £ 432m to £956m. However, the number of active credit unions in Britain fell from 565 in 2004 to 390 in 2012. Some merged with rivals but others ceased ...
For a 36-month personal loan, credit unions had an average rate of 10.78 percent in December 2023, according to the National Credit Union Administration (NCUA). Banks charged a higher average rate ...
Ireland has been a member of the International Monetary Fund (IMF) since 1957, and has contributed to and drawn funds from the fund on occasion, most notably in 2010, when it received an international loan package of 22.5 billion euros to fund programmes to restore the banking system to health, and reduce budget deficits.
The post-2008 Irish banking crisis was when a number of Irish financial institutions faced almost imminent collapse due to insolvency during the Great Recession. In response, the Irish government instigated a €64 billion bank bailout. This then led to a number of unexpected revelations about the business affairs of some banks and business people.
Credit unions are not-for-profit financial cooperatives. In the early stages of development of a nation's financial system, unserved and underserved populations had to rely on risky and expensive informal financial services from sources like money lenders, ROSCAs and saving at home. Credit unions proved they could meet demand for financial ...
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