Welcome to St. Colmans (Claremorris) Credit Union

We’re still lending and working for our community...

Credit Unions are member owned, voluntary, self-help, democratic, cooperative financial institutions that provide financial services to their members.

In Ireland there are 530 Credit Unions with 2.9 million Members and €13.4 billion in assets.

Credit Unions engage in community-based lending i.e. the whole purpose of Credit Unions is to channel the savings from those members of a community who have spare cash (i.e. savings) to those who need to borrow, thereby generating income for the benefit of all members. We have strict lending criteria which are set out in our Lending Policy.

This Credit Union seeks to build a quality and prudent loan book and has the resources to accomplish same. The ability to repay a loan is of key importance in our determining whether to grant a loan. Officers of the Credit Union are charged with being responsible in our lending practises, always remembering that it is the surplus savings of others we are lending.

Credit Unions are run by their Boards of Directors, all of whom provide their support on an unpaid, volunteer basis. These Directors are elected to the Board, normally at the Annual General Meeting.

As mutual societies, Credit Unions are accountable to their Members and provide an Annual Report including financial statements to every Member each year and hold an Annual General Meeting where the Members can hold the Board to account.

The Annual Report and AGM are both subject to Regulatory scrutiny and approval.

Annual Report 2009-Click here to download.....