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  #61  
Old 23-11-2010, 10:18 PM
kaplan kaplan is offline
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Default Newbridge Credit Union leads the way?

Should people be concerned about their credit unions?

It appears so if results from Newbridge Credit Union are indicative of others to come this year.

And it seems credit union bad debt problems are getting far worse if recent media reports and strident warnings from the Central Bank are anything to go by.

Typically less than 3% of members bother attending their credit union AGM. If they believe the financial stablity and future of their credit union is important then maybe more should attend and start asking really hard questions of boards and management's past performance and ability to deal with the outcome of what in many cases was quite reckless lending during the boom.
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  #62  
Old 13-12-2010, 06:14 AM
theresa1 theresa1 is offline
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http://www.irishtimes.com/newspaper/...285405844.html
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  #63  
Old 02-09-2011, 01:20 AM
Cashflow999 Cashflow999 is offline
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Default Not all doom and gloom!

I too was a member of the Economic Doom-and-Gloom Club, until while driving to work yesterday morning my car radio began blasting out “The Credit Union Anthem” by The Creditnotes. I checked the song out later, and found it both on YouTube and iTunes. It leaves you in no doubt as to where to put your money!
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  #64  
Old 14-01-2012, 07:03 AM
RichInSpirit RichInSpirit is offline
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Thumbs up My own credit union

I was reading the accounts thing for the agm from my own credit union last night.
They appear to have made a loss for the year, but a large figure in that loss is a write down on a bond from an Irish bank. Which I assume is as a result of 'burning the bondholders ' .
Also their overall value hasn't decreased that much, but the amount of money out on loan has decreased a huge amount. With a small write off for 2010 and no write offs for 2011 it looks like people are paying back their loans nearly too quick, or else the loans being given out has drastically reduced.
The reducing loan book may be as much of a problem in the future as too big a loan book, in my opinion.
In my opinion credit unions may be getting over regulated and regulated to death at the moment.
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  #65  
Old 14-01-2012, 11:49 AM
ClubMan ClubMan is offline
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Wow!

http://www.irishtimes.com/newspaper/...310245349.html

Quote:
Mr Charleton will be paid €423 an hour, while his assistants will be paid remuneration ranging from €150 to €423 an hour.
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  #66  
Old 14-01-2012, 05:15 PM
ontour ontour is online now
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I wonder of Mr Charleton is being paid €423 per hour or is it E&Y who are paid this rate? Also would be interesting to know who picks up this bill as it is conceivable that another 30 or 40 credit unions may warrant this course of action.
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  #67  
Old 14-01-2012, 05:34 PM
Fiskar Fiskar is offline
 
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Quote:
Originally Posted by RichInSpirit View Post
I was reading the accounts thing for the agm from my own credit union last night.
They appear to have made a loss for the year, but a large figure in that loss is a write down on a bond from an Irish bank. Which I assume is as a result of 'burning the bondholders ' .
Also their overall value hasn't decreased that much, but the amount of money out on loan has decreased a huge amount. With a small write off for 2010 and no write offs for 2011 it looks like people are paying back their loans nearly too quick, or else the loans being given out has drastically reduced.
The reducing loan book may be as much of a problem in the future as too big a loan book, in my opinion.
In my opinion credit unions may be getting over regulated and regulated to death at the moment.
Credit unions are regulated in as much as any other institution authorised by the Central Bank. Their risk profile is managed in accordance with certain criteria. Most operate within the risk profile, some are on a watch list and a few out of the 550 approx credit unions in the country are high risk because of their activities.
I for one would much perfer to know my credit union is safe and being monitored. Some had very loose lending criteria.

this article is interesting

http://www.centralbank.ie/press-area...oryforums.aspx
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