Members Shares €64,953,758
Divident on Shares (2%) €1,205,972
Is the dividend payment calculated on the shares outstanding at the year end or the start of the year or averaged over the year etc...?asdfg said:2% of €64,953,758 is €1,299,075
What happened the difference?
Are they not in breach of the regulations here?RainyDay said:Number of supervisors - 2 (CU Act requires 3 or 5)
2% of total assets? Seems pretty high? At least somebody's getting a good deal from the CU (i.e. loan defaulters)!Bad Debts written off €181,741
Shouldn't do since all (?) CU loans come with "free" (except it's not really) life assurance which clears the loan if the borrower dies. See [broken link removed]. Although maybe some of the bad debts were excess above the pay outs on such policies that were not met?CCOVICH said:I wonder if the bad debts figures include loans written off that had been advanced to members who had died during the year (AFAIK, CUs write off the balance outstanding when a member dies)?
ClubMan said:Is the dividend payment calculated on the shares outstanding at the year end or the start of the year or averaged over the year etc...?
Do these APRs include the cost of keeping money on deposit/in shares while borrowing?Brendan said:Standard rate of interest: 8.93% apr ( 9.4% less 5% rebate)
Cheapest rate of interest:5.65% apr (5.95% less 5% rebate) on loans over €30k
It is not just an obligation, it is the LAW! See Credit Union Act, 1997 Section 32.No provision is made for the obligation to keep money on deposit
, will require you to have 25% of the mortgage value locked in for the next 25 or 30 or 40 years......that the credit union hoped to be in a position to offer mortgages in January at the latest...
referring to?Note: No provision is made for the obligation to keep money on deposit at 2% while borrowing. This could push the true apr up to 12% or more
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