2011 was a very challenging year for Roscrea Credit Union. During the year the Credit Union has had to make sweeping changes to it’s day to day business. New polices, new procedures and new controls have all contributed to a new and robust approach which will be needed in the months and years ahead, as Ireland emerges from one of the worst recessions in economic history.
Credit Control is an area that the Credit Union places a great emphasis upon. During the year we have added whatever resources were necessary to the Credit Control department and we have conducted a full review of this key area. Hundreds of hours were spent delving through our database to formulate a plan that would allow your Credit Union to be as proactive as possible collecting arrears. The help we have received from a specialised debt collection company has added significantly to the workings of the Credit Union. Coupled with a number of new credit control strategies, the hard work is starting to pay dividends. The Credit Union would encourage any member experiencing difficulties with their loan repayments to make contact as soon as possible. While the Credit Union will always have a sympathetic ear for the genuine member, we have adopted a “no nonsense approach” to dealing with those in arrears. We would like to assure all our members that no stone will be left unturned in gathering arrears. All relevant legislation will be used in our efforts to ensure that all loans are fully repaid. This is vital in order to protect our credit union and most importantly our members.
Roscrea Credit Union would also like to take this opportunity to reassure members that their savings at Roscrea Credit Union are safe and secure. All members of the Credit Union are covered by the state guarantee scheme, which safeguards savings to the value of €100.000.00. In addition, credit unions, unlike the banks, have their own savings protection insurance. The Credit Union would encourage all members to save and to save regularly. The recession has resulted in a “back to basics” approach by financiers whereby a member’s savings record will now be extremely important when he/she makes a loan application to their credit union.
When one considers the current economic situation and how difficult it is to secure credit from the banks it is gratifying for members to know that their Credit Union is still lending and in addition our lending rates remain extremely competitive when compared to other financial institutions. Roscrea Credit Union would remind members that when applying for a loan the member will be asked to provide proof of income as well as recent bank statements or any other information that can help the credit union make a sound judgement in relation to loan approval. Again this is a very stringent and prudent approach, which is used to help safeguard the borrower, the members and the credit union in general. Due to the large volumes of loan applications it now takes significantly longer for the credit union to approve/reject a loan. The majority of our members have accepted this and we would encourage all members to enhance their future lending prospects in the credit union by developing a good savings record with us. We would like to take this opportunity to thank our members most sincerely, especially all loan applicants for their understanding and patience.
Roscrea Credit Union continues to support many activities, clubs, schools and organisations in the area. In the last year alone, we have sponsored the “Roscrea People Awards”, we have contributed to the new playground in Shinrone, we have supported the new walkers club in Roscrea, we have contributed to the publication of the CBS book and we have helped sponsored the Lions Club’s “Strictly Fun Dancing” event, which was a wonderful production. This year we also contributed to the launch of the powerful local community book “Wisdom Of Age” and once again we were delighted to provide financial assistance to the Roscrea St Patrick’s Day Parade. We have run great events such as the Schools Poster Competition, the St Cronan’s Day Photography Competition and the Schools Quiz in addition to events we help co-ordinate at credit union regional level. Despite the economic woes, Roscrea Credit Union continues to accept requests for sponsorship and voluntary donations. The “Roscrea Credit Union Sponsorship/Voluntary Donation Application Form”, is available to download or apply online from our website www.roscreacu.ie. Alternatively please contact Brian King on (0505) 23601 or email: bking@roscreacu.ie
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