As this piece was written in mid-December Roscrea Credit Union was close to signing an agreement with its auditors.
Roscrea Credit Union (RCU) had been hopeful that this would have been achieved earlier but the demands of the revised Credit Union Act and the introduction of more regulations delayed the process. Roscrea Credit Union is safe, secure and strong, and its savings are safe and secure. All members of Roscrea Credit Union are covered by the state guarantee scheme, which safeguards savings to the value of €100,000. Of course, for the past few years the Central Bank has imposed lending restrictions on the credit union. These restrictions did not mean that the credit union stopped lending. In the last three months alone Roscrea Credit Union has lent close to €450,000, most of which has been circulated back into the local economy. RCU was happy to announce recently an easing of current lending restrictions particularly in relation to secured lending. If you have shares in RCU we can now lend to you with little delay provided you meet our underwriting terms and conditions. Provided you can demonstrate a capacity to repay and have a clear credit rating with the ICB, RCU can provide you with a loan up to €10,000. For all other lending RCU is trying to meet demands as best it can.
This means that your application will take a while to process due to the strict underwriting that is in place at your credit union coupled with the budgets we must adhere to. The good news for unsecured borrowers is that the credit union has in place a 3-year strategic plan. One year into that plan we received an excellent independent review lately. This coupled with all the new controls, systems, compliance and risk management plans, has helped put the credit union in a position to commence dealing with the outstanding AGM’s.