Newry Credit Union is a not-for-profit financial organisation. We currently have just over 17,208 Members, making us the third largest Credit Union in the North of Ireland.
Newry Credit Union is owned by it’s Members who each possess shares in the organisation. Each year after running cost are accounted for, any ‘profit’ is returned to Members in improved services and in dividends on savings and in interest rebates on loans.
Each year our Auditors recommend what the Dividend and Interest Rebate should be and our members then vote to accept it. In 2016 our Dividend was 0.5% and the Interest Rebate was 11%.
Our Staff & Volunteers
Although the day to day management and administration of Newry Credit Union is undertaken by paid staff, Newry Credit Union, in common with other Credit Unions, is dependent on local volunteers, who are elected every year at the Annual General Meeting.
The Board of Directors of Newry Credit Union, the Supervisory Committee and the Credit Committee are all volunteers who generously give their time, skills and experience to ensure that Newry Credit Union maintains its high regard, not just in the local community, but amongst other Credit Unions.
Newry Credit Union has over 30 staff made up of a variety of full time, part time and Saturday staff.
In addition to the Management team, positions held in Newry Credit Union include Cashiers, Loans Officers, Credit Control Officers and a Training and Marketing Officer.
Credit Union Elected Volunteers
|Sean Hogan||President & Chair of Investment Committee|
|Cathal McArdle||Vice President, Chair Nominating and Risk Assessment & Corporate Governance Committees|
|Barry Magill||Treasurer. Chair Remuneration Committee|
|Liam Quinn||Chair Credit Committee|
|Kevin Curran||Chair Marketing, Education, Chapter, Membership & Youth Committees|
|Frances McCarthy||Chair Insurance & ISMS Committees|
|Eamonn Connolly||Chair Credit Control|
|Cathy Hughes||Board Member|
|Conor Smyth||Board Member|
|Alison Hollywood||Supervisory Committee|
|Gerard Murphy||Supervisory Committee|
|Raphael Crummy||Supervisory Committe|
Newry Credit Union was established in 1963. The Newry of the time was a very different place to the city we all know today.
Many local people were unable to obtain finance from banks and so had no alternative but to use the money lenders and pawn shops who were operating in the town at the time. This resulted in them becoming trapped into a cycle of debt that they couldn’t get out of.
Newry Credit Union was formed in response to this. A number of men living and working in the town at the time had had heard of the Credit Union movement across Ireland and thought that establishing a Credit Union in Newry would help people to gain financial independence and out of the grasp of the moneylenders.
And so, Newry Credit Union first opened its doors in June 1963 in two leased rooms in Merchants Quay and on the first night there was £21 in savings.
Of course, we’ve had a number of homes since moving to our state of the art premises in 2000, but although the premises have changed our aim to provide the people of Newry with financial services at fair rate of interest has remained constant.
Click here www.creditunion.ie to find out more about the Irish League of Credit Unions, the body we are affiliated to.