# Is there anyway I can find out the financial health of my local CU?



## briste (17 Dec 2011)

I have come into some money and want to stick in a my local CU (Athenry) for my son's Uni fund but am concerned that it might be one of the CUs in trouble.

Is there anyway I can find out the health of my local CU?


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## becky (17 Dec 2011)

They issued a dividend this year so better than others.  They issue a booklet to everyone with their accounts, I'd start there.


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## Complainer (17 Dec 2011)

becky said:


> They issued a dividend this year so better than others.  .



Every CU is different. Some issued dividends, some didn't.


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## becky (17 Dec 2011)

Complainer said:


> Every CU is different. Some issued dividends, some didn't.



I specifically meant Athenry. Some who use to issue a dividend in the past have not issued this year.


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## Complainer (17 Dec 2011)

becky said:


> I specifically meant Athenry. Some who use to issue a dividend in the past have not issued this year.



Sorry, missed that in the OP.


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## Slim (18 Dec 2011)

briste said:


> I have come into some money and want to stick in a my local CU (Athenry) for my son's Uni fund but am concerned that it might be one of the CUs in trouble.
> 
> Is there anyway I can find out the health of my local CU?


 
You can look at the published accounts. _Many but not all_ CU accounts have to be approved by the regulator before holding AGM or declaring a dividend. This does not mean problems won't arise in the future, ie bad debts etc. Perhaps you should spread the money about different state guaranteed banks, and keep some in the CU for access.


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## briste (18 Dec 2011)

Slim said:


> You can look at the published accounts. All CU accounts have to be approved by the regulator before holding AGM or declaring a dividend. This does not mean problems won't arise in the future, ie bad debts etc. Perhaps you should spread the money about different state guaranteed banks, and keep some in the CU for access.



Thanks. We're not talking a huge amount - €10k.


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## Fiskar (18 Dec 2011)

Recent media suggested 20 Credit unions were in trouble out of the 521 Credit unions in Ireland.
Mallow CU was mentioned as junior bondholder that got burnt recently with the banks.
some information for the OP
[broken link removed]


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## Slim (18 Dec 2011)

briste said:


> Thanks. We're not talking a huge amount - €10k.


 
All CU savings are guaranteed up to €100k per member. If the regulator approves the accounts, i.e if they are holding an AGM before Dec 31st and especially if they are paying a dividend, then you're safe enough.


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## briste (20 Dec 2011)

Thanks for the advice folks.


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## RichInSpirit (17 Jan 2012)

*Interesting article in Today Irish Independent by Charlie Weston*

Some interesting pointers in today Independent on determining the health of your credit union. 
I might try some reverse engineering on some of the figures from my Credit Union's AGM (held lately )


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