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

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briste

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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?
 
They issued a dividend this year so better than others. They issue a booklet to everyone with their accounts, I'd start there.
 
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?
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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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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.
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Thanks. We're not talking a huge amount - €10k.
 
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]
 
briste said:
Thanks. We're not talking a huge amount - €10k.
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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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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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