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Issue 2 I January 2017

For All The Essential News About Your Local Credit Union & Community


St. Michael’s Serving Our Community Since 1963

A Message From Your Manager 2017 has arrived and we hope this will be a prosperous New Year for members of St Michael’s Credit Union. To help you, your credit union has introduced a reduced Car Loan rate of 7%. So if you are thinking of upgrading or changing your car to a new 171, please talk to a member of staff at our office, by email, or over the phone, to see how we can help you get motoring in style in 2017. We have upgraded and improved our website and we are delighted to launch our new e-services to members at our upcoming AGM. Members will now be able to access their accounts online, transfer funds in and out, via EFT and direct debit. Each account holder will now have their own unique BIC and IBAN number to facilitate direct debit and EFT payments. These numbers are printed at the end of your account statements.

To avail of this service, you can either register for your PIN online or call to our office. Members using the current online facility will need to reapply to access their improved “online account”. This service is available 24/7 and is provided at no cost to our members. is your dedicated email address for all online queries. I would encourage all our members to avail of this free service. Our AGM takes place on February 13th in Blackrock Hurling Club at 7.30pm. All members in attendance at the AGM will qualify for Free entry for Spot Prizes. The draw will take place during the AGM meeting only. I hope to see you there,

Roland Haussmann Manager, St. Michael’s Credit Union Ltd.

AGM Meeting February 13th 7:30pm

Credit Union Art Competition 2016 In last year’s competition we had a total of 11 young artists receiving 10 prizes for their artwork. We had over 160 entries from around the local community. We hope that those selected by our judge will progress further in the regional and national levels of the competition. The theme this year was "dreams are made of this..." and we really got to see what local children's dreams were made of! All of the art competition entries where put up around our waiting area, there was so much colour used by the artists that it brightened the entire space.

Presenting our very creative art competition finalists.

We would like to thank everyone who entered this year's competition and those who helped. There were so many great entries. The competition is an annual event and we look forward to getting even more entries into next year’s competition. Art competition presentation by our credit union manager, Roland Haussmann

Getting Married in 2017 ? Why Not Check Out Our Wedding Loan


Source: 2016 Wedding Survey.

Early 2017 will herald a flurry of wedding planning activity, as 26% of couples in Ireland will typically become engaged in December. While this is an exciting time for soon to be newlyweds, it can also be tinged with anxiety. The average couple will pay more than €22,500 for their wedding and honeymoon, invite 156 of their nearest and dearest and spend over €60 per guest.* It's little wonder the question of paying for it all can bring sleepless nights. With an array of wedding blogs, magazines and fairs promoting must have 2017 trends and 'it' honeymoon destinations, it's understandable that things start to become costly. Indeed, it's expected around one in four couples will borrow for their big day.

At St. Michael's Credit Union, we will only propose wedding loans with realistic terms, which can be paid back in a way that works best for each couple. Our loans can have a repayment plan to suit individual circumstances, and there is always the option to repay lump sums without incurring any extra penalties or charges. So whether the aunties and uncles are coming out of the woodwork for an invitation or the guest list is being kept to a secret few, we will provide support with loans that fit every individual wedding, and which are based on fair, reasonable terms.

The Status of Irish Credit Union in 2016 Irish credit union loans are up by €216 million (6.1%) in 2016 and were up €94 million alone in the last quarter before year end, September 2016.

€2.3 Billion

€170 million

Capital reseves

total loan Provisions

The credit union movement is extremely well capitalised, reserves have increased to €2.3 billion. Total loan provisions (funds set aside for loan losses) now exceed total gross loan arrears by €170 million. This buffer is in addition to capital reserves of €2.3 billion. Gross loan arrears have fallen by 27% (€119 million) for the year to end September 2016, and are now at a ten year low.

€119 million Gross loan arrears reduced

Supporting the Local Community Age Action Classes As a community based organisation, we are focused on supporting local organisations and people doing fantastic work. Since our last newsletter was issued we have continued to work alongside and support local initiatives. We provided the venue for Age Action’s ‘Over 55s computer and device classes’. The class tutors were pupils from Ursuline’s secondary School and delivered the classes on a one-to-one basis.

We’ve been supporting a variety of local organisations and local people fundraising for organisations. As a financial cooperative concern for community is one of the key principles that credit unions are based on and it’s something we are very proud to be involved with.

Age Action computer class in session.

Sponsorship Presentation to Irish Club CSO (Irish Guide Dogs).

Music Generation Presentation.

Kieran Horgan, Simon Community Hamper Winner with Joan Hyde, St. Michael’s Credit Union.

Simon Community Christmas Raffle

Some of the organisations we sponsored in 2016:• Avondale United FC • Ballintemple Heart Defibrillator Appeal • Bingo Committee • Blackrock National Hurling Club • Blackrock Scouts • Cork Mental Health

Music Generation in Mahon St. Michael’s proudly provided financial support for the purchase of a new euphonium which has been added to MGCC’s bank of instruments for use by the Mahon Community Youth Brass Band. In September 2016, building on the success of the primary schools’ programme in Mahon, MGCC, in partnership with Cork Academy of Music launched the Local Mahon Community Music Hub at Nagle Community College.

• Mahon Community Pre-School As of the end of 2016 we had provided a total of €10,000 in funding and support to local initiatives.

€10,000 Funding & Support to Local Inititives


More recently we held a raffle in support of the Simon Community’s High Support House, Tír na nÓg. The raffle prizes were provided by St. Michael’s Credit Union and local businesses. We would like to once again thank all the contributing local businesses for their support. From the support of members a total of €1,000 was raised in a relatively short period of time before Christmas.

Our Best Car Loan Rate

Car Loan Since the beginning of January we are delighted to tell you about our new promotional car loan rate of 7% (7.23% APR)! This promotional rate will be offered to members for a limited time, during January, February and March 2017. With a car loan with St. Michael’s Credit Union you own your car from the first day! A car loan with us doesn’t have any of the hidden fees and charges that Personal Contract Plans (PCP) have.


For a limited time only




Life can be complicated enough so we are aiming at making the car buying process as upfront and easy to understandable as possible for members. Providing our members with a complete understanding of the situation that helps prevent members becoming confused or worried about the small print or hidden details!

Know Your Car Loan €15,000 Over 5 Years at 7% (7.23% APR) Repayments

Total Cost of Loan

Interest Paid




Loans are subject to approval. Terms and conditions apply. Information correct as at 16/01/17.

The benefits of a car loan with your credit union; • From the first day you own your car! • There are absolutely no fees or hidden charges. • There is no need for large payments like a deposit or a balloon payment at the end. • We impose no limits on the mileage you can drive your car. • You aren’t tied to the one car dealership. • Interest is charged on the reducing loan balance, so you pay less interest with each repayment! • No penalties if you clear your car loan early. • If there are any issues or difficulties you can talk to a local friendly member of staff and not an impersonal call centre. • There is life assurance on your loan at no direct cost to members.

A Few Terms & Conditions In order to qualify for our promotional Car Loan Rate of 7% there are a few terms and conditions must be satisfied and upheld during the course of the loan. They are as follows; • The minimum value of the car loan must be €5,000 and the maximum is €25,000 • The loan must be for the purchase of a car, motorbike, van or the repayment of a PCP balloon payment • The loan must be issued in a cheque or EFT to a Simi or non-Simi dealer • The loan cannot be issued for any other purpose • The maximum loan term is 5 years • Other terms and conditions may apply in some cases. For more information about our loans and services please visit us online by scanning the QR Code with your smartphone app. You can also check us out on social media. Stop by, tweet us a hello, like and share.

St. Michael’s Serving Our Community Since 1963

St. Michael’s Credit Union Ltd, Skehard Road, Blackrock, Cork • T: (021) 435 7771 • E:

St. Michael’s Credit Union Ltd is regulated by the Central Bank of Ireland.

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Insight Newsletter Issue 2  
Insight Newsletter Issue 2  

St. Michael's Credit Union 2nd edition of the Insight Newsletter.