Newry Credit Union is a not-for-profit financial organisation. We currently have just over 18,747 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.
In 2014, Members agreed at the Annual General Meeting (AGM) that a dividend and interest rebate of over£863K be paid out. To individual Members this equated to a return of 1% on savings and an interest rebate of 10% on loans.
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.