Opening Hours : 9.30am until 4pm, Monday to Saturday
throughout lunch.
The Member as Owner
Each member of the credit union is an equal owner. This means that policy decisions are made in consultation with members. Dividends and loan interest rates are set with the members interests at heart, and at all times the concept of self-help is paramount. Gorey Credit Union, with your involvement will always put its members first.
Democracy in Action
To ensure that members are fully informed and enabled to take part in the policy making of Gorey Credit Union, the annual general meeting should always be attended. At this meeting, members can ask and should ask questions about the day-to-day running of their Credit Union, study the accounts and decide distribution of the surplus, process policies for decision by the members, and most importantly, either put them selves up for election or carry out their democratic responsibility by electing suitable board members.
The Credit Union board and committees
The board of the credit union meets immediately after the annual general meeting to elect President(Chairman), Vice-president, Honorary Secretary and Honorary Treasurer. It also appoints committees to enable the work of the credit union proceed smoothly until the next general meeting of members. Only members are eligible for election to the board and committees.
The members also elect the Supervisory Committee, whose responsibility it is to check the books of the credit union and evaluate its operation. By law this committee has rights of examination and supervision, which gives the members added security ensuring that the operation of the Credit Union is effective and fully committed to the good of the members. The supervisors report to the members at the annual general meeting.
One of the key committee is the Credit Committee, whose function it is to ensure fair and equal treatment for all. The Credit committee considers loan applications. Through experience the committee learns to understand the needs of members and their problems, and will consider all applications most sympathetically and in strict confidence. The Board also appoint a loan officer who will deal directly with loan applications up to certain limits agreed by the board from time to time.
The board appoints other committees such as a credit control committee - to ensure that loans are repaid as promised- and may appoint committees such as a planning and development committee or an education committee - to inform members and potential members about credit union membership and its benefits.
Pledge of Secrecy
All members of the board and committees, as well as all staff members, sign a pledge of secrecy concerning all credit union matters. This pledge ensures that all transactions are dealt with in absolute confidence.
Financial Structure of Gorey Credit Union
The Funds necessary to make the credit union function are built by the member’s savings and loan repayments. As loans are paid, the interest received accumulates, and the credit union will also generate funds through investing surplus funds. The surplus is used to pay the operating costs, to build up capital reserves, and the remainder is returned to members in the form of dividends and rebate of interest paid by them.
Useful Facts for 2010 Re: Gorey Credit Union
President: Jim Kavanagh
Vice President: Pat Flood
Treasurer: Tom Fitzpatrick
Secretary: Helen Wemyss
Executive Manager: Pat Derwin
HR Finance Manager: Barry Monaghan
Loans Manager: Gina Kenny
Credit Controller: Caroline Kavanagh
Gorey Credit Union is a member of Chapter 9 of the ILCU (There are 25 chapters)
The newly elected President of the ILCU is Mark Bailey. | 
09 September 2010
