Newsletter – Summer 2013 - St Raphael\`s Garda Credit Union

YOUR FINANCIAL
Summer 2013
FORCE
The Official Newsletter of St.Raphael’s Garda Credit Union.
IN THIS ISSUE...
Family Day
Over 1,000 members
came to our Family Day this year
- read about it on page 2.
New secure
Member’s area
Exciting news for members of
St. Raphael’s on page 3.
Economic outlook
Read an economic outlook from our
investment advisors on page 4.
Welcome...
Dear Member,
Welcome to the new St Raphael’s Garda
Credit Union newsletter. There has never
been a busier or more relevant time for
Credit Unions and I want to take the time to
update you on what’s been happening in
your Credit Union. You can read all our latest
news and developments throughout the
newsletter, such as our new special online
area for members, the family day and new
special offers for members.
As you may have seen from recent media
coverage there is on-going discussions about
the credit union movement – particularly in
relation to the priority of debt for those that
are struggling to meet their mortgage
repayments. You will see a piece on this below.
It is our strong belief that our community
should not be targeted in such a manner by
Banks. I would like to reassure you that we will
continue to work in the best interests of the
Credit Union at all times.
This is a time of change for credit unions
all over the country. The measures under the
new Credit Union Act are due to be rolled out
over the coming months, including changes
in the role and functions of the Board of
Directors, reduction in the number of
directors, and new fitness and probity
requirements. We believe that these
measures will further strengthen your Credit
Union and we will keep you informed of
these developments over the coming
months.
I hope you find the updates in this
newsletter interesting and we will issue
similar newsletters periodically in the future.
John McDermott
Chairman
Banks urging struggling home owners
to stop paying their credit union...
You may have seen some recent press
coverage in relation to banks and credit
union loans. It would seem that the banks
are encouraging people to stop paying their
credit union loans. The argument that
‘secured loans’ such as mortgages should
take precedent over all other types of loans,
including credit union loans is really
gathering momentum from everywhere at
the moment. While we all agree that we
should do everything we can to support any
of our members who are struggling during
these difficult times, it is a pity that the
argument being put forward by the banks is
not a more balanced one. Many people are
burdened with mortgages that they clearly
cannot afford and might never be able to
Your Financial Force
repay. Whether they pay their credit union
loan back or not, will not change this.
However, if a person stops paying their
credit union loan, then they cut off any
access to loans that they might need at
some point in the future and leave
themselves completely at the mercy of the
banks. Most credit union members choose
to pay their credit union over the banks.
They respect and value the relationship of
trust that they have with their credit union
and understand that their credit union will
be there for them in bad times as well as in
good times. So if your bank is telling you to
stop paying your credit union, think again!
Is it really in your best interests or in theirs?
1.
Family Day - a great day was had by members!
Our 3rd Family Day was held on the 8th
of June at our premises on the Naas Road.
Over 1,000 members attended the event
and enjoyed all the activities such as the
BBQ, bouncy castles, face painting and
Punch and Judy shows. Many of our
members also signed up their children to
join the credit union, so a big welcome to St
Raphael’s! Keith Duffy was MC for the day
and did a super job. It was a huge success
and we’re looking forward to next year
already.
Search for
volunteers
The Board of Directors of St Raphael’s
Garda Credit Union are keen to speak with
any members of the credit union that have
financial, legal or business expertise and
qualifications and would be interested in
volunteering to assist or serve on the Board.
If this is something you are interested in
please contact Luke Lacey, Chairman of our
Nominations Committee.
From 1 February 2014 an International
Bank Account Number (IBAN) and a Bank
Identifier Code (BIC) will be required to
make / receive euro electronic payments.
What does
SEPA mean
for you?
• Prior to 1 February 2014 you may
be asked to provide your IBAN and
BIC when setting up new direct
debit mandates.
The Single European Payments Area
(SEPA) is a European regulation that will
simplify financial transactions. It will apply
in Ireland and across 31 other European
countries, and will make it easier for you to
transfer funds or receive funds.
• For all existing direct debit
mandates no action is required.
We will be in touch over the coming
months with SEPA updates.
Have you considered moving your mortgage yet?
For those of you who have 10 years or
less remaining on your mortgage with your
bank, now may be a good time to consider
moving your mortgage to the Credit Union.
If you are on a standard variable rate with
your bank, this could save you lots of money
over the remaining term of your mortgage.
We can lend up to €125,000 to clear an
outstanding mortgage with a bank. The
maximum term is 10 years and with the
credit union loan rate as low as 4.25% (APR
4.35%), you could save lots of money. Here
are some monthly repayment examples:
Retirement
If you are approaching retirement we at
St Raphael’s wish you well and would like to
thank you for your support over the years.
We wish to assure you that the services you
have had throughout the years will continue
to be available to you.
When you retire it is important to
remember the following points:
• You will go onto monthly pay, so it
is important that you inform the
relevant organisations in time so
that they can make the necessary
2.
Over
Over
Over
Amount:
5 years
7 Years
10 Years
€25,000
€463.24
€344.60
€256.09
€50,000
€926.48
€689.21
€512.19
€75,000
€1,389.72
€1,033.81
€768.28
€100,000
€1,852.96
€1,378.42
€1,024.38
€125,000
€2,316.19
€1,723.02
€1,280.47
*Lending terms and conditions apply.
And remember, your loan is insured free
of charge with the credit union so you will
not have to pay separately for life cover.
If you would like to enquire about
•
•
•
•
arrangements with the payroll
section in Killarney.
Don’t automatically pay off your
loans from your gratuity as this
may not be in your best interest.
You should take the time to review
your Nomination details in the
credit union.
Many members transfer their
shares into joint names during the
retirement process.
It is a good time to review your
finances so please contact us and
we will assist you.
Your Financial Force
moving your mortgage to the Credit Union,
call any one of the loan team here at 0818
247365 and we’ll be happy to help.
Car Draw
St Raphael’s Garda Credit Union runs a
very popular members car draw. Currently
prize money on offer is in excess of €1.2
million. Every month members can win a car
or cash. We also hold three monster draws
where you have an opportunity of winning
cars, cash and tickets to all GAA games
played in Croke Park and all soccer
internationals played in the Aviva stadium.
To join St. Raphael’s exclusive members
car draw simply complete our members Car
Draw Application Form. You can join for
€1.50 per week. All you have to do is
download an application form from our
website, email us, or give us a call and we
will send one out to you. Following feedback
from Members St. Raphael’s recently
changed the car draw prize format by giving
members a choice of a car or cash. For the
most recent car draw results check out our
website: www.straphaelscu.ie
Special
offers
St Raphael’s constantly look for new
ways to provide a variety of useful and cost
effective services to our members. Recently
we were delighted to announce a choice of
fuel cards for our members. Members can
now avail of a discount off the pump price
for petrol and diesel at Esso and Topaz
service stations nationwide.
Discount of 3.5 cent off the pump price.
Access to over 350 Stations nationwide.
Purchase car washes and oil on the card.
Discount of 4 cent off the pump price.
Access to over 100 stations nationwide.
25% discount off car washes.
Other credit union offers: Low lending rates• Discounted Mobile phone bills • Free Budget Scheme
• Monthly Car & Cash Draw • No hidden charges • Payroll deduction at source • Free Roster App • Cheaper
international Phone calls • 24 hour access to accounts • Foreign Exchange with no fees • Dividends on
Savings • Internet Banking • Esso fuel card • Topaz Fuel card • Death Benefit Grant • Discounted Health
Screening • Free document safekeeping • Money Management Service • Training courses
Remember to check our website
www.straphaelscu.ie
or updates on Facebook
Membership
Joining St Raphael’s Garda Credit
Union is the best decision you
could make for your money. St
Raphael’s allows people in the
Garda community come
together to save and borrow
money at low rates, and is
operated on a not-for-profit
basis, with surpluses being
returned to members. The credit
union is governed by a volunteer
board of directors, led by
chairman John McDermott. The
directors are voted by you, the
members, at the AGM. 2013 has
seen a big increase in
membership applications which
is helping the Credit Union grow
and develop the services offered
to members. If any of your family
members are not members now
is the time to join! We would
also like to take this opportunity
to welcome members of the
Garda Civilian Staff who are now
entitled to join St Raphaels. We
look forward to serving you for
many years to come. 2014 is a
very special year for St Raphael’s
as we will be celebrating 50 years
since our formation in 1964.
Watch out for the celebrations
ahead!
Member’s area
Great
news... new
exclusive
Member’s
Area,
just for you
www.straphaelscu.ie
Exclusive
Member’sArea
Online
The new secure Member’s Area allows you to securely buy and sell your stuff online
exclusively between members of St. Raphael’s Credit Union and take advantage
of huge discounts on a whole range of special offers from petrol and diesel,
to mobile phones and weekend breaks away.
Register now at: www.straphaelscu.ie
Web: www.straphaelscu.ie
Phone: 0818 24 7 365 or 01-4273900
Email: enquiries@straphaelscu.ie
St. Raphael’s
GARDA CREDIT UNION
YOUR FINANCIAL FORCE
We are delighted to announce that
over the coming weeks we will be
launching a new secure Members Area
exclusive to St Raphaels Credit Union.
We have been working hard for a
number of months to develop this
online area where members can get
updates on developments within the
Garda community and news from St
Raphael’s.
One of the key areas of the site is
the ability to buy and sell goods and
services, safe and secure in the
knowledge that buyers and sellers are
from within the Garda community.
There are many features to this
exclusive area including:
• A Garda Notice Board which
will contain news from An
Garda Siochana, the ability to
post transfer requests and car
Your Financial Force
pooling and a section where
clubs from within the Garda
community can place notices
and news for their members.
• A safe secure area for members
to Buy and Sell goods and
services
• Special Offers only available to
members of St Raphaels
This is a unique and exciting new
initiative for members and we hope as
many members as possible will use the
site. Once launched, the new site can be
found at www.straphaelscu.ie where
members will log on to access. If you are
interested in getting involved in the
testing of the site, please email
enquiries@straphaelscu.ie
3.
An economic outlook
Ireland’s progress towards economic recovery
from our Investment Advisors - BDO Private Wealth Management
Despite the progress made to date in
Ireland the current economic recovery
remains fragile. In Europe record high
unemployment and low growth across the
region has moved the ECB to cut rates by
0.25% to the record low of 0.50%. Good
news if you have a tracker mortgage.
Irelands fiscal consolidation in the form of
revenue cuts and tax increases has now
delivered some €28bn since July 2008.
Ireland is comitted to deliver a further
€5.1bn in 2014 and 2015. Excluding the
banking crisis Ireland continues to run a very
large general Government deficit and we
must return to a sustainable level in the near
future to exit the Troika programme.
The general economic environment and
the continued austerity has had a large
negative impact on Irish consumer
sentiment. In 2013 a more positive outlook
on the economic environment was balanced
by concerns about the impact of new taxes
and pay cuts on household finances. In
general consumer confidence remains
cautious.
Ireland’s debt sustainability is dependent
on our ability to generate growth. The
biggest “known unknown” is the eventual
experience in mortgage arrears and the
banks potential requirement for more
capital. Banking issues continue to shadow
the real economy. With further stress tests
for the banks due later this year, the
remainder of 2013 will provide much of the
St. Raphael’s
GARDA CREDIT UNION LIMITED
4.
YOUR FINANCIAL FORCE
visibility necessary to determine Ireland’s
debt sustainability.
Ireland's viable banks remain heavily
reliant on emergency funding to run day-today operations, despite the significant
reduction in funding requirements from a
peak of €187bn in February 2011. Both
banks and the consumer have deleveraged
their balance sheets and reduced overall
lending. Irish consumers have behaved
rationally in the difficult current
environment by reducing debt and
increasing savings. Despite this, private
sector debt in Ireland remains amongst the
highest in Europe.
In April the live register fell to 426,900
the lowest level since August 2009. This was
the 10th monthly fall in a row. Ireland is
dependent on Global growth as the growth
areas of the economy are primarily the
export focused service sectors. To generate
sustainable growth Ireland requires
domestic demand.
The debt extension agreed on April 12th
by the Troika was a positive for Ireland. The
deal reduces the payments in real terms and
improves Ireland’s chances of exiting the
programme and regaining the ability to selfdetermine its economic objectives.
With debt to GDP expected to peak at
c120% it remains premature to confirm
Irelands recovery but we feel 2013 will be
the year from which the country can begin
to grow and look forward again. Ireland has
left intensive care and currently remains
serious but stable. The Government needs to
keep people on board and demonstrate
clearer the ultimate benefits to all in society
of a sound economic foundation. We need
only look at Iceland or Cyprus to see how
unpalatable the alternatives are.
We’ll fix you up
with a home
improvement loan.
A
helping hand
when you
need it.
Apply now.
St. Raphael’s
GARDA CREDIT UNION
YOUR FINANCIAL FORCE
Web: www.straphaelscu.ie
Phone: 0818 24 7 365 or 01-4273900
Email: enquiries@straphaelscu.ie
1-2 Fox & Geese, Naas Road, Dublin 22.
Phone: 0818 24 7 365 or 01-4273900
Fax: 01-6856718
Email: enquiries@straphaelscu.ie
Web: www.straphaelscu.ie