Connemara Credit Union Limited

Connemara Credit Union Limited is a member-owned financial cooperative serving the Connemara area of County Galway under a defined common bond, authorised and supervised by the Central Bank of Ireland pursuant to the Credit Union Act 1997 (as amended). It accepts member savings in the form of shares and provides consumer lending subject to underwriting, affordability assessment and regulatory limits; interest is typically quoted as an annual percentage rate (APR), and any fees or charges are set out in the credit union’s tariff. Member savings qualify as eligible deposits under the State Deposit Guarantee Scheme, which provides protection up to €100,000 per person per institution, subject to scheme terms. The credit union may, if a surplus exists, declare an annual dividend on shares or a loan interest rebate; these distributions are discretionary and not guaranteed. Governance is by a member-elected board with external audit and statutory oversight; the institution must maintain minimum regulatory reserves and liquidity and comply with the Consumer Protection Code. Membership requires standard anti–money laundering documentation (proof of identity, address and PPS number). Service delivery is branch-based with remote or digital channels only where offered. Compared with commercial banks, the product set is narrower and focused on savings and personal lending; current accounts, cards, mortgages or business services, if available, depend on local policy and national schemes. Loans and repayment performance may be reported to the Central Credit Register, and withdrawals of pledged shares can be restricted under the rules.