Swilly-Mulroy Credit Union Limited

Swilly-Mulroy Credit Union Limited is an Irish member-owned financial cooperative serving a defined common bond in the Swilly–Mulroy area of County Donegal. It operates under the Credit Union Act 1997 (as amended) and is regulated by the Central Bank of Ireland, with eligible deposits covered by the Deposit Guarantee Scheme up to €100,000 per person per institution. The core offering is savings (held as shares) and unsecured personal loans; savings do not earn a fixed interest rate and any return typically takes the form of a discretionary annual dividend set at the AGM based on surplus, which can be zero. Loan rates are published as APRs, interest is calculated on the reducing balance, and early repayment penalties are uncommon; approval is based on affordability and membership within the common bond. Day-to-day services generally include counter transactions, electronic transfers, and online access; the availability of current accounts, debit cards, international payments, or business banking is limited and should be confirmed directly with the credit union. Fees are set out in its schedule of charges and may apply to specific services; some Irish credit unions also impose per-member savings caps for liquidity and risk management. Governance is through a volunteer board and a board oversight function, with each member holding one vote regardless of balance. Prospective members should review eligibility, current rates, service availability, and opening hours before joining or applying for credit.