About Us
Ballinlough Credit Union, a short history.
Proposals on the formation of a Credit Union in Ballinlough surfaced in 1965 when a study group examined the proposals and formed a Credit Union which opened for business in July 1966. The Credit Union Common Bond was based on the then Ballinlough Parish and First South Douglas and St. Michael’s (Blackrock) as it’s neighbours. Thornhill House, on the Ballinlough Road, was chosen as the Credit Union office. It was then a Community facility which was later purchased. The building was replaced by a purpose built facility in 2002.
Initially the Credit Union opened to the public on Friday nights only for acceptance of savings and issuing of loans. All book-keeping was on a manual basis, book entries and ledger balancing was completed without computer or calculator. As the workload increased, it became necessary to appoint a salaried staff member; the move to salaried officers was a contentious issue at the time. Today, the Credit Union has a staff of five, including a Manger and Credit Controller.
Services
The services offered by Ballinlough Credit Union have varied over the years, regulation updates and changes of practice have dictated which additional services remain in place. systems were introduced in 1998, this was a significant development in reducing the workload overall and especially at end of each day’s work. Additional automated facilities are added as appropriate and in a practicable manner as possible. Overall, a conservative but practical approach to change is used to continue to meet member’s needs in a changing world.
Savings and loans continue as the main services offered by Ballinlough Credit Union.The demand for loans has been declining over the last number of years, hence our level of investments has increased accordingly. While share withdrawals encountered during recent years due to effects of the recession, an increase in savings has been witnessed since 2012. The Board of Directors and the newly formed Strategic Planning Committee continue to consider all options to attract new members and increase our loan book prudently. Various loan options are available to facilitate members needs from the Credit Union.
Directors
Ballinlough Credit Union has maintained a strong presence at Chapter XI Cork Credit Unions with Jim Murphy (RIP) and Jack Healy elected as Chair of Chapter XI. A number of delegates have held various offices and served on various committees successfully during their term. Bob Keegan (RIP), Jim Murphy (RIP) and Tom Scriven were elected to the Board of the Irish League of Credit Unions and served with distinction during their years of office. This ensures that Ballinlough Credit Union is held in high regard in the Credit Union movement.
Community
The Credit Union has maintained a positive relationship with the Community throughout its lifetime. The Credit Union continues to sponsor a number of community and sporting associations for the benefit of Ballinlough residents. Officers and staff strive to maintain strong links with the Credit Union members, this is seen as positive in promoting the Credit Union and building relationships with its members. Ballinlough Credit Union has through its history continuously promoted the ethical and social policies of the Credit Union movement.
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