St Canice's Kilkenny

St. Canice’s Kilkenny Credit Union was founded in 1964 and today is one of the largest community based credit union in Ireland with membership in excess of 38,000.

Its primary purpose is to promote thrift amongst its members and by the accumulation of savings, create for members a source of credit at a fair and reasonable rate of interest. Income changed on loans, investment income and other income provide for the day to day expenses and necessary reserves.

It is a non profit, community based co-operative that exists only for the good of the people of Kilkenny city and its environs. It is owned by its members and each member, irrespective of the value of shares, has an equal vote in deciding how the credit union is run. St. Canice’s Kilkenny Credit Union is run by a voluntary Board of Directors that are elected by the members at AGM each year.

The Annual Surplus - You Make it and Take it!
 
In fact, to say that the credit union is a ‘non profit’ enterprise is not entirely accurate. Naturally, it is vital that business is operated in a sound, professional and successful manner and that each year a surplus or profit is made. However, this surplus after transfer to reserves is returned to the members by way of annual dividends and in some years a loan interest rebate may be returned to borrowers.

St. Canice’s Kilkenny Credit Union is run by a Board of Directors. These Directors, who work in a voluntary capacity, have the overall responsibility for the day to day running of the credit union and are subject to legislation which is monitored by the Central Bank of Ireland through the Registrar of Credit Unions. The Board of Directors and Supervisory Committee are elected each year at AGM and all members of the credit union who are 18 years or over are deemed eligible to put themselves forward for election. The Supervisory Committee is the internal auditor of the credit union.  Credit Unions in general are run by a system of committees. These include the Credit Committee, Membership Committee, Credit Control Committee and the Promotion and Education Committee. Other committees may be formed from time to time as required.  Committee meetings are held on a weekly basis and Board meetings are held monthly and as required.