Donegal Town Credit Union 3.44

What is a Credit Union?

The Credit Union is a financial co-operative owned and controlled by its members. Credit Unions exist to service the financial needs of their community on a not for profit basis and to retain members savings in the community for the benefit of all their members. Like all Credit Unions we have a voluntary Board of Directors elected by the members at the Annual General Meeting. Our offices are on Tirchonaill St, Donegal Town.

Regulations and Affiliation
Credit Unions are regulated entities that operate under highly restrictive prescriptive legislation. Donegal Tow Credit Union is regulated by the Central Bank. Over and above the legislation and rules governing the credit unions, they are supervised by the registrar of Credit Unions.

The Irish League of Credit Unions provides additional monitoring of credit unions. This monitoring is akin to internal audit. Finally each Credit Union has a supervisory committee which acts as a watch-dog on behalf of the Credit Union members. All these various layers of monitoring and regulation provide great comfort to credit union members and ensure that all regulatory and compliance requirements are met.