New CU boss to build on success

Eimear Tobin is the new Chief Executive Officer (CEO) at Cavan Credit Union after taking over the reins last week from Therese Conway.

Ms Tobin holds an Honours Degree in Business Management and moved into hedge funds initially while training as an accountant. She joined the team at Cavan Credit Union 10 years ago and has since qualified as a financial adviser. Stepping into the top management role at the financial institution seemed like the next natural step to take.

“I took the opportunity when it came my way; I was 10 years in the previous role and felt it was time for a change,” she told The Anglo-Celt this week. “The Board believed in me and gave me the opportunity, I suppose, so I’m delighted.”

Cavan Credit Union was established in 1968 and has been at the heart of the community ever since. It’s owned by its 20,000 members who have access to the numerous services the credit union provides including savings, current accounts, loans, low interest rates, loan protection, direct debits, standing orders, foreign exchange, bill payment, online banking as well as its very own mobile app.

“The credit union is a non-for-profit organisation that prides itself on face-to-face member interaction,” said the new CEO before adding that share accounts, loan products, current accounts, and online banking are all available to members.

“Our underwriters are in house and make decisions locally, which ensures the loan process is straightforward and hassle free for everyone.”

Meanwhile, among the services offered in Cavan is a once-a-year uninsured personal loan, which provides between €20,000-€50,000 with a maximum term of 10 years alongside a competitive rate.

The large loan promotion runs every January. It’s proving most popular for home improvements or car finance. The service is offered because of the strength of the loan book in Cavan Credit Union.

“The loan book at Cavan Credit Union currently stands at €3M - a loan to asset ratio of 56%,” explained Ms Tobin. “That is very strong and we pride ourselves on that and hope to continue the loan growth. We are hoping to offer mortgages in the near future as well and the process with regard to that is close to finalisation.”

She says that moving into the mortgage market is based on the local credit union’s loan growth success over the last few years. “We’ve had great success over the last two years and we want to build on that success,” she added.

“We’ve had numerous queries from our members looking to get mortgages from us; we know there are credit unions out there offering mortgages. There is a credit union service organisation currently being set up to unify the mortgage product and offer it out to credit unions and we are hoping to tap into that when it becomes available,” continued the new manager.

The strength of the credit union movement across Ireland really came into play after the financial crash in 2008 when banks stopped lending to customers. Credit Unions continued to loan money for every day eventualities like buying a car, meeting university costs or investing in home improvements. Ms Tobin says that this proves the credit union’s ethos - standing by its members and being there when needed.

“We pride ourselves on standing by our members especially when they are facing difficulties,” she continued before adding that staff are there to “help” with loan products tailored to suit members’ needs including flexible terms and flexible payments.

“And, there are no penalties for paying back a loan earlier than the term agreed… there is always flexibility and people can talk to our credit control about rescheduling a loan. There is also a quick turnaround in the loan process. When a member engages with their local credit union, it can be in person, over the phone or it can be online - we’re digital when you want it and human when that is required too and it’s a key point that we continue to make. We are also moving with the times and going digital, which means that we can meet the needs of the younger generation as well.”

And, with the upsurge in fraudulent activity as digital banking and purchases become more the norm, how is the local credit union protecting its members?

“We have a dedicated team that works on current accounts and rolls out training and education programmes on fraud to our members,” responded Ms Tobin.

“They know there is staff here who can help them with that. Cavan Credit Union in conjunction with local gardaí ran money mule training in local schools recently in an effort to raise awareness around the issue. Money mules are a rising concern for us and we think that it’s vitally important to raise awareness around that with young people in particular. Education is key of course but we will always have a member of staff here to help as well.”

In conclusion, Ms Tobin took the opportunity to thank her former mentor, Therese Conway, for her help over the years. She also paid tribute to the new chairman, Cormac Smith. “Therese has been a great mentor to me and I hope that I can build on all of that success,” she added.

“I am also looking forward to working with Cormac and building on all that has been achieved here at Cavan Credit Union so far.”