Authorised and regulated by the
Financial Services Authority
Firm Reference No 436625
Financial Services Authority
Firm Reference No 436625
NFRN Credit Union Limited
Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.
19th January 2012
NFRN Credit Union pays second dividend
At their AGM meeting in December, the members present supported the board and voted for a second 1% dividend. This was credited to members accounts later in that month.
The new year has got off to a great start. The confidence of the board is bolstered by the fact that both deposits and loans are running at well over 50% more than last year whilst costs are being pegged at very close to those of the same period. The board remains determined to continue on a conservative path where the dividend is concerned. However, they have instructed the accrual of a 1.5% dividend during this new year. They do so because they are confident that the dividend can be maintained at this new level in both this and succeeding years.
Global financial uncertainty continues and the absolute necessity to build reserves remains paramount. Our capital/asset ratio is currently 3% and rising with a target raised to 5% by year-end. The Legislative Reform Order has brought with it a more demanding regime but not one that is feared. Instead, the board is meeting these new challenges with a determination that your credit union will continue to develop at a sustainable rate that protects your savings whilst producing an acceptable dividend and meeting your need for affordable loans.
The new year has got off to a great start. The confidence of the board is bolstered by the fact that both deposits and loans are running at well over 50% more than last year whilst costs are being pegged at very close to those of the same period. The board remains determined to continue on a conservative path where the dividend is concerned. However, they have instructed the accrual of a 1.5% dividend during this new year. They do so because they are confident that the dividend can be maintained at this new level in both this and succeeding years.
Global financial uncertainty continues and the absolute necessity to build reserves remains paramount. Our capital/asset ratio is currently 3% and rising with a target raised to 5% by year-end. The Legislative Reform Order has brought with it a more demanding regime but not one that is feared. Instead, the board is meeting these new challenges with a determination that your credit union will continue to develop at a sustainable rate that protects your savings whilst producing an acceptable dividend and meeting your need for affordable loans.