Financial Institutions These are companies that provide financial products and services such as current accounts, overdrafts, credit cards, loans, insurance, pensions and mortgages. Their customers are personal account holders and businesses.

Financial Institutions (cont’d) In most countries the companies that provide financial services are required to be regulated before they can trade. In Ireland, the regulating body is the Central Bank of Ireland.

Irish financial institutions Banks An Post Credit unions Licensed money lenders Insurance companies Stockbrokers Advisers (sometimes called brokers or intermediaries

Main banks in Ireland Allied Irish Bank (AIB) Bank of Ireland (BOI) Ulster Bank Permanent TSB

An Post An Post is Ireland’s state-owned postal service It now offers some financial services: Foreign exchange Money transfer Car, travel and life insurance Savings bonds and investments Pay bills

Credit unions Credit unions are owned and run by their members. People save together and use their combined savings to provide personal loans to members. Credit unions are not allowed charge more than 12.5% APR on their personal loans. People who save with credit unions may receive a dividend each year. The amount depends on what the credit union decides is reasonable. There are over 500 credit unions in Ireland. Products may include savings, loans, mortgages and insurance

Licensed money lenders Legal money lenders – not to be confused with illegal lenders, or ‘loan sharks’ Offer small loans to individuals who might not qualify for a bank loan Collect weekly or monthly repayments in person from the borrower’s home Charge high rates of interest