Audio version

33

LIFE

August/September 2012 2012 www.esb.ie/em

HONDA CIVIC - A MOST CIVILISED SET OF SPECIFICATIONS COME AS STANDARD

The credit union alternative

BARRY MCCALL

PERSONAL FINANCE

RECENT EVENTS HAVE brought into sharp focus the degree to which many of us depend on our banks in our everyday lives. But there is an alternative which offers many of the services we use the banks for at little or no cost and it is one which is actually owned by its members – savers and borrowers – rather than private shareholders. It’s your credit union.

And there are hundreds of credit unions covering workplaces and communities throughout Ireland. Indeed, ESB staff have their own St Patrick’s Credit Union which offers a tremendous range of services.

When you save with a credit union like St Patrick’s it is in the form of shares – your share in the ownership of the credit union. You get a dividend on your savings which is your share of any surplus generated by the credit union – in this case 2%. This may not sound like a lot but when you consider that this is a demand account from which you can withdraw money without any notice whatsoever it is far superior to anything offered by a bank.

St Patrick’s also offers a number of highly competitive special term share accounts which are not subject to DIRT tax.

And if you need a loan the interest rates are probably the best around with a standard variable rate of 6.5% and a one year fixed term loan on offer at 4.9%. Green loans for Sustainable Energy Authority of Ireland approved home improvements are available at 4.5%.

And the credit union is constantly innovating and coming up with new products to meet its members’ changing needs. For example, it is about to launch a new education loan to help people fund the rising cost of education and a new debt consolidation loan to help members who have accumulated a number of debts to combine them into one loan with lower overall repayments. This latter product is aimed at helping members get back onto a sound financial footing.

While savings and loans are the things which we all associate with credit unions they also provide other important and useful services. The budget account is possibly the most useful. This is an account which pays your various bills automatically every month – but you only have to put a fixed amount in each month. So, during the winter when the utility bills get bigger and Christmas is also hurting your pocket your bills are paid and the ground is made up during the summer.

The key difference between a credit union budget account and one from a bank is that your bill will be paid even if you don’t have the money in the account and you will not have to pay interest on any deficit.

St Patrick’s also offers a financial counselling service for members who may be experiencing difficulties. This is usually provided by the credit union’s own staff but external expertise is called in where necessary.

Finally, the credit union is about to launch its electronic funds transfer (ETF) service. This will allow people to transfer money from their accounts to pay bills or to their own bank account or those of other family members – all over the internet. This means that you can operate a bank account just to have an ATM card and top up the account online using the ETF service from the credit union whenever you need to.

If you’re not already a member of your credit union it really is time to join.

Honda Civic 2.2 i-DTEC ES

DAVE WALSHE

MOTORING

THIS BIG, WONDERFUL car has a 2.2l diesel engine but costs, amazingly, only €25,820 and is in tax band A, which involves a €160 annual charge

Check out the full specification online, but here are the highlights: reversing camera, alloy wheels, air-con, cruise control, light-sensing lights, rainsensing wipers, remote controls on the steering wheel for loads of things, hill-start assist, stop/start technology and magic seats. Magic seats no less!

Do the research and you will see that the value and specification of this car is nearly unbeatable. What is very surprising is that all this is from Honda, who is renowned for the legendary quality of their cars. First up, this is an all-new Honda Civic, and not a tweak of the outgoing model. That’s a statement in itself about the relentless drive by Honda to keep on producing better and better cars.

On the outside, it looks like a mating between the last two Honda Civic incarnations. It’s obviously a Civic and, at the same time, most of the features have been altered. Special praise here to Honda for the rear hatch-opening. It is the way hatchbacks should be, as the design means that nearly all of the back of the car is available to you to get things in and out. The front curve on the bonnet is as sexy as it gets and those LED lights alert you to a car with presence. It has a gloriously curved bonnet that would adorn any supercar with grace.

It does have one flaw, however, which was in the outgoing old model and I thought would be rectified (as for that old model, isn’t it a pity Honda don’t have a hand-me-down company that would make the old model under another name, because the old model is/was really, really good). The flaw is the spoiler across the back. It obscures your rear vision somewhat.

Out on the road the Civic is a delight to drive. Precise is a word that always conjures up favorable thoughts and that’s the word I would use for the Civic. It is so, so easy to drive. The instrument and controls in the Civic, and most Hondas, are fantastically simple and elegant.

Finally, those magic seats. The part of the rear seat you sit on can be folded up to give the maximum space between the floor and roof of the car. This allows you to carry things that previously were a no-no because of their height. In the same way as the rear hatch is the masterclass in hatch design so too are the magic seats.

In the Focus, Astra and ce’ed class, the Civic takes the top honour. Golf drivers just need to drive it to be won over from their dimpled-ball idolatry.

St. Patrick’s Credit Union Alan Gallagher Third Level Educational Award

SIMON DUNNE

ST. PATRICK’S CREDIT UNION (ESB STAFF) LTD.

THE Alan Gallagher Third-Level Educational Award is now in its seventh year and its purpose is to improve the social and economic well-being of members and recognize the value of their contribution to the community, in this case ESB. The award is not about charity or welfare but about enhancing members’ lives and providing opportunities.

Details of the scheme are as follows:

• One Education Award per annum will be offered to students commencing their third level studies in the next academic year. Selection will be on the basis of an open draw.
• The value of each Education Award is €3,000 per annum for a maximum period of four years. This is subject to satisfactory performance including passing the prescribed exams.

Entry Requirements:

• This award is available for the dependent children of St. Patrick’s Credit Union (ESB Staff) Ltd. members.
• Applicants must have completed the Leaving Certificate Examination or equivalent in 2012.
• The scheme is for students commencing their full-time, third-level education (to degree or diploma level) at any approved University or third level educational institution within the E.U.
• A family may be in receipt of only one Education Award at any one time.
• An individual student may be entered for the draw on one occasion only.
• Unforeseen circumstances concerning eligibility will be reviewed if they arise during the tenure of an award.

Eligible Courses:

For the purpose of recognition, Degrees & Diplomas should be accredited by a recognized University, The HETAC (formerly NCEA) or equivalent accrediting institution.

• Full-time undergraduate ordinary degree studies (Level 7 NFQ or honours degree studies Level 8 NFQ) – NFQ is the National Framework Qualifications.
• Full-time Diploma/Higher Diploma Studies (Level 7, 8 NFQ).

Not Eligible:

This award does not cover parttime, post-graduate studies or certificate courses.

How to apply:

Your application for the ESB Third Level Education Award will automatically include you in the Credit Union draw. It is preferable for applications to be made online using the attached link http://share-point/sites/Group/GS/escs/Lists/2012Apps/NewForm2.aspx on ESB Intranet/ESBnet News/Staff Notice Board. Alternatively application forms can be downloaded from ESB Intranet or obtained directly from Carmel Hosey at 057-9319915 (internal extension 71415) or mobile 087-7424751.

Deadline:

Completed forms should be sent before Friday 12th October 2012 to Carmel Hosey, Human Resources, ESB, Kilcruttin Business Park, Tullamore, Co. Offaly.

The draw will take place on Friday 26th October 2012 and the winner’s name will be announced on the Credit Union website by mid-November.

Please contact Simon Dunne on 01-6325125 if you have any questions.

St Patrick’s Credit Union Competition

Win an iPod nano!!

To be in with a chance of winning please answer the following question and text your answer to 087 9858238 in the following format:

“CUCOMP followed by your answer (i.e. a, b or c) and your name”
What is the value of the St. Patrick’s Credit Union Educational Award?

a) €1,000 per annum b) €2,000 per annum c) €3,000 per annum

Important Only one entry per person, no mail entries acceptable, and the closing date is the 28th September 2012.

Last issue’s winner was Olive Gaynor, working in Electric Ireland, Santry. Congratulations Olive and your iPod nano is on the way out to you.