Upload
kelly-rogers
View
219
Download
0
Tags:
Embed Size (px)
Citation preview
Financial InstitutionsThese 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 unionsCredit 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 lendersLegal 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