TRALEE CREDIT UNION LTD. · Mitchels Integrated Services Centre We reported last year that we had approved a loan for the building of the Integrated Services Centre and I am happy

TRALEE CREDIT UNION LTD. | AnnuAl RepoRt 2014 TRALEE CREDIT UNION LTD. | ANNUAL REPORT 2014

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“As a member-owned organisation embedded in the local community,Tralee Credit Union Limited, is committed to enhancing benefit andchoice for its members through a range of financial services. These services will be delivered with integrity within the operating principles of the credit union movement. Tralee Credit Union will lead and promote best practice in everything it does.”

CONTENTSAgenda 3

Directors Report 4 - 5

Board Oversight Committee 6

CEO Report 7 - 11

Statement of Directors Responsibilities 12

FINANCIAL STATEMENTS 2013/2014Auditor’s Report 13 - 14

Income and Expenditure Account 15

Balance Sheet 16

Cash Flow Statement 17

Notes to Financial Statements 18 - 25

Deposits and Investments 26

Tax Treatment of Dividend 27

Nominations and Elections 28 - 29

Standing Orders 30 - 31

Jacintha EustaceHon Secretary

AGM AGENDAMonday 15th December, 2014

Invocation - Credit Union Prayer

1. Acceptances of Proxies (if any) by the Board of Directors

2. Ascertain that a Quorum is present

3. Adoption of Standing Orders

4. Reading and Approval of the Minutes of 2013 AGM

5. Appointment of Tellers

6. Report of the Nominating Committee & Election of Directors, Board Oversight Committee and Auditor

7. Report of the Directors

8. Report on the Accounts

9. Declaration of 1% Dividend and 5% Loan Interest Rebate

10. Report of the Board Oversight Committee

11. Report of CEO incorporating the Credit, Credit Control, Marketing and Development and Youth Committees

12. Approval of League Affiliation Fees - 90c per member

13. Approval of the deduction of €4.50 Death Benefit Insurance per member

14. AGM Members Draw

15. Announcement of Election Results

16. Any Other Business

17. Live Members Car Draw

18. Close of Meeting

The Credit Unions and Co-operation with Overseas Regulators Act, 2012 (“the 2012 Act”) made significantamendments to the Credit Union Act, 1997.

The complete amendment to the Standard Rules is to be approved by members at this AGM. Due to thesize of the proposed rule amendments and the cost involved in printing and distribution, copies of theproposed new rule book are available to members: • electronically on our website www.traleecu.ie

• by email to [email protected]

• by hard copy at the offices of Tralee Credit Union

Fels Point Hotel8.00pm

MISSIONSTATEMENT

TraleeCREDIT UNION LTD.

TRALEE CREDIT UNION LTD. | AnnuAl RepoRt 2014

REPORT FROM YOUR BOARD OF DIRECTORS

TRALEE CREDIT UNION LTD. | ANNUAL REPORT 2014

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The most visible change has been the renovationsto our office in Ashe Street. Having purchased theshop unit next door we were anxious to get the bestuse out of the additional space. We are satisfied thatour objectives were met and that the changes havegiven you a better place to carry out your creditunion business. The new layout is giving ourborrowing members more privacy and the cashcounters are functioning very well. Your feedbackhas been very positive. We thank you for thepatience that you showed during the renovationworks.

Behind the scenes, changes in legislation meansthat the role of Chief Executive Officer is no longercarried out by the Treasurer as has been the case inthe past. This role now rests with what was formerlythe manager’s position. Other changes under the“new” Act mean that your directors must meetfitness and probity requirements each year,directors must engage in on-going training and theBoard are answerable to the Central Bank in relationto its risk, internal audit and compliance functions.These functions are an additional cost to the creditunion but the roles will further increase the securityof your credit union and your savings. The Boardalso have responsibility for determining the plan orstrategy of the credit union.

Mitchels Integrated Services CentreWe reported last year that we had approved a loanfor the building of the Integrated Services Centreand I am happy to report that the centre wascompleted and opened in May of this year and thatit is fully occupied. This building will serve the townwell with the community services that it provides.

Lending: I am happy to report that in 2014 we paidout in excess of €23m in loans to members, ourloan book grew by €3.9m and that the overall loanbalance is now €49m. This indicates that membersare more confident about the future and reflects thefact that our interest rate for personal lending is verycompetitive. Members are borrowing for manypurposes; cars and home improvements continueto be the main categories of loans that we approve.

Saving: Members’ savings grew by €9.6m thisyear to a total of €116.75m. This represents anincrease of 8% over the year and is an indication ofthe confidence that you have in your credit unionand a reflection of the fact that returns on savings ingeneral are very low at present.

Dividend and Rebate: At the end of the year theBoard considered their options in relation to thedistribution of our surplus. The Board is proposinga dividend of 1% on shares to reward our savingmembers. When compared with the returns byother local financial institutions we consider that this

is a very good rate. Our loan income produces€3.8m (60%) of our total income of €6.3m. Inconsidering the distribution of our surplus, theBoard proposed that it would be fair to reward ourmembers. Having done this we are still in a positionto strengthen our reserves. At the end of the yearour total reserves stand at €20.66m, an increase of€1.8m from last year. The Board feel that it isprudent to increase our reserves, conscious of thefact that amalgamation of credit unions will probablybe a reality in the not too distant future.

The Board are very thankful of your continuedsupport and are committed to running your creditunion in your best interests. The safety of your fundsand the reputation of our credit union are foremostin our thoughts. I would like to thank your Board ofDirectors and Board Oversight Committee whovoluntarily put in so much time and effort on your

Front left to right: George Lowe, Jacintha Eustace, Fintan Ryan CEO, Tom Lawlor, Chairman and Mairead Casey

Back Row left to right: John O’Connor, Grace Moore, Mary O’Connell, Aoife Lynch and Anna Brosnan.

Missing from Photo: Grainne Foley-Joy and Gene Boyd.

behalf. In this time of increased regulation andsupervision the burden of your elected volunteershas increased dramatically. Grace Moore retiresfrom the Board, and I would like to thank Grace forher service to Tralee Credit Union.

On behalf of the Board, I would like to thank themanagement and staff for their dedication to theprovision of good service and their commitment toTralee Credit Union.

I would like to wish you all a happy and peacefulChristmas and a very good 2015.

Tom Lawlor

Chairman

On behalf of your Board of Directors I am pleased to report a

very successful year for your credit union. There have been

many developments during the year, some less obvious than

others.

Tom Lawlor

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BOARD OVERSIGHTCOMMITTEE REPORT (FoRmeRly SupeRviSoRy Committee)

The Board Oversight Committee was introduced inthe Credit Union Co-operation and OverseasRegulation (CUCORA) Act 2012. With effect fromthe 1st October 2013, the Supervisory Committeewas replaced with the Board Oversight Committee. The main function of the Board OversightCommittee is to review whether the Board ofDirectors has operated in accordance with Part IVof this Act. This in effect, requires the BoardOversight Committee to review the governance ofthe Directors and ensure that they are acting in thebest interests of the Credit Union members.

The Board Oversight Committee held monthlymeetings to review the effectiveness of the Board ofDirectors. At least one member of the BoardOversight Committee attended the monthly Boardmeetings which were held during the year. TheBoard Oversight Committee also attended anumber of sub-committee meetings during theyear.

Under the new legislation, the Board OversightCommittee is obliged to prepare four reports to theBoard each financial year. These reports werepresented to the Board in March, May, August andNovember. The reports reviewed the effectivenessof board meetings, strategy and the decisionmaking process regarding the introduction of newroles such as the Internal Auditor, RiskManagement Officer and Compliance Officer.

The Board Oversight Committee would like tocongratulate John Harrington in his successfulcompletion of the UCC Pathways Certificate inCredit Union Governance. Catherine Moylanattended a number of training courses in the areasof risk management, internal audit, board oversightcommittee and the nominations committee.Members of the Board Oversight Committee alsoattended training in the areas of anti-moneylaundering and ethics.

Philip O’Sullivan retired from the Board OversightCommittee during the year and was replaced byNiall O Loingsigh. The Board Oversight Committeewould like to thank Philip for his valuablecontribution to the credit union.

The Board Oversight Committee would also like toacknowledge the support provided by the Boardand the management and staff during the year.With the introduction of the new CUCORA Act,there was a steep learning curve for all Directors.The Directors showed an enthusiasm andwillingness to face the challenges that have resultedwith this change.

Catherine Moylan

Chairperson

This financial year saw the introduction of the Board

Oversight Committee to Tralee Credit Union.

2014 was a year of change, growth and continued

development. Internally the story of the year was the

renovations that took place in the office and the welcoming

of new staff.

REPORT FROM YOUR CEO

The renovations took place in March and April butthere was a great deal of planning work that tookplace prior to that and much settling in to be doneafterwards. I would like to thank our staff for theirhelp at all stages of the development and hope thatmembers are enjoying their new surroundings. Yourfeedback to date has been very positive but wewould also like to hear your comments at any time.The renovations allows us the opportunity toprovide a better and more personal service. This isgreat and we are training up new staff to meet yourneeds. We thank you for your support andsometimes for your patience. We have asuggestion box in the office and we welcome anycomments or suggestions you might like to make.

We engaged in a recruitment drive during the yearto secure the services of an internal auditor,additional member service representatives andrecently a finance officer. We welcome our new staffand hope that their time with Tralee Credit Unionwill be interesting and rewarding. We thankmembers for your understanding as staff are being

trained and a word of encouragement frommembers, is always a great help. If at any time youhave any issues relating to the service you get,please feel free to point it out to us.

Our new ‘lending team’ on the ground floor havereally been busy. Your support in this area hasmeant a growth in our Loan Book of 8%, which inthese challenging times is a great show of loyaltyand we hope a testament to the good service thatyou receive in that area. Remember our loans aregreat value, you are insured (subject to someconditions and the income from our lendingsupports the credit union allowing us to repay youby way of dividend or loan interest rebate.

As the Chairman has reported we have had a yearof great growth in savings, loans and members. Weare happy to welcome almost 1,500 new membersduring the year. We hope that you will find thatusing our services makes your membershipworthwhile.

New and improved services to our Ashe Street Office


Catherine Moylan Fintan Ryan

0 to 10 years

11 to 20 years

21 to 30 years

31 to 40 years

41 to 50 years

51 to 60 years

61 to 70 years

71 to 80 years

81 to 90 years

91 to 99 years

7%

9%

16%

19%

16%

15%

11%

5%2% 0%

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Debit Cards and your Credit Union AccountI reported last year that we were working hard toprovide a debit card for members that will allow youto access your available funds anywhere in theworld and make point of sale payments online orat any store. I am happy to report that thedevelopment of the card is almost complete andtesting will begin in one of our partner credit unionsin December and January. We are very hopeful thatwe will have the card in test here by the end of thefirst quarter of 2015. This will allow you to use yourcredit union for all your day to day financial needs.Your credit union account now has a full IBAN(international banking number) attached and canbe used to transfer funds anywhere within Europeovernight. You can set up direct debits to and fromyour account and make regular payments to utilitycompanies such as electricity, gas and phone, etcto make managing your money easier and moreeffective.

Website and Facebook: We use our website,www.traleecu.ie, and Facebook page to keep youup to date with what is happening in your creditunion. We will be using e-zines (electronicnewsletters) to get our messages and news out inthe future. We may contact you over the next fewmonths for your email address so that we cankeep you up to date on our services and any otheritems that we feel might be of interest to you. Yourco-operation would be appreciated.

MEMBERSHIP AS AT 30th SEPT. 2014

Age Breakdown 2014 2013 Diff0 to 10 years 2,198 1,924 27411 to 20 years 2,848 2,577 27121 to 30 years 5,247 5,170 7731 to 40 years 6,069 6,062 741 to 50 years 5,189 5,124 6551 to 60 years 4,684 4,435 24961 to 70 years 3,428 3,380 4871 to 80 years 1,677 1,673 481 to 90 years 532 566 -3491 to 99 years 47 54 -7

31,919 30,965 954

32,000

31,250

30,500

29,750

29,0002010 2011 2012 2013 2014

2

Membership 2014 - Age Breakdown


Year Membership

2010 29,210

2011 30,858

2012 29,068*

2013 30,965

2014 31,919*

*In 2012: 3,717 were made dormant and in 2014: 1,139 accounts were made dormant.

Membership of Tralee Credit Union 2010 - 2014

Our Lending Team:

Stephen Corner,

Mike Lynch (Loans Officer),

Karen Delaney,

Norma Twomey,

Emer O’Connor and

Suzanne Donovan.

1,239 accounts were made dormant during the year.

2010 2011 2012 2013 2014

€120m

€90m

€60m

€30m

€0m

€

Savings (€Millions)

Year Savings(€Millions)

2010 €96.6m

2011 €99.4m

2012 €101.62m

2013 €107.12m

2014 €116.75m

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TRALEE CREDIT UNION LTD. | ANNUAL REPORT 2014TRALEE CREDIT UNION LTD. | ANNUAL REPORT 2014

€1,000,000

€800,000

€600,000

€400,000

€200,000

02010 2011 2012 2013 2014

14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%2010 2011 2012 2013 2014

Credit Control

€50m

€48.75m

€47.5m

€46.25m

€45m2010 2011 2012 2013 2014

Loan Value (€Millions)

Year Loan Value(€Millions)

2010 €49.6m

2011 €47.9m

2012 €45.9m

2013 €45.8m

2014 €49m

2014 2013

Type of Loan Number Value of Number Value of Increase Increaseof Loans Loans (€) of Loans Loans (€) +/- (€) +/- (%)

Saver's Loan 221 1,566,006 154 993,967 572,039 58%Business 137 887,544 150 964,482 -76,938 -8%Car Related 1,782 6,955,964 1,666 5,962,758 993,206 17%Computer 47 40,612 52 44,604 -3,992 -9%Debt/Bank Loans/Bills 384 819,901 418 1,032,817 -212,916 -21%Education 659 1,736,836 645 1,869,996 -133,160 -7%Green 13 210,801 8 32,980 177,821 539%Home Loan 2,131 5,421,805 2,385 5,861,363 -439,558 -7%Holiday 615 921,574 586 867,328 54,246 6%Medical 193 297,334 178 330,694 -33,360 -10%Personal Finance 226 276,487 199 192,215 84,272 44%Secured Loan 36 1,886,557 21 978,651 907,906 93%Social Finance Loan 7 1,534,841 2 45,000 1,489,841 3311%Special Occasion 746 557,187 742 613,336 -56,149 -9%Wedding 182 810,440 182 680,411 130,029 19%Other 57 58,515 86 55,334 3,181 4%

Total 7,436 23,982,404 7,474 20,525,938 3,456,466 17%

Loans 2014 - 2013Credit ControlCredit Control has had another successful year in the collection of arrears and bad debts. Thehandling of our loan arrears process is reviewed regularly and complies with Central Bank guidelines.Early intervention is vital and members are contacted when the loan is two weeks in arrears. Formembers who fail to contact us to explain the reason for loan arrears Tralee Credit Union will issuelegal action as a last resort. At this stage the member will have been fully informed in writing and bytelephone. If a member in loan arrears has moved address without informing the credit union anofficial will visit the last known address on behalf of Tralee Credit Union and make local enquiries tolocate the member. This process is carried out in a lawful and ethical manner.

ConclusionI would like to thank my fellow management and staff for their great support during the year. Weexpect that 2015 will be another busy year and we look forward to the challenges that lie ahead. Onbehalf of staff I would like to thank you for supporting your credit union. I would like to thank you foryour courtesy and good humour and for making our job more rewarding. We look forward to seeingyou in 2015.

Fintan RyanCEO

Net amount of loans written off 2010-2014 % Gross loans over 10 weeks arrears


STATEMENT OF DIRECTORS RESPONSIBILITIES

INDEPENDENT AUDITOR’S REPORT TO MEMBERS


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The Credit Union Act, 1997 (as amended)requires the directors to prepare financialstatements for each financial year which give atrue and fair view of the state of affairs of thecredit union and of the income and expenditureof the credit union for that period. In preparingthose financial statements, the directors arerequired to:

• Select suitable accounting policies and then apply them consistently;

• Make judgements and estimates that are reasonable and prudent;

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the credit union will continue in business.

The directors are responsible for keepingproper accounting records which disclose withreasonable accuracy at any time the financialposition of the credit union and which enablesthem to ensure that the financial statementscomply with the Credit Union Act, 1997 (asamended).

They are also responsible for safeguarding theassets of the company and hence for takingreasonable steps for the prevention anddetection of fraud and other irregularities.

Signed on behalf of the Board of Directors:

Tom Lawlor, Chairman

FOR THE yEAR ENDED 30th SEPTEMBER 2014 FOR THE yEAR ENDED 30th SEPTEMBER 2014

We have audited the financial statements ofTralee Credit Union Limited for the year ended30th September 2014 which comprise theIncome and Expenditure Account, the BalanceSheet, the Cash Flow Statement and the relatednotes. The financial reporting framework thathas been applied in their preparation is Irish lawand Accounting Standards issued by theFinancial Reporting Council and promulgated bythe Institute of Chartered Accountants in Ireland(Generally Accepted Accounting Practice inIreland).

This report is made solely to the credit union'smembers, as a body, in accordance with theCredit Union Act, 1997 (as amended). Our auditwork has been undertaken so that we mightstate to the credit union's members thosematters we are required to state to them in anauditor’s report and for no other purpose. To thefullest extent permitted by law, we do not acceptor assume responsibility to anyone other thanthe credit union and the credit union's membersas a body, for our audit work, for this report, orfor the opinions, we have formed.

Respective responsibilities of directorsand auditor As explained more fully in the Directors'Responsibilities Statement, the directors areresponsible for the preparation of the financialstatements giving a true and fair view. Ourresponsibility is to audit and express an opinionon the financial statements in accordance withIrish law and International Standards on Auditing(UK and Ireland). Those standards require us to

comply with the Auditing Practices Board'sEthical Standards for Auditors.

Scope of the audit of the financialstatements An audit involves obtaining evidence about theamounts and disclosures in the financialstatements sufficient to give reasonableassurance that the financial statements are freefrom material misstatement, whether caused byfraud or error. This includes an assessment of:whether the accounting policies are appropriateto the credit union's circumstances and havebeen consistently applied and adequatelydisclosed; the reasonableness of significantaccounting estimates made by the directors;and the overall presentation of the financialstatements. In addition, we read all the financialand non-financial information in the annualreport to identify material inconsistencies withthe audited financial statements. If we becomeaware of any apparent material misstatementsor inconsistencies we consider the implicationsfor our report.

Opinion on financial statementsIn our opinion the financial statements:• give a true and fair view of the state of the

credit union’s affairs as at 30th September2014 and of its income and expenditure for the year then ended.

• have been prepared in accordance with Generally Accepted Accounting Practice in Ireland; and

• have been properly prepared so as to conform with the requirements of the Credit Union Act, 1997 (as amended).

STATEMENT OF BOARD OVERSIGHT COMMITTEE'S RESPONSIBILITIES

FOR THE YEAR ENDED 30th SEPTEMBER 2014

The Credit Union Act, 1997 (as amended) requires the appointment of a Board Oversight Committee to assesswhether the board of directors has operated in accordance with Part IV, Part IVA and any regulationsmade for the purposes of Part IV or Part IVA of the Credit Union Act, 1997 (as amended) and any other matter prescribed by the Central Bank in respect of whichthey are to have regard to in relation to the board.

Catherine Moylan, Chairperson

Signed on behalf of the Board Oversight Committee:

INCOME AND EXPENDITURE ACCOUNTFOR THE yEAR ENDED 30th SEPTEMBER 2014


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Other matters prescribed by the Credit Union Act 1997 (as amended)• We have obtained all the information and explanations which we considered were

necessary for the purposes of our audit.

• In our opinion proper accounting records have been kept by the credit union.

• The financial statements are in agreement with the accounting records.

Joan O’Sullivan

For and on behalf ofJoan O’Sullivan & Co.Chartered Accountants & Registered Auditors12 Denny StreetTraleeCounty Kerry

17th November 2014

2014 2013

INCOME € €

Interest on members' loans 3,836,336 3,785,682Interest payable and similar charges note 8 (20,885) (24,264)Other interest income and similar income schedule 1 2,468,275 2,667,426Net interest income 6,283,726 6,428,844Other Income schedule 2 98,735 59,527

Total income 6,382,461 6,488,371

EXPENDITURE

Salaries and other wage costs 1,180,196 1,098,757Share and loan insurance 440,256 431,827Death benefit insurance 89,327 71,221Other management expenses schedule 3 1,065,197 944,911Depreciation 108,999 84,502Provision for bad and doubtful debts note 3 - -Bad debts written off 646,090 815,820Bad debts recovered (464,063) (401,913)

Total expenditure 3,066,002 3,045,125

Excess of income over expenditure for year 3,316,459 3,443,246

Add: Undistributed surplus at 1 October 6,235,332 5,008,885Less: Dividend paid note 8 (1,512,421) (1,464,859)

8,039,370 6,987,272

Less: Transfer to Statutory Reserve note 7 (919,220) (465,295)Transfer to Additional Regulatory Reserve note 7 (229,805) (286,645)

Undistributed Surplus at 30 September 2014 6,890,345 6,235,332

A separate statement of total recognised gains and losses is not required as there are no gains or losses other than those reflected in the income and expenditure account.

On behalf of the credit union:

CEO: Fintan Ryan 4th Nov. 2014

Member of the Board Oversight Committee: Catherine Moylan 4th Nov. 2014

Member of the Board of Directors: Tom Lawlor 4th Nov. 2014



BALANCE SHEETAS AT 30th SEPTEMBER 2014

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2014 2013€ € € €

Reconciliation of excess of income overexpenditure to net operating cash flows

Excess of income over expenditure 3,316,459 3,443,246

Loans written off 646,090 815,820

Depreciation 108,999 84,502

Profit on disposal of freehold property (39,983) -

Net cash flow from trading activities 4,031,565 4,343,568

New loans to members (23,982,404) (20,525,938)

Repayment of members loans 20,089,088 19,862,894

(3,893,316) (663,044)

New deposits and shares by members 84,688,094 68,702,608

Repayment of deposits and shares (75,056,058) (63,204,038)

9,632,036 5,498,570

New investments made (51,892,287) (35,918,548)

Investments redeemed or derecognised 45,397,704 28,335,637

(6,494,583) (7,582,911)

Net (increase)/decrease in Debtors,

prepayments and accrued income (130,942) 89,285

Net increase/(decrease) in other liabilities 54,175 43,851

Net cash inflow from operating activities 3,198,935 1,729,319

CASH FLOW STATEMENTNet cash inflow from operating activities 3,198,935 1,729,319

Dividend and interest rebate paid to members (1,512,421) (1,464,859)

Capital expenditure (279,649) (260,788)

Increase/(decrease) in cash 1,406,865 3,672Opening cash 1,606,240 1,602,568

Closing cash 3,013,105 1,606,240

2014 2013€ €

ASSETS Notes

Cash and balances at bank 3,013,105 1,606,240Deposits and investments 2 88,435,425 81,940,842Loans to members 49,061,717 45,814,491Less: Provision for bad and doubtful debts 3 (4,833,185) (4,833,185)Tangible fixed assets 4 1,878,303 1,667,670Debtors, prepayments and accrued income 135,700 4,758

Total assets 137,691,065 126,200,816

LIABILITIES

Members' deposits 2,853,549 2,406,577Members' shares 5 113,895,544 104,710,480Other liabilities, creditors, accruals and charges 6 282,518 228,343

Total liabilities 117,031,611 107,345,400

Net worth 20,659,454 18,855,416

Represented byStatutory reserve 7 11,015,288 10,096,068Additional regulatory reserve 7 2,753,821 2,524,016Total regulatory reserve 13,769,109 12,620,084Income and expenditure reserve 7 6,890,345 6,235,332

Total reserves 20,659,454 18,855,416

On behalf of the credit union:

CEO: Fintan Ryan 4th Nov. 2014

Member of the Board Oversight Committee: Catherine Moylan 4th Nov. 2014

Member of the Board of Directors: Tom Lawlor 4th Nov. 2014

CASH FLOW STATEMENTFOR THE yEAR ENDED 30th SEPTEMBER 2014



NOTES TO THE FINANCIAL STATEMENTSFOR THE yEAR ENDED 30th SEPTEMBER 2014

1918

1. STATEMENT OF ACCOUNTING POLICIES1.1 ACCOUNTING CONVENTIONThe financial statements have been prepared on thegoing concern basis and in accordance withaccounting standards generally accepted in Ireland andIrish statute comprising the Credit Union, 1997 (asamended). Accounting Standards generally acceptedin Ireland in preparing financial statements giving a trueand fair view are those published by the Institute ofChartered Accountants in Ireland and issued by theAccounting Standards Board.

1.2 REVENUE RECOGNITIONRevenue is recognised to the extent that it is probablethat the economic benefits will flow to the credit unionand the revenue can be reliably measured. Revenue ismeasured at the fair value of the consideration received.The following criteria must also be met before revenueis recognised:

Interest on members' loansInterest on members' loans is recognised whenpayment is received as specified in Section 110(1)(c)(i)of the Credit Union Act, 1997 (as amended) (i.e. on acash basis).

Investment incomeInvestment income is recognised when received orreceivable. Investments are recognised at cost less anypermanent diminution in capital value but ignoring anyincrease in capital value or encashment value untilrealised in the form of cash or cash equivalents. Thespecific investment products held by the credit unionare accounted for as follows:

• Bank deposits and other short term deposits

These are valued at the deposit amount plus any accrued interest and interest income is recognised in the income statement on an accruals (time) basis.

• Term deposits and fixed interest investment

bonds

Term deposits and fixed interest investment bonds with fixed maturity dates are valued at the lower of cost or encashment value and interest income is

recognised in the income statement when it is received or irrevocably receivable.

• Unit funds and equity investments

Unit funds, property funds and other stock market investments are valued at the lower of cost or market value and dividend or other income is recognised in the income statement when it is received or irrevocably receivable. Increases in capital value are not recognised until the asset is sold or matures. Decreases in market value are recognised immediately.

• Government and senior bank bonds with return

of capital guarantee

Bonds with return of capital guarantee are valued at the lower of cost or market value but not lower than the capital guaranteed amount. Dividend or other income is recognised in the income statementwhen it is received or irrevocably receivable.

• Bonds with guaranteed capital and variable

interest rates

Interest income is recognised as received. Some bonds pay high rates of interested in early years andlower rates in later years. Paying higher amounts in early years reduces (impairs) the capital value of thebond. The capital value of the bond is tested annually for impairment and impairment losses are taken to the income statement. Impairment gains which reverse a previous impairment loss are included in the income statement with any gains in excess of the cost of the product ignored until the bond matures.

• Subordinated bank bonds

The capital value of these bonds is tested annually for impairment and impairment losses are taken to the income statement. Impairment gains which reverse a previous impairment loss are taken to theincome statement with any gains in excess of the cost of the bond ignored until the bond matures.Dividend or other income is recognised in the income statement when it is received or irrevocablyreceivable.

1.3 TANGIBLE FIXED ASSETS & DEPRECIATIONTangible fixed assets are stated at cost lessaccumulated depreciation. Depreciation is provided onall tangible fixed assets, other than freehold land, atrates calculated to write off the cost or valuation, lessestimated residual value, of each asset systematicallyover its expected useful life, as follows:Freehold premises - straight-line over 50 yearsFixtures & fittings - straight-line over 10 yearsComputer equipment - straight-line over 4 years

Tangible fixed assets are subject to an annual review forimpairment in accordance with FRS 11 ‘Impairment offixed assets and goodwill’. Any impairment isrecognised in the income and expenditure account inthe year in which it occurs.

1.4 MEMBERS' SHARESThere is no limit to the number of shares which thecredit union is authorised to issue. The number ofshares held does not determine a member’s votingrights since each member is entitled to one vote onlyat any general meeting. The classification of sharecapital as liabilities in the balance sheet is consistentwith Financial Reporting Standard 25 'FinancialInstruments: Presentation’, and the subsequentInterpretation issued in relation thereto by the UrgentIssues Task Force.

This standard also requires that dividend and loaninterest rebate payments to members should beclassified as an interest expense and presented as acharge in arriving at the net surplus for the year. Thefinancial statements are not in compliance with thisstandard as the directors have recognised thesepayments as an appropriation of undivided surplus.This accounting treatment is consistent with traditionalcredit union practice and the Credit Union Act, 1997(asamended).

1.5 PENSION COSTS• Defined benefit scheme:

The credit union participates in the Irish League of Credit Unions Republic of Ireland Pension Scheme

for six employees. This is a funded, multi credit union, defined benefit pension scheme. Because the credit union is unable to identify its share of the assets and liabilities of the pension scheme, the credit union, in accordance with the requirements of Financial Reporting Standard 17, Retirement Benefits, and guidance from the League; is accounting for the pension contributions as if the scheme was a defined contribution scheme. Contributions payable to the pension scheme are recognised in the income and expenditure account.

• Defined contribution scheme:

Pension contributions in respect of defined contribution schemes for all new employees are charged to the income and expenditure account asthey become payable in accordance with the rules of the scheme. The assets are held separately from those of the credit union in an independently administered fund. Differences between the amounts charged in the income and expenditure account and payments made to pension funds are treated as assets or liabilities.

1.6 BAD AND DOUBTFUL DEBTSBad debts written off and bad debts recovered areincluded in the income and expenditure account.Provision has been made for doubtful debts, inaccordance with Resolution 49 of the Irish League ofCredit Unions. At the balance sheet date, the provisionincludes an additional bad debts provision asconsidered prudent by the directors.


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4. TANGIBLE FIXED ASSETS

Freehold Fixtures & Computer TotalPremises Fittings Equipment

€ € € €

COSTAt 1st October 2013 2,361,432 431,576 652,168 3,445,176

Additions in year 302,531 13,629 86,822 402,982

Disposals in year (127,193) - - (127,193)

At 30th September 2014 2,536,770 445,205 738,990 3,720,965

DEPRECIATIONAt 1st October 2013 732,201 431,576 613,729 1,777,506

Charge in year 53,280 1,363 54,356 108,999

Eliminated on disposals (43,843) - - (43,843)

At 30th September 2014 741,638 432,939 668,085 1,842,662

NET BOOK VALUEAt 1st October 2013 1,629,231 - 38,439 1,667,670

At 30th September 2014 1,795,132 12,266 70,905 1,878,303

2014 2013€ €

5. MEMBERS' SHARES

Regular share accounts 113,895,544 104,710,480

2014 2013€ €

6. OTHER LIABILITIES, CREDITORS, ACCRUALS AND CHARGES

Trade Creditors and Accruals 250,516 200,902

PAYE and PRSI 30,680 26,582

DIRT 1,322 859

282,518 228,343

2014 2013€ €

2. DEPOSITS AND INVESTMENTS

Cash and bank deposits 56,049,909 51,546,403

Investments 31,014,693 29,005,013

87,064,602 80,551,416

Accrued interest 1,370,823 1,389,426

88,435,425 81,940,842

Included in Investment bonds is an amount of €30,890,614 (2013: €28,383,614) in respect ofbank and government bonds valued at the lower of cost or capital guaranteed amount. Theseinvestments are capital guaranteed if held to maturity by the credit union.

The market value of these bonds at 30th September 2014 with maturity dates between 2014and 2024 is €36,170,261 (2013 €30,672,135).

2014 2013€ €

3. LOAN ARREARS AND DOUBTFUL DEBTS

Opening provision for bad debts 4,833,185 4,833,185

Bad debts incurred during the year (646,090) (815,820)

Bad debts recovered during the year 464,063 401,913

Increase in bad debt provision 182,027 413,907

Closing provision for bad debts 4,833,185 4,833,185

The current provision in the financial statements is €4,833,185 (2013: €4,833,185)representing 9.85% (2013: 10.55%) of the total loan book. This amount exceeds theResolution 49 requirement by €2,289,090 (2013: €2,096,060). Loans rescheduled orrefinanced during the year amounted to €306,639 (2013: €443,670).

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7. MOVEMENTS ON RESERVES

Additional Income and UndistributableStatutory regulatory expenditure investmentreserve reserve reserve income reserve Total

€ € € € €

At 1st October 2013 10,096,068 2,524,016 6,235,332 - 16,877,029

Excess of income overexpenditure - - 3,316,459 - 3,316,459

Dividend paid - - (1,512,421) - (1,512,421)

Transfer from income andexpenditure account 919,220 229,805 (1,149,025) - -

At 30th Sept. 2014 11,015,288 2,753,821 6,890,345 - 18,681,067

Statutory reserveUnder the provisions of the Credit Union Act, 1997, at least 10% of each year's surplus must betransferred to the statutory reserve.

Additional regulatory reserveIn accordance with the Credit Union Act, 1997 (Section 85) Rules 2009, the credit union is required tomaintain a regulatory reserve ratio of not less than 10% with effect from 30th September 2009. Theregulatory reserve ratio is defined as the amount held in the total regulatory reserve of the credit union(i.e. statutory reserve and additional regulatory reserve) expressed as a percentage of the total assetsof the credit union. The current regulatory reserve in the financial statements represents 10.00% (2013:10.00%) of the total assets of the credit union.

Income and expenditure reserveThe income and expenditure reserve (formally known as the general reserve) is a reserve specificallyset aside in previous years to provide for future dividend and loan interest rebate payments.

Undistributable investment income reserveUnder the provisions of the "Guidance Note for Credit Unions on Matters Relating to Accounting forInvestments and Distribution Policy (April 2009)" issued by the Registrar of Credit Unions, the creditunion is required to transfer investment income not receivable within 12 months of the balance sheetdate to a reserve which is not eligible for distribution. When such income becomes receivable within12 months of the balance sheet date, it can be transferred to the income and expenditure reserve.

8. DIVIDEND, INTEREST AND LOAN INTEREST REBATE

The following distributions were paid out from the surplus earned in previous years:2014 2013

Rate € Rate €

Dividend on shares 1.50% 1,512,421 1.50% 1,464,859

Interest on deposits 20,885 24,2641,533,306 1,489,123

The directors recommend the following distributions to be paid in December 2014:Gross dividend on shares 1.00% 1,090,722 1.50% 1,528,461

Loan interest rebate 5.00% 191,816 - -1,282,538 1,528,461

Rates of interest paid on members' depositsA rate of interest of 2.3% (2013: 2.3%) was paid on members' special term deposits

9. RELATED PARTY TRANSACTIONS

Loans amounting to €112,500 (2013: €118,854) in total, were granted to officers of the credit

union during the period. At 30th September 2014, the balance outstanding on loans to officers

amounts to €197,199 (2013: €200,555). At 30th September 2014, savings of officers amount

to €421,462 (2013: €630,407).

10. RATES OF INTEREST CHARGED ON MEMBERS’ LOANS2014 2013

Per month APR Per month APR

Ordinary members' loans 0.75% 9.37% 0.75% 9.37%Special car loans 0.66% 8.20% 0.66% 8.20%Student loans 0.58% 7.25% 0.58% 7.25%Social finance loans 0.46% 5.67% 0.46% 5.67%Secured Loans 0.46% 5.67% 0.46% 5.67%

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SCHEDULES TO THEFINANCIAL STATEMENTSFOR THE yEAR ENDED 30th SEPTEMBER 2014


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12. PensionsThe credit union participates in an industry-widepension scheme for employees (The Irish League ofCredit Unions Republic of Ireland Pension Scheme).This is a funded scheme of the defined benefit type,with assets invested in separate trustee administeredfunds.

An actuarial review of the fund is normally carried outevery three years by the Scheme’s independent,professionally qualified, actuary. The actuarial reviewlooks at the past and future liabilities of the scheme.

The last completed triennial actuarial review wascarried out with an effective date of 1st March 2011using the Projected Unit Credit method. The principalactuarial assumption used in the valuation was theinvestment return would be 1.75% higher than theannual salary increases. The market value of thescheme’s assets at 1st March 2011 was €107.3m.The actuarial valuation disclosed a past service deficitof €28.7m on the long term funding basis at 1stMarch 2011. This actuarial review recommended along term funding rate of 22.5%. The cost of riskbenefits is paid in addition to this rate.

It should be noted that the above rate is based on thelong term funding objectives.

As a separate requirement under section 56(1) of thePensions Act 1990, the scheme actuary must carryout a separate valuation every 3 years and produce afunding certificate for submission to The PensionsBoard within 9 months of the effective date of thevaluation. The purpose of the certificate is to certifywhether or not the assets of the scheme at theeffective date are sufficient to meet the liabilities of thescheme based on the assumption that the schemewas wound up at that date.

An actuarial funding certificate, certifying the Schemedid not meet the statutory minimum funding standardwas submitted to the Pensions Board with an effectivedate of 1st March 2009.

Consequently, the Trustees submitted a new fundingproposal, to address the shortfall in funding, to thePensions Board. The submitted funding proposal isdesigned to ensure that the scheme could reasonablybe expected to satisfy the funding standard as at 1stMarch 2019 and provides for a retirement contributionrate of 27.7%. The cost of risk benefits is payable inaddition giving a total contribution rate of 30% ofPensionable Salary. This funding proposal wasapproved by the Pensions Board.

For the scheme year ended 29th February 2012, theactuary advised that, having been directed by theTrustees and Employer, in light of the currenteconomic outlook, that it was appropriate to revise theassumption for salary increases over the remainingterm of the funding proposal from 5% per annum to3.25% per annum, he was reasonably satisfied thatthe scheme will satisfy the funding standard asspecified in Section 44 of the Pensions Act, 1990, atthe date of 1st March 2019 specified by the PensionsBoard under Section 49(2)(a) of the Act for thepurpose of the existing funding proposal.

The scheme’s Solvency Position in accordance withthe aggregate cover for total Funding Standardliabilities as at 28th February 2014 was 104.5%.

At the year end, contributions prepaid to the pensionfund were €31,589 (2013: €26,903).

13. Insurance against fraudThe credit union has insurance against fraud incompliance with Section 47 of the Credit Union Act,1997 (as amended) in the amount of €5,200,000.

14. Approval of financial statementsThe financial statements were approved by the Boardand authorised for issue by the Chairperson of theBoard on 4th November 2014.

2014 € 2013 €SCHEDULE 1 - OTHER INTEREST INCOME AND SIMILAR INCOME

Deposit and Investment income 2,468,275 2,667,426

Total per income and expenditure account 2,468,275 2,667,426

Analysed as follows:Received at the balance sheet date 1,097,452 1,278,000

Receivable within 12 months of the balance sheet date 1,370,823 1,389,426

2,468,275 2,667,426

SCHEDULE 2 - OTHER INCOME 2014 € 2013 €

Entrance fees 1,195 1,099

Commissions 30,212 24,674

Investment intermediary commission 27,345 33,754

Profit on disposal of freehold property 39,983 -

Total per income and expenditure account 98,735 59,527

SCHEDULE 3 - OTHER MANAGEMENT EXPENSES 2014 € 2013 €

Treasurer's honorarium - 6,000

Rent and rates 29,790 26,298

Lighting and heating 19,945 19,410

Repairs, renewals and cleaning 47,140 23,017

Security 7,176 9,276

Printing and stationery 39,942 41,208

Postage and telephone 45,197 53,423

Trade Subscriptions 6,078 5,764

Promotion Youth and Scholarship Expenses 87,143 81,724

Chapter expenses 9,915 13,500

AGM and convention expenses 25,493 37,363

Travel and subsistence 27,661 17,643

Bank charges 122,432 111,579

Irish Credit Bureau Costs 7,674 6,746

Audit fee 26,277 23,073

General insurance 31,917 30,924

Pension 98,361 90,933

Other personnel costs 49,152 41,241

Legal and professional fees 197,497 154,150

Computer maintenance 64,731 42,208

Miscellaneous expenses 2,565 8,270

Affiliation fees 40,391 28,356

Regulatory levy 78,720 72,805

Total per income and expenditure account 1,065,197 944,911


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DEPOSITS AND INVESTMENTS

26

2014 € 2013 €

Allied Irish Bank 3,319,085 5,412,506

Bank of Ireland 1,764,889 2,553,047

EBS 3,678,330 3,505,309

Ulster Bank 6,736,687 5,171,658

Irish Life & Permanent 18,435,714 13,452,185

Central Bank Reserve 1,237,952 1,133,854

Davy 874,079 750,000

Government Bonds 22,655,199 20,149,040

(Various rates apply)

I L & P 4% 10/03/15 1,994,425 1,994,425

AIB 5.625% 12/11/2014 498,744 498,744

AIB 4% 19/03/15 1,998,745 1,998,000

Bank of Ireland 4% 28/01/2015 3,743,500 3,743,500

KBC 10,824,692 10,064,213

ILCU CTMF 53,869 174,763

Rabbobank 7,026,670 9,930,472

Investec 2,200,000

Goodbody cash account 22,022 19,700

87,064,602 80,551,416

Provisions made in Budget 2013 increased the Deposit Interest Retention Tax (DIRT)

from 33% to 41%. From 1st January 2014 ALL credit union share dividend to members

will be subject to DIRT at 41%.

The only members who can be exempt frompaying DIRT are:

• Members aged over 65 whose total income isless than the relevant limit, currently €18,000 for an individual and €36,000 for a married couple. For married couples, only one of the spouses needs to be over 65. To avail of this exemption, you must sign a self-declaration form DE1. This form is available at Tralee CreditUnion and is a declaration that you (or your spouse) are aged over 65 and that your total income is less than the relevant limit.

• Members who are permanently incapacitated.Such members should either contact their localRevenue Commissioners office directly or

contact a service body such as the Irish Wheelchair Association. Credit Unions have norole in approving the exemption in these cases.

If you do not complete the self declaration form,Tralee Credit Union is obliged to deduct DIRTfrom your dividend. You will then have to applydirectly to the Revenue Commissioners for arefund of this DIRT (if you are eligible). If you areexempt from paying tax please fill in a DE1 form inour offices.

In light of changes to the tax treatment ofdividend, we are asking members to considerhow best to distribute surplus income in 2015.Please fill in the form below and return to TraleeCredit Union.

TAX TREATMENT OF DIVIDEND

Q. From next year, should Tralee Credit Union continue to pay members a Dividend?

YES, pay the same or as much Dividend as possible □ or NO, reduce the Dividend rate and allocate more money for Services □Or other, please state □ ____________________________________________________________

__________________________________________________________________________________

Name: Account No:

Mobile/Landline: Email Address:Enter your email address if you want to receive email newsletters, special offers, competitions.

Terms and conditions: Closing date for entries is Friday 19th December. One entry per member. Other terms and conditions apply. Winner will be announced on our website on Saturday 20th of December.

3 ways to reply: Online: www.traleecu.ie/dividend-survey/Phone: Scan this QR CodePost: Fill in below and post to Tralee Credit Union

FOR A CHANCE TO WIN €350 CASH

NOMINATIONS AND ELECTIONS

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AuditorsUnder Rule 153 Joan O’Sullivan and Co. being eligible seeks re-election.

Board Oversight CommitteePhilip O’Sullivan resigned during the year, Niall ÓLoingsigh was co-opted and under Rule 54 resignsand being eligible seeks re-election.

Niall Ó Loingsigh joined theboard oversight committee in2014. He is managing director ofJMT Financial and BusinessConsultants which he founded in2008 to give specialist financialand business advice. He is a

Qualified Financial Adviser, a fellow of the LifeInsurance Association and a Certified FinancialPlanner. He recently completed his Masters inFinancial Services. Previously he worked with Bankof Ireland, Friends First and Joseph M. Murphy(Tralee) Ltd. He is a former director of marketingand chairman of the Rose of Tralee InternationalFestival. Niall has lived in Tralee since 1990.

Board of DirectorsIn accordance with section 53 (6) of the CreditUnion Act, 1997 (as amended) all directorsmust step down at this AGM but are eligible forre-election.

All directors with the exception of Grace Mooreretire and under Rule 41 seek re-election.

Tom Lawlor has been adirector with Tralee Credit Unionsince 2006 and has served manyofficer posts and sat on manycommittees. A great supporter ofthe GAA and IFA, Tom iscurrently chairman and sits on

our officers, investments and credit controlcommittees.

Grainne Foley-Joy has been adirector of TCU since 2007. Aswell as serving on many sub-committees Grainne served astreasurer of the credit union forover 2 years. She currently is amember of our audit committee.

Gráinne is an qualified accountant and registeredtax consultant, having worked for over ten yearswith Carmody Leen O’Donnell & Co. in Tralee.

George Lowe has been adirector with Tralee Credit Unionsince 2010 and is currently vicechairman and a member of ournominating committee. George isalso our youth officer and helpsorganise and assist in all aspects

of youth. He works in Tralee with BrendanMoynihan Heating and Plumbing and lives inTralee.

Anna Brosnan resides inCastleisland and has served as adirector for the past six years.Previous to that she has been anemployee of Tralee Credit Union.Since Anna’s retirement, she hasworked on a part-time basis with

different organisations. Anna is currently a memberof the credit committee and risk committee.

Jacintha Eustace has servedas a director with Tralee CreditUnion since 2012 and is currentlysecretary to the board andchairperson of our marketing anddevelopment committee and amember of our nominating

committee. Jacintha has been working with RadioKerry for over 20 years. Married to Edwin, theyreside in Milltown.

Mary O’Connell has served asa director for the past six yearsand is a member of the credit,membership and nominatingcommittees. Prior to being aboard member, Mary spent anumber of years working as a

volunteer in our Castleisland office. Mary hasworked as a claims analyst for 16 years and is nowliving in Scartaglen.

Gene Boyd has served as asupervisor since 2010 and as adirector for the past year. Gene isthe internal audit manager withLeo Pharma and is amanagement consultant fromTralee. Gene was previously

general manager of Astellas Ireland (formerlyFujisawa Ireland), a Japanese pharmaceuticalmanufacturing company based in Killorglin. Genecurrently sits on our audit committee.

Aoife Lynch has served as adirector for one year andcurrently sits on our riskcommittee. From Tralee, Aoife isa practicing barrister who wascalled to the Bar in 2007 afterstudying at the Honourable

Society of Kings Inns. Aoife obtained her lawdegree from UCC where she was also editor-in-chief of the Cork Online Law Review. Aoife is afounding member of the Kerry based charityKare4Kidz and was a life-long member of TraleeC.I.E. Credit Union.

John O’Connor has served asa director since February 2014and is currently a member of therisk committee. John is retired.He worked with Kerry CountyCouncil in various positions andwas head of finance there for

many years up to his retirement. He has beenchairman/member of a number of national localgovernment finance/personnel committees. He is anative of Castleisland and has been living in theoutskirts of Tralee for the past 30 years.

Mairead Casey has served asa director for one year andcurrently sits on the auditcommittee. She was recentlyappointed to serve as treasurer.A native of Dublin, Mairead holdsan accounting qualification and

has worked for a number of blue chip companiesand has vast experience in equity investments.She comes to us with many years experience infinance with a particular interest in small to mediumenterprises. Mairead is currently a part-timestudent of IT, Tralee and studying H Dip in BusinessAdministration.

Grace Moore retires and does not seek re-election.Under Rule 41, the nominating committeeproposes Leonard O’Donnell to fill the vacancy.

Leonard O’DonnellLeonard is from Tralee andteaches in CausewayComprehensive School. He is amember of the board of KerryEducation and Training Boardand chairman of Co. Kerry TUI.

He was the founder and editor of Tralee Timesmagazine from 2005 to 2010.

If you are interested in becoming a volunteer withTralee Credit Union please write to the NominatingCommittee, Tralee Credit Union, 45-47 Ashe Street,Tralee, Co. Kerry. Or email: [email protected]

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28

30

10 - 15 MISCELLANEOUS10. The chair of the board of directors shall be

the chair of any general meeting, except where he/she is not available, in which case it shall be the vice-chair, except where he/she is not available, in which case the board shall decide amongst themselves who shall act as chair of any general meeting.

11. The chair may at his/her discretion, extend the privilege of the floor to any person who is not a member.

12. Matters not covered by the Agenda may be introduced under ‘Other Business’ at the discretion of the chair.

13. The chairman’s decision on any matter relating to these Standing Orders or interpretation of same shall be final.

14. No member shall have more than one vote on each question at any general meeting ofthe credit union or any adjournment thereofirrespective of his/her shareholding or the number of accounts in his/her name in the credit union provided, however, that exceptin voting at elections, the presiding member shall have a second or casting vote in the event of equality of voting. Voting by proxy shall be allowed only whena member other than a natural person votes through a representative, who is a member of the group, duly authorised in writing for that purpose and accepted as such by the board of directors.

15. Any matter to be decided upon by vote at the AGM shall, unless otherwise expressly provided for by law or the rules, be decided upon by simple majority.

Reference: Recommendation 41 (b) ofthe Planning Committee;

1. VOTINGEach member shall be entitled to one vote irrespective of his/her shareholding, in accordance with section 82(2) of the Credit Union Act, 1997 (as amended)

2 - 3 ELECTION PROCEDURE

2. Elections to the board of directors, to the board oversight committee and the position of auditor shall be by majority vote and by secret ballot.

3. When nominations are announced tellers shall be appointed by the chair and ballot papers shall be distributed. Nominations shall be in the following order: (a) nominations for auditor; (b) nominations for members of the board oversight committee; (c) nominations for directors. When voting is completed, the votes shall be taken and tallied by the tellers. Any ballot paper which contains votes for more than the number required to be elected shall be void. All elections shall be by secret ballot and by majority vote. When the votes have been counted by the tellers,the results shall be announced by the chair.In the event that all vacancies are not filled by the first ballot further ballots shall be taken as required. In the event of an equality of votes between candidates for the remaining vacancies not filled in accordance with the above procedure one further ballot shall be taken and should thatballot fail to determine the issue, the vacancies shall be filled by lot from among such candidates having an equality of votes.

4 - 9 MOTIONS4. All motions from the floor of the AGM must

be proposed and seconded by members present at the AGM and moved by the proposer. If the proposer is absent when the motion is called, the motion shall be deemed to have failed.

5. A proposer of a motion may speak for suchperiod as shall be at the discretion of the chair of the meeting and shall have the right of reply before the motion is put to the meeting for a vote.

6. In exercising his/her right of reply, a proposer may not introduce new material.

7. The seconder of a motion shall have such time as shall be allowed by the chair to second the motion.

8. Members are entitled to speak on any suchmotion and must do so through the chair. All speakers to any motion shall have such time as shall be at the discretion of the chair.

9. The chair shall have the absolute right to decide at any time when a motion has been sufficiently discussed and may put the motion to the meeting giving the proposer the right of reply before doing so.

16.SUSPENSION OF STANDING ORDERSAny one of these Orders or all of these Standing Orders may be suspended on a motion to this effect receiving a two-thirds majority of those present and entitled to vote.

17.ALTERATION OF STANDING ORDERSStanding Orders may be amended or altered at a general meeting and only if a motion to this effect has received a two-thirds majority of those present and voting.

18.ADJOURNMENTSAdjournments of the AGM shall take place only in accordance with section 81(1) of the Credit Union Act, 1997 (as amended).


STANDING ORDERS


Difficulty with Loan Repayments?If your circumstances have changed and you are having difficulty meeting your creditunion loan repayments, please contact our Credit Control team on 066 712 2373 (Ext 2) or email: [email protected]

We are Lending ... It’s what we do

TraleeCREDIT UNION LTD.

Apply by Phone: 1890 428 428 or 066 712 2373Apply Online: www.traleecu.ie or

Call in TRALEE CASTLEISLAND45-47 Ashe Street 67 Main Street

Lending criteria, terms and conditions apply. Tralee Credit Union Ltd. is regulated by the Central Bank of Ireland.

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Documents

TRALEE CREDIT UNION LTD. · Mitchels Integrated Services Centre We reported last year that we had approved a loan for the building of the Integrated Services Centre and I am happy