autumn 2018 cufocus...092018 all ireland art comp launch 'the force of nature' is the...

CUFocusAutumn 2018

Home Loans CUSO Goes Live

2018 ART COMPETITIONLAUNCHED

PAGES_AUTUMN_18.qxp_Layout 1 29/08/2018 09:50

Editorial Committee: Gerry Thompson and William Breen. Volume 3 Issue 12 ©.ILCU ISSN 1649-377X. League board: Charles Murphy, President; Gerry Thompson, Vice President; Eamonn Sharkey, treasurer; Ciaran Bishop, Margaret Heffernan, Seamus Kilgannon, Blanche Ronayne, Helene McManus, Martin Sisk, Joe Mulvey, Jim Toner and John Mullen. Supervisory Committee: Martin Dolan, Michael Cogley, Terry Redmond Life Director: John Hume

Design & Print: outburst Design. Please Note: The deadline for the next issue of CU Focus is Tuesday, November 6th. Please mark for the attention of the editor, CU Focus Communications Department. Theviews expressed in this issue of the CU Focus are not necessarily the views of the Irish League of Credit Unions. Advertising: The placement of an advert does not imply endorsement of the product or serviceadvertised, either by the magazine or its publisher. The CU Focus will not knowingly carry false or misleading advertising. Articles The CU Focus would like to hear your news and views. Send in anynewsworthy stories or photos. The CU Focus tries to publish all appropriate information submitted, but may be precluded by space constraints.Published by Irish League of Credit unions 33 – 41 Lower Mount Street Dublin 2 tel: 353 (0)1 614 6700 Fax: 353 (0)1 614 6701 Email: [email protected] Website: www.creditunion.ie

Editorial

The lucky winner of ourgetaway to the Gleneagle

Hotel in Killarney wasJohn O'Shea, First SouthCredit Union Ltd., Cork.

ContrIbutIonSLetters to the Editor /contributions may be submitted via email [email protected].

To claim your one hour CPD for CU Focus, you now need to complete the CU Focus Quiz onwww.culearn.ie. The Quiz is located in the CU CPD members' area.

Delivering Services Safely - the Cooperative wayThere is much debate and public pronouncement on businessmodels suggesting the credit union movement must urgently reinventitself somehow or else face extinction. Some contributors even stateauthoritatively that the business model is broken. Yet evidence showsthe cooperative model of financial services, mainly savings, loans andancillary services, has endured and remains highly valued bymembers. Yes, as always progression is vital, but today’s creditunions contribute hugely to Irish life and, if managed astutely, cancontinue delivering real member value, thereby transforming livesboth socially and economically.

One important product the movement has struggled to providecoherently and safely is mortgages. Globally, credit unions areconsidered over reliant on short term lending in contrast tomovements who focus more on medium and long-term lending. AtAGM 2017, delegates heard the Irish League of Credit Unions (ILCU)Board seek, and receive, support to build a shared service entity fordelivering mortgages. The recent “go-live” in the Republic of Ireland(ROI) of the new Home Loans CUSO - to be known as “CUhome” -represents successful delivery of this project both on time and withinbudget. A solution for Northern Ireland has not yet been identified,but is being kept under review. Affiliates are to be applauded for theirforesight, as are those who worked diligently over recent years todesign and build this valuable service.

Having delivered this safe service, credit unions in ROI are urgedto use it. Home Loans CUSO is a genuine cooperative shared service.It is designed for use and for member benefit; it is not-for-profit; it isopen and voluntary; and its governance is clear and transparent. Asa service it is arguably best in class, but like any cooperative serviceit depends on one thing above all, usage. The viability of this servicedepends on credit unions signing up and using this service. Yourmembers will welcome the CUhome brand so, Boards andManagement teams, it’s now over to you!

At a macro level, some experts predict the future of credit unionsin terms of more centralised support services facilitated by the ILCUat an all-island level and delivering valuable, back-office businesssupports that credit unions urgently require. Proponents see this asthe optimum model for delivering modern member services whilstensuring local ownership and control remains firmly rooted withincommunities. So perhaps the challenge is not about fixing a brokenmodel but is about expanding the credit union offering, which is sovalued by over three million members. This is being delivered throughservices like CUhome plus new electronic services such as debitcards and current accounts, the latter to be delivered via CUSOP.

The future of the movement is also predicated on attracting youngpeople to the credit union family, and it was hugely affirmative for themovement as a whole when Robert O’Reilly, a volunteer with EnfieldCredit Union Ltd, won a World Young Credit Union PeopleProgramme award. Well done Robert! Credit unions across the islandare proud of you! With young people like yourself and WYCUPnominee David Hosford (Health Services Staffs Credit Union Ltd.) onboard, the movement has a bright future.

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Main Cover Image: The2018 All Ireland CreditUnion Art Competition hasbeen officially launched.This year's theme is 'TheForce of Nature'.

Inset Cover Image: PaulFarrell, the Mortgage Hub,ILCU, AL McCauley, CEOHeritage Credit Union,credit union member JayhinSukhdeo and Alan Roche,Operations Manager,Heritage Credit Union.


04 HoME LoanS CuSo GoES LIVE

The Home Loans Credit Union Service Organisation(CUSO) is now up and running, having completed asuccessful pilot with three credit unions

06 WorLD CrEDIt unIon ConFErEnCE 2018

The World Credit Union Conference was held inSingapore in July 2018. Enfield Credit Union's RobertO'Reilly was one of just five to win the prestigiousWYCUP Scholarship

09 2018 aLL IrELanD art CoMP LaunCH

'The Force of Nature' is the theme for the 2018 ArtCompetition, and participants are encouraged to 'thinkgreen'.

12 baCk to SCHooL CoStS 2018

New research by the ILCU reveals the cost of gettingchildren ready for the new school term.

14 PaLMErStoWn CrEDIt unIon 50tHannIVErSary

A look back at the credit union's half-century servingthe local community

22 tHE CoSt oF tHIrD LEVEL EDuCatIon2018

New national research by the ILCU takes a look at thefinancial burden of third level education in Ireland

24 MIDLEton CrEDIt unIon 50tHannIVErSary

The East Cork credit union celebrates 50 years servingthe local community

28 ILCu FounDatIon aWarDED €750,000

Irish Aid has awarded €750,000 to the ILCUFoundation to support its ongoing work in Sierra Leone

36 your StorIES

A look at the all the latest news, events and initiativesfrom credit unions across the island

CU FOCUS AUTUMN 18 :: 3

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04 :: CU FOCUS SUMMER 2016

HOME LOANS CUSOGOES LIVE


The Home Loans Credit Union Service Organisation (CUSO) is now up and running, havingcompleted a successful pilot with three credit unions (Birr, Heritage and Mullingar Credit UnionsLtd.) and their respective IT Service Providers; ICE, Progress and Wellington. Much has beenaccomplished over the past few months, and a number of the key project achievements aresummarised below.

Home Loans CUSO delivered ontime and within Budget

Service is now operational ineight Credit Unions - Heritage,Birr, Mullingar, St Paul's Garda,Westport, Ballincollig, Douglas andSt Joseph's Irish Airports andAviation Credit Unions Ltd.

Mortgage applications are nowbeing processed on the service

A Mortgage Hub has beenestablished in the ILCU tocoordinate the service

It is planned that the service willbe delivered to c.20 credit unions

in the first year

Heritage Credit Union Ltd has recently processed their first Home Loan using the service. Pictured is credit union member Jayhin Sukhdeo with Alan Roche, Operations Manager, HeritageCredit Union


CU FOCUS SPRING 2016 :: 05

The Home Loans CUSO ServiceExplained

Mortgage lending is complex and heavilyregulated, so it is vital that credit unionshave robust processes and procedures inplace to adequately mitigate the inherentrisks involved. The Home Loans CUSOservice has been designed and built withthis in mind, so that participating creditunions can have the support andassurance they need to be successful inmortgage lending.

• The service is jointly supported by theMortgage Hub in the Irish League ofCredit Unions (ILCU) and Link ASI(Link), the outsourced service provider

The Mortgage Hub will coordinate theservice and will provide support to eachparticipating credit union, as and whenrequired. It will also oversee the serviceprovided by Link, to ensure it isoperating to agreed service levels.Examples of the support providedinclude:� A Business Plan template (tosupport risk assessment, costbenefit analysis)

� Interest Rate Pricing framework� All necessary legal documentation,which has been approved by theservice's legal advisers

� Permission to use the Law Society’sCertificate of Title system anddocumentation

� Independent Due Diligence Reporton the service

� Overarching Credit Policy� Competitive Independent LegalAdvice (optional)

� Comprehensive Operations &Procedures Manual

� Integrated Property ValuationProcess

� Comprehensive training by theMortgage Hub and Link, onsite inLink’s office

• Link provides a user friendly softwareapplication (eFO) on the credit union’sdesktop, to manage all elements of theMortgage Origination process, and aseparate application for ArrearsManagement. In addition, they:� Provide a second ‘pair of eyes’, fromtheir experienced Credit Team, onthe merits of a loan application

� Act as ‘gatekeeper’ to ensure all necessary documentation is in order before drawdown is permitted

� Interact with the member’s solicitorright through the MortgageOrigination process, until the relevantcharge is registered and the titledocuments are stored safely

Membership of the service has been priced and packaged on a ‘not for profit’basis, to make it as affordable and valuable as possible for credit unions.


Comments by first users of the Service:

Michael McLoughlin, Chair of Heritage Credit Union Ltd.

“From our perspective, mortgages are an important but complex lendingproduct. In addition to credit decisions, there are complex regulatoryframeworks in relation to fulfilment and management. We believe that using theHome Loans CUSO service reduces the risk for the credit union because itensures that all aspects of the mortgage process are carried out to the highestpossible professional standards.”

“Birr Credit Union was keen to start offering Home Loans to its members andwished to ensure that all aspects of the process were standardised andconforming to the numerous directives and codes. The Home Loans CUSOallows us to offer the service, have experienced underwriting guidance (and anarrears management process), while retaining the decision making and productpricing locally. The Stakeholders Forum, support documentation and businesscase briefing were well run and presented. The training and support from Linkhas been excellent, at this early stage.”

Niamh Muldoon, Compliance Officer, Mullingar Credit Union Ltd.

Michael Evans, CEO, Birr Credit Union Ltd.

HOME LOANS

Marketing Support:The ILCU Communications Department, in conjunction with Home Loans CUSO,designed the new ‘CU Home’ brand logo to support credit unions using the service inpromoting their mortgage offering. The aim is to convey an image of professionalismand quality, which is underpinned by the comprehensive nature of the Home LoansCUSO service. This brand logo will feature in marketing brochures that will be providedto the credit unions to display in their office.

Interested in Hearing More about the Service?All credit unions currently engaged in mortgage lending, or intending to do so, arewarmly invited to contact the Mortgage Hub. The team will gladly tell you all about thisnew and valuable support for credit unions – and they would be delighted to hear fromyou!

Paul FarrellThe Mortgage Hub, Home Loans CUSOIrish League of Credit Unions, 33 - 41 Lower Mount Street, Dublin 2Email [email protected] 01 676 9724 / 087 120 9426

“Using a compliant and reliable system and with expert guidance availablewhere necessary. Using the service gives us reassurance of compliance with thesignificant body of legislation and regulation applicable to mortgage lending, andwill allow us to focus our time and attention on fulfilling each member's needswhen purchasing or building their home.”


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The World Credit Union Conference washeld in the Suntec Convention Centre inSingapore this year from 15-18 July. Over1,400 delegates from 58 countriesattended the opening ceremony of theevent which was hosted in conjunctionwith the Singapore National Co-operativeFederation. The Irish League of CreditUnions (ILCU) was represented at theconference by ILCU Board members andWorld Council of Credit Unions (WOCCU)Chair, Brian McCrory. A number of ILCUBoard members were also in attendance,including ILCU President, CharlesMurphy and ILCU Vice-President, GerryThompson. Mr Thompson gave a talk onLobbying and Grassroots Advocacyduring a breakout session which waschaired by Michael Edwards of WOCCU.ILCU CEO Ed Farrell also attended theconference and delivered a presentationduring a breakout session on mortgagelending. Also at the conference, RobertO’Reilly, volunteer with Enfield CreditUnion Ltd. was chosen as one of fivewinners of the WOCCU’s Young CreditUnion People Programme (WYCUP).Robert, together with his co-nominee,David Hosford of Health Services StaffsCredit Union Ltd. will share theirexperiences at the 2019 Youth andMarketing Conference. For more, see theCU Focus interview with Robert on pg 8.

opening CeremonySpeaking at the opening ceremony,WOCCU Chair Brian McCrory said: “Wemust be innovators, social entrepreneurs,and skilled business leaders with theability to run efficient businesses whiledeeply rooted in the philosophy of the co-operative spirit and a commitment toservice.”

“We are passionately aware that eachof us both as individuals and as members

of World Council, and as a movement, areabout so much more than business. Weexist to provide our members with a not-for-profit service that empowers andenables them and through this activity, wegenerate sufficient surplus to reward ourmembers, fund our operations and createadditional social dividends for ourcommunities.”

Mr McCrory also spoke of his

experience through field engagementwork in the Busia orphanage in Kenyawith World Council, encouragingdelegates to immerse themselves in theactivities and to maximize theopportunities during the conference. “Ascredit union leaders, we collectivelycommit to the highest standards, tolearning, to improving our skillsets, toembracing change, for and on behalf of

2018


Brian McCrory addressing the World Credit Union Conference Opening Ceremony

Traditional dancers perform at the WOCCU Opening Ceremony

World Credit UnionConference


our members,” said McCrory.The guest of honour at the opening

ceremony, Singapore’s senior Minister ofState for Defence, Heng Chee How, toldcredit unions to embrace technologicalinnovations and digital transformation to“effectively compete with other financialinstitutions and fintech firms to meet thedemands of a new generation ofmembers”.

Focus on technologyDuring the conference, participantsheard 50 leading industry experts duringkeynote and breakout sessions onadvocacy, blockchain technology,cybersecurity, diversity and inclusion,fintech, leadership and emerging trends.

Keynote speaker Chris Skinner, fintechexpert and best-selling author, spokeabout the changes in fintech and how thefuture of business is being reinvented.

“We have finally reached the pointwhere technology is the game changer infinancial services,” said Skinner. Forcredit unions, helping people withtechnology equates to building thebusiness around customer engagement,but digitally delivered. “Today we areabout product, platform and experience

and we have to build digital institutionswith digital change,” said Skinner.“Teenagers are reinventing money bywriting code. Knowing how to leveragethat is the secret sauce.”

He pointed out that the idea of controlhas shifted and “no one controls anythinganymore-except the customer”. Skinnerexplained that data is where thebattlefield is for the customer in the nextdecade. “The real battle of the future is inthe back office where all the data sits,and credit unions should be questioninghow fit their back office is to handle this.”

the Spirit of Service Another keynote speaker, author, leadingeducator and motivator Ron Kaufman,spoke about uplifting, customer serviceand building service cultures.

“Service excellence is taking the nextstep up to create more value for someoneelse,” said Mr Kaufman. He outlined sixlevels of service (criminal, basic,expected, desired, surprising,unbelievable) and four categories of value(primary products, delivery systems,service mindset and ongoing relationship)which create the building blocks of aservice culture.

“Organisations need to takefundamental service principles and putthem to work. The focus isn’t on what wedo, but how it is appreciated by theperson we serve. It’s about curating theexperience, no matter the industry ortype of organization,” explained MrKaufman.

recognising Women’s LeadershipThe Global Women’s Leadership Network(GWLN) presented the Athena Award toManfred Alfonso Dasenbrock, SicrediConfederation Chair and World CouncilBoard director during the conference.The award is presented to an individualwho has made an outstandingcontribution to women's leadership in theinternational credit union movement.

Since Global Women’s inception in2009, Sicredi has supported the initiativeby sponsoring large contingencies offemale leaders to attend the annualforum each year. In 2016, Sicredi workedwith Global Women to establish Brazil’sfirst Sister Society and World Council’sfirst chapter in South America. In 2017,Sicredi held its first Women’s LeadershipSummit to enhance women’s leadershippotential and expand diversity in theBrazilian credit union movement. In2018, Sicredi committed to expandingSister Society chapters across Brazil andis adding 22 chapters nationwide.

“This award is an incentive to workmore and empowers us to do even betterfor the credit union movement,” saidDasenbrock.

new WoCCu board takes officeSteven Stapp was elected to the positionof WOCCU Chair for the new term. MrStapp is President/CEO of UnitusCommunity Credit Union Ltd. in Portland,Oregon.

WOCCU’s 2018-2019 ExecutiveCommittee is as follows:• Steven Stapp, Chairman - USA• Rafal Matusiak, Vice Chair/Secretary -

Poland• Diana Dykstra, Treasurer/Chair, Audit

& Risk Management Committee - USA• Martha Durdin, Chair of the

Governance and Elections Committee- Canada


Athena Award Winner Mandred Alfonso Dasenbrock with Susan Mitchell, Global Women Chair.


8 :: CU FOCUS AUTUMN 188 :: CU FOCUS AUTUMN 18

CU Focus: Congratulations on being one offive winners of the 2018 WYCUPProgramme Robert! Can you first of alldescribe your role/involvement with EnfieldCredit Union? Robert: I have been involved with EnfieldCredit Union since 2010. I firstly joined theSupervisory Committee and was aSupervisor during its legislative change tothe Board Oversight Committee. I havebeen a Board Director for the past fouryears. As a Director I serve on a number ofcommittees. I am also Joint Youth Officerhere and have joined the National YouthCommittee of the Irish League of CreditUnions (ILCU).

CU Focus: What does it feel like to berecognised on a global scale for yourcontribution to the credit union movement? Robert: Attending WYCUP/WOCCU inSingapore was an amazing experience fromstart to finish but then to be one of the fivescholarship winners was just incredible.Being recognised on the global stage assomeone who is making an impact withinthe credit union movement is pretty specialand I don’t think it’s fully sunk in yet! Whatmakes it more heart-warming, especiallyfrom an Irish perspective, is beingrecognised as a Board Director andvolunteer who does not receiveremuneration, but is involved because of agenuine interest and passion in creditunions and their members.

CU Focus: Have you any top tips for othersinvolved in the credit union movementwhich you took away from your time atWOCCU? Robert: First and foremost I would saytechnology. Most of the keynote speakers atthe conference dealt with technology andthe advances which credit unions can

leverage. While many of these advances,such as Artificial Intelligence & BlockchainTechnology, may not be possible for smallcredit unions, it’s important that the Irishcredit union movement doesn’t get leftbehind. Some are still getting to grips withtheir online presence and account access,while technology has already surpasseddebit cards with the use of Android &Apple Pay.

The second key take-away for me was‘service excellence’. The importance ofknowing the difference between customerservice and customer experience. Whileour members have come to expect verygood customer service from credit unions,we must continue to evolve and ensure theexperience our members get continues torival that of other organisations.

CU Focus: David, why did you first getinvolved with the credit union movement?David: I’ve grown up in the movement, myfather has worked and volunteered in themovement since we were kids and the passion he has for the movement is infectious. Credit unions in Ireland make a real difference

in people’s lives at every stage, from helpwith school fees to retirement, and to beinvolved in that and see the positiveimpact we can have, is a brilliant feeling.

CU Focus: What was your stand-out momentfrom the WOCCU conference?David: There were so many stand-outmoments, hearing Ron Kaufman speak sopassionately about customer service,listening to Shivvy Jervis and Chris Skinnerexplain how credit unions can become thedisruptors of the future and how digitalchanges can push credit unions to theforefront of the financial services sector,were all brilliant. Meeting other youngcredit union professionals and makingfriendships with people from all over theworld, was an unbelievable experience. It ishard to top Robert O’Reilly winning theWYCUP scholarship as the ultimate stand-out moment though. Robert’s passion forthe credit union movement is second tonone, he has a drive to make a positivechange, both in his own credit union and inour movement as a whole, and to see thatrecognised and rewarded was a reallyamazing moment.

CU Focus: Have you any top tips for othersinvolved in the credit union movementwhich you took away from your time atWOCCU?David: One of the main things I took awayfrom WOCCU is that collaboration is key tofuture success in the movement.Collaboration with FinTech companies, toensure that we can improve our memberexperience, in terms of online and productofferings, is vital. But more importantly,collaboration amongst ourselves as creditunions. We are a cooperative movementand we are all facing the same issues, juston different scales and that is somethingthat is true globally.


CU Focus Interview with WYCUP Nominee and WinnerCU Focus met with WYCUP nominee, David Hosford (Health Services Staffs Credit Union Ltd), and WYCUP winner,Robert O’Reilly (Enfield Credit Union Ltd) on their return from WOCCU in Singapore. Here’s what they had to say.

David Hosford (left) with Robert O'Reilly at WOCCU 2018


The Force of NatureThe 2018 All Ireland Credit Union Art Competition was officially launched in theBotanic Gardens, Dublin, with the help of two forest fairies who are encouraging allparticipants to draw, paint or sketch their interpretations of the importance of thenatural environment around them.



the 35th annual all Ireland Credit union art Competitionwas officially launched in early august, and this year it will bea force to be reckoned with! the theme for the 2018competition is ‘the Force of nature’ which has been designedin an effort to get participants ‘thinking green’ and depictingtheir visions of a clean pollution and litter-free environment. asalways, winners at local level will go on to regional level, andregional winners will progress to the national awards ceremonyin Dublin’s Croke Park in February 2019.

the 35th annual all Ireland Credit union art Competition

35th All IrelAnd Art CompetItIonIs A ForCe to be reCkoned WIth!



the annual competition is part of the IrishLeague of Credit unions’ (ILCu) commitment

to supporting the artistic development of bothyoung and old in communities throughout Ireland.Producing and creating art can have manybenefits for adults, such as reducing stress andaiding the development of creative problem-solving skills. For children, painting and creatingart can nurture fine-motor skills and neuraldevelopment, while allowing them to expresstheir emotions.

as organisations at the very heart of thecommunities they serve, credit unions arecommitted to supporting the improvement andenhancement of their local area. Part of thisethos is a commitment to keeping theircommunities pollution-free, and ensuring theyremain unspoiled and beautiful for futuregenerations. ‘the Force of nature’ theme is a wayto encourage people to get thinking about theimpact the local environment has on theircommunity, and the vital importance of protectingit. Entrants will have full scope to express theirthoughts, visions and hopes about their local orglobal environment.

Each year almost 30,000 people enter thecompetition through more than 200 participatingcredit unions. the competition has no age limitsand is open to children aged seven years andunder right through to 18 years and over. there isalso a category for those with physical orintellectual difficulties.

Speaking about this year’s competition, Paulbailey, ILCu Head of Marketing andCommunications said: “We’re expecting asalways to be inundated with fantastic works of artfrom young and old this year, especially with theeco-friendly theme which challenges participantsto reflect on the power and beauty of the naturalworld around them. We are really hoping tonurture an awareness of the environment throughthis competition and encourage a ‘thinking green’mind-set. the annual art competition is animportant outlet for creative learning amongst allage groups across the island of Ireland, and thisevent is one of the highlights of the annual ILCucalendar of events.

Winners, runners-up and merit award-winners atlocal level will go on to represent the creditunion at regional level and from there, winningartworks will go forward to national level.national winners will receive prizes at an awardceremony to be held in Croke Park, Dublin inFebruary 2019. the winning artworks will bedisplayed at Croke Park on the day, and also atthe ILCu aGM in april 2019.



the Irish League of Credit unions(ILCu) recently commissioned itsannual, national survey of back-to-school costs. this year the surveywas also carried out in northernIreland (nI). two separate nationalpress releases were developed forrelease to the national print,broadcast and online media in boththe republic of Ireland (roI) andnI.

A significant level of media coverage wasachieved, including coverage acrosswww.rte.ie, www.thejournal.ie, the IrishTimes, the Irish Independent, the IrishExaminer (front page), the Irish DailyMail, The Irish Sun, The Irish Mirror andmore. In NI, coverage was achievedacross the Belfast Telegraph, The IrishNews and the Daily Mirror. ILCU Head ofMarketing and Communications, PaulBailey, was interviewed live on RTE Radio1’s Morning Ireland, Newstalk 106 FM’sBreakfast and Today FM’s The Last Word.He was also interviewed for the Newstalkand Today FM news bulletins, where theBack to School story was the lead itemfor several hours. An extensive number oflocal radio stations across the fourprovinces in ROI also interviewed Paul.

An accompanying social mediacampaign was delivered acrossFacebook, Instagram and Twitter withbespoke images, infographics and videosdeveloped for the campaign.

roI SurVEy FInDInGS The main findings from this year’s ROIsurvey are summarised below:• Well over a third (36%) of parents in

Ireland say they are getting into debtto cover back-to-school costs,increasing from 29% in 2017.

• Parents of primary school children are,on average, in debt of €367 – up from€345 in 2017. For secondary schoolparents, the average debt reported is€443 – compared with €415 last year.

• Increasing numbers are turning tomoneylenders to cope with the back-to-school spend. 27% of parents in


neW IlCU reseArCh shoWsmore thAn A thIrd oF FAmIlIes Indebt dUe to bACk-to-sChool spend

Infographic depicting the main findings from the Northern Ireland survey


WELL OVER A THIRD (36%) OF PARENTS IN IRELAND ARE GETTING INTO DEBT TO COVER BACK-TO-SCHOOL

COSTS, INCREASING FROM 29% IN 2017.

debt reported turning to a moneylender,compared with 20% last year.

• Almost one third of parents (31%) areforced to deny children certain back toschool items because they cannotafford them. This is up from 25% lastyear.

• Overall costs are down – falling to€999 per primary school child and€1,379 per secondary school child.

• 67% of parents said back-to-schoolcosts are a financial burden.

• Almost half of parents (46%) say costsremain the biggest back-to-schoolrelated worry.

When asked how they fund the back-to-school spend, almost three quarters ofparents (71%) said they use their monthlyincome. 7% said they use a credit unionloan and just 1% said they use a bankloan. These findings were exactly thesame as in 2017, when 7% also said theyuse a credit union loan, showing that weare leading the way in the financialservices sector for Back to School loans.

nI SurVEy FInDInGS There were many similarities between theROI findings and the NI findings. Themain NI findings are outlined below:• Well over a third (37%) of parents in

Northern Ireland are getting into debtto cover back-to-school costs,

• Parents of primary school children are,on average, in debt of £252. Forsecondary school parents, the averagedebt reported is £291.

• More than a third of those in debt haveturned to a doorstep lender/payday loancompany to cope with the back-to-

school spend.• Well over a third (37%) are forced to

deny children certain back to schoolitems because they cannot afford them.

• Overall, parents are paying on average£754 per primary school child and£1,160 per secondary school child

• More than three quarters (76%) ofparents said back-to-school costs are afinancial burden.

• Half of parents say costs are thebiggest back-to-school related worry.

When asked how they fund the Back toSchool spend, the majority of parents inNI also said they use their monthlyincome (71%), while 5% said they use acredit union loan and 1% said they use abank loan.

Cause for Concern Of interest, and concern, is that whenthose parents in ROI who said they hadused a moneylender were asked why thiswas their preferred option, 46% said theyfelt they would be guaranteed the money.They said they thought that the approvalprocesses in banks and credit unionswould be more difficult. 42% said theyfelt they had no other option becausethey had a bad credit history.

In NI, those who said they had used apayday loan company or doorstep lenderwere also asked why they had decided togo this route. The majority – 48% - saidthey felt they had no option because theyhad a bad credit history. 29% said theywere guaranteed the money this way andthey thought the approval process inbanks and credit unions would be morecomplicated. Worryingly, almost one

quarter of parents in NI said they thoughtmoneylenders were more convenient thancredit unions and banks.

In the national press release, and whenbeing interviewed across radio stations,Paul Bailey, emphasised the messagethat the credit union is a source of fairand affordable credit; “Despite thecurrent recovery of our economy, familiescontinue to struggle to cope with the costof sending their children to school. It’ssomewhat encouraging that costs havereduced a little since last year, but at thesame time we are seeing increasingnumbers of parents in debt, and a rise inthe numbers turning to moneylenders. Iwould really encourage these parents totalk to their local credit union, evenwhere they feel they have a poor credithistory. Credit unions are responsiblelenders who will ensure that theirmembers do not borrow beyond theirmeans and will work with them so thatrepayments are realistic for theircircumstances.”

“Using moneylenders, some whocharge APR rates as high as 188% willlead to a recurring cycle of unnecessarydebt and irrational borrowing, and wewould seriously urge parents toreconsider going this route.

A number of our credit unions offer thePersonal Micro-Credit Scheme or ‘ItMakes Sense’ loan which was specificallydesigned to assist social welfarerecipients who feel they have no optionbut to borrow from a moneylender. Ourwelcoming staff are always on-hand toanswer any queries in relation to thisloan, and to offer guidance on householdbudgeting and financial planning.”



Enthusiasm, sincerity and seriousness.these are the words that best describethe study groups which gathered todiscuss the burgeoning movement ofcredit unions. It was a small butdetermined assembly led by Gerryrynne and Jimmy Whelan. theyorganised themselves in the spring of1968 to form the first caretaker boardof Palmerstown Credit union Ltd.opening for membership on Friday 3rdMay 1968; the die was cast in thecookery room of the local nationalschool, where new members filed inand tellers with biscuit tins collectedthe takings.

Within months a delegation was branchedfrom the culinary headquarters to serve theChapelizod area of the credit union’scommon bond, itself installed within thenewly built national school on the banks ofthe river Liffey. The initial strides forexpansion were richly rewarded, withmembership reaching 700 in that first year.Gaining in confidence with each newmember, it wasn’t long before the creditunion justified a proper bricks-and-mortarhome of its own. Acquiring a premises ofnow legendary status, ‘The Bungalow’became the base of operations. Not just asimple matter of transferring the biscuittins, the move was as much a cause fortrepidation as celebration for the youngcredit union – not in the least due to twomembers of the Board of Directorsguaranteeing the loan which financed theproperty. Standing in the centre ofPalmerstown, ‘The Bungalow’ proved fertileground for an expanding credit union, withvolunteers in the dozens, membershipgrowing to the thousands, along withshares and loans reaching the millions. Ever mindful of the ‘enthusiasm,

sincerity and seriousness’ of those earlynovitiates, the credit union’s vibrantmembership never once took theirsuccesses for granted. Not afraid to adaptto changing times, or stray from bigdecisions, Palmerstown Credit Union stoodfirm as the decades rolled by. After 16years of the Chapelizod branch, securityconcerns resulted in the centralising ofactivities in Palmerstown. Fears that theChapelizod membership might be isolated

proved unfounded and soon ‘TheBungalow’ despite its spiritual significancefor generations of members was becomingoverwhelmed. Investing in a modernpremises on Manor Road, nestledalongside the most prominent localbusinesses was the first big step of the21st century. The credit union took therelocation in its stride - with muchexcitement from the membership – with allinvolved realising the value of their new

state-of-the-art location at the heart of thecommunity. (Dissent may have numberedone in voice, with Terry Murray poeticallyquestioning, “Where will I park me bike?”)The Manor Road premises has served

the credit union well, with membershipabove 8,000 and shares in excess of €44million. A refurbishment of the office isbeing planned currently. A revamp of thebanking hall and teller stations, with moreaccessible interview rooms and member

pAlmerstoWn CredIt UnIon ltd. mArks 5


Former Mayor of South Dublin County CouncilPaul Gogarty with Local Hero Darragh Clarke

Esther Breen Founding Member with Gerry theGiraffe on Family Fun Day

Floods School of Dancing Perform at Family Fun Day


s 50 YeArs servIng the loCAl CommUnItY


Palmerstown Credit Union staff get to grip with some snake-y visitors on Family Fun Day

Scholarship 2018 recipient Eleanor Thorntonwith her parents, Molly O Callaghan and BettyTeeling of the youth committee

areas, will provide the welcoming andcommunal environment so central to thecredit union’s success to date.Recent years have seen much change

brought to Palmerstown Credit Union,witnessing the departure of volunteersand staff of over 40 years’ service. 2018has been well spent remembering thecommitment and passion invested in thecredit union by members so numerous itis impossible to mention all. Without theirefforts the credit union could never havereached these half century celebrations. A programme of events was laid out

during the year to recognise themilestone. A bumper school’s quiz andlocal talent show was followed by the highpoint of the year - the 50th Anniversaryfamily fun day. Generations of membersjoined to celebrate the past and present ofboth the credit union and the commonbond. Esther Breen, member of the veryfirst Board, made a special guestappearance to begin proceedings,alongside Mayor of South Dublin County,Paul Gogarty. The future indeed looks bright. The

credit union’s third level scholarship isadding a fifth recipient to its ranks thisyear. Drawn annually from the mosttalented and visionary students of thelocal graduating Leaving Certificateclasses, scholars are presented with aunique opportunity to apply theirdeveloping skills to the credit union

through the youth committee. Injectingthe ambition and energy of buddingscientists, business-people and historiansto the organisation has propelled the workof the credit union to new heights in thecommunity. Scholarly aptitude is not alone in its

celebration at Palmerstown Credit Union.To coincide with the 50th Anniversary, thecredit union launched the Local Heroessponsorship fund. Capturing the bestqualities of the ambitious foundingmembers, the fund aims to identify andsupport young people in the commonbond who display exceptional ability andcommitment in a chosen field. Across arange of youth endeavours in sport andthe arts, the Local Heroes partner withPalmerstown Credit Union in striving tomake exceptional things happen forthemselves and those around them,reflecting the work of credit unionvolunteers and staff across thecommunity. Reinvigorated by the courageous stories

of the past, investing in the future was akey feature of the 50th Anniversary year.The School’s Capital Development Grantoffers finance to support pioneeringprojects led by students and educators infive participating schools within thecommon bond. Improving ITinfrastructure, construction of a uniqueautistic spectrum disorder unit andsponsorship of sporting success have so

far been the primary focus of this proudinitiative. Enhancing the opportunities onoffer for the youngest members willsafeguard the future accomplishment ofthe community and credit union alike.In its 50 years of existence,

Palmerstown Credit Union has grownfrom pencil and pence to offering cutting-edge financial services for the commonbond. Members can avail of face-to-faceservice at the modern premises, as wellas benefitting from the accessibility ofonline transactions. Balancing presentday demands of convenience with thesincerity and personal touch of thefounders is one of the key missions inPalmerstown today. Biscuit tins andledgers have been well and truly retired,and members receive a professional andcompassionate service from enthusiastic,sincere and serious staff, volunteers anddirectors. They remain conscious of thechallenges and obstacles overcome in thepast 50 years, and will prepare to face thecoming 50. The staff, volunteers and directors of

Palmerstown Credit Union would like tothank all of those members who haveshared in the journey of its first halfcentury. The credit union is now lookingto continue efforts to welcome a newgeneration of members to follow the corecredit union mission of financial co-operation and wellbeing for all in thecommon bond.


Would you like to:

• Increase your membership? • Grow your loan book? • Counteract moneylending activity

in your community? • offer a path to financial inclusion

for vulnerable members?

If the answer to these questions isyes, then your credit union shouldjoin the 111 credit unionsrepresenting more than 260 sitesaround the country offering the ‘ItMakes Sense Loan’, or PersonalMicro-Credit Scheme (PMC).

personAl mICro CredIt: oFFerIng An AlternAtIveto moneYlenders


background to the PMC Initiative

The PMC is a response to the pervasive question of “Howcome the most vulnerable in Irish society are finding it difficultto obtain small affordable loans to meet genuine needs?” PMCcommenced as a pilot initiative in November 2015 with 30credit unions across the Republic of Ireland. Branded the ‘ItMakes Sense Loan’, the aim was to prove that credit unionscould offer a loan product that matched the convenience andease of moneylenders’ offers, address the exorbitant ratescharged by them and yet was within prudential lendingguidelines. The pilot was a success and as a result a nationalroll-out was approved in the summer of 2016. Thesignificance of the initiative is reflected in it being included inthe 2016 Programme for Government: “Specifically wesupport…the rollout and extension of the Personal Micro-Credit Scheme, which is providing simple microloans tomembers and helping to combat the use of moneylenders.”

the objectives of the Initiative

- To offer an alternative to moneylenders

- To create a useable credit history for members to ultimatelyenable them to access other financial services and products;

- To create a path to “graduate” to becoming a mainstreamcredit union member;

- To encourage education and move individuals from financialexclusion to sound money management; and

- To enable the credit union movement to support its ethos byserving all members of the community.

The ambition of the PMC Initiative is to offer anational alternative to high cost moneylenders



For the Person:

• €130 saved in interest on a typical €500 loan• Access to affordable credit• Ability to save• Financial education • Path to availing of wider financial services

For the Community:

• Interest saved: community burden reduced or money available to spend elsewhere • For example in Core Credit Union Limited, €225,000 (approximately) was saved ininterest to benefit the wider community.

Core Credit Union has been offering ‘It Makes Sense’ loans since November 2015. Being part of the PMC initiative meansthat we have a dedicated product to counteract moneylending. Repayment via the Household Budget account reduces thecredit risk. The product gives members an opportunity to save and graduate to standard lending products. The process hasbeen continuously improved and is now largely automated. I would encourage all credit unions to be part of this initiative.

For the Credit union:

• Attracts new members• Attracts back lapsed members• Younger demographic – majority of borrowers are under 40• Improves lending book • Mechanism to deliver on ethos• Loan loss rate ~6%

Dedicated PMC Helpdesk: Tel: 01 614 6737

Case Study: Core Credit union Ltd.

If you would like to find out more about joining the PMC initiative, please contact the project team:

Lisa Magee Tracy PelosiEmail: [email protected] Email: [email protected]


18 :: CU FOCUS AUTUMN 1818 :: CU FOCUS AUAUA TUMN 18



ADVERTORIAL

“We started with a common problem:when one of our members needs a smallloan, they usually need it very quickly.Maybe the boiler has given up the ghostor the car needs a new set of brakes,both of which can be cause for urgencyin a Glasgow winter! We also recognisedthat many of our members, especiallythe younger ones, were used to a cultureof instant gratification fuelled by anincreasingly online world. We needed tofind a way to tap into this market.

Glasgow Credit Union is one of thelargest in Europe - we have over 45,000members to do our best by. Although wehave a relatively large pool of 35 staffand some great internal administrationsystems, loan paperwork was putting astrain on both, and we couldn’t expectthe team to work any faster. They had towait for off-site scanning to accessdocuments, and completing loan reviewsinvolved toggling between multipleapplications and manually entering data.

We realised that what we needed wasa clever document management system,but we didn’t want to replace or causeproblems for the proven systems wealready had in the business, such as ourCRM and Curtains Too by KeshoSystems.

In that context, we ended up choosinga system called Laserfiche. It’s one of theglobal market leaders in documentmanagement and automation, witharound five million users. What set itapart was the way it smoothly integratedwith our existing set-up.

That got us to a point where we couldscan documents once and access themwherever we needed them. Wemassively reduced re-keying of data andour employees have given really goodfeedback on it. From there, we startedbuilding-in automated processes, so newpaperwork was automatically flagged torelevant staff for processing andworkflows could initiate complex loanpayments or kick-off review notificationsto other business units.

While the impact on the staff wasimmediate and positive, what we really

wanted to do was transform the processfor our members as well. Knowing wehad a system that integrated well withothers was again really helpful, so wecombined the new system withDocuSign, the world’s biggest electronicsignature software. It integratedseamlessly with Laserfiche and meantthat members could receive and signloan agreements rapidly on theirsmartphone or PC.

New members can now join the creditunion and apply for funds within 15minutes, with loan approvals potentiallybeing completed in under an hour.Members love it, so the result has beenhuge – we have almost doubled our loanbook in a little under 12 months. Itmeans we can seriously aim to be thelender of choice for our marketplace andoffer real value for the community,without increasing risk through higherstaff overheads.

Could this work for other creditunions? Yes, I think a lot of others couldbenefit from this sort of automation.Some might assume it only workedbecause of our relative size, but I think itwould be possible to show a strongreturn even in a much smaller market. Infact, the staff time-saving could be evenmore important for small teams. Wecertainly are not the only ones in themarket looking at this sort of technologyand I expect we’ll see more of this in thefuture. That can only be a good thing forthe credit union sector.

In terms of advice for anyone lookingto go down this road, the best tip I haveis to ensure you can trust the companythat implements the technology. Thesoftware, for all its bells and whistles, isonly as good as the consultant whospecifies it and the engineer that installsit. We chose MBS (www.mbs.im), partlybecause they are the biggest Laserfichereseller in Europe, but mostly becausethey took the time to understand ouroperation and our needs. We put themthrough a harsh selection process, butthey came out with flying colours andhave proven very reliable.

Keeping up with the ‘always-on’ generationHow a credit union doubled its loan book in 12 months

In the summer edition of CuFocus, an article on the analysisof Lending in Credit unionsreport highlighted one of thefindings; that more efficient loanprocesses could helpsubstantially boost demand.Glasgow Credit union Ltd. is anexample, as it has managed tonearly double its loan book injust twelve months with a newdigital onboarding process. Inthis article, Paul McFarlane,Glasgow Credit union’s Head ofoperations, explains how theprocess worked for them.



CUSOP FOCUS

CuSoP is an established credit union shared service facility to support MPCaS & payment services.

CuSoP is supporting credit unions in MPCaS development.

Given the rising instances of Cyber-Fraud,CUSOP would like to heighten yourawareness of risk and bring this area to yourattention, by reminding you about the recentDanske Security Awareness webinar, forthose who did not have the opportunity toattend. Please consider implementing anyadditional controls and checks which may benecessary in your credit union.

Danske extended an invitation to CUSOPcredit unions to join the pan-EuropeanWebinar on Cyber Fraud on June 20th last. Arecording of the Danske Cyber Fraudwebinar is now available.

In the webinar, Danske Bank’s expert incyber-fraud prevention, Sune Gabelgard,covers the two main fraud types: CEO fraudand Beneficiary Account Change (Invoice re-direction) fraud. Both these fraud types areon the increase in Ireland and are costingbusinesses and customers significant sums.

Improve your fraud controls and become morefraud aware:• How can fraudsters trick well-educated

and careful employees into transferringlarge amounts to fraudsters?

• How can you as a company protectyourself against fraud?

More than half of Danish companies wereexposed to CEO fraud in 2017. Employeesare lured into transferring significant sums tofraudsters after which it will almost beimpossible to retrieve funds. Cyber criminalsare constantly developing new scams andare now able to send fake emails from knownvendors right before a payment is due and inthat way convince employees to makepayments. The link to the webinar wascirculated in CUSOP's recent emailcommunications. Please bear in mind thatthe presentation is targeted at a broadspectrum of European participants.

Danske Webinar on Cyber-Fraud

FraudsmArt – reminder

CUSOP as members of the Banking andPayments Federation (BPFI) is nowdelighted to bring the industry websitewww.fraudsmart.ie to the attention of CUSOPcredit unions. In agreement with the BPFI,CUSOP credit unions can now use thiswebsite to be better informed on latest fraudthreats. CUSOP is conscious that raisingawareness on fraud for staff in credit unionsplays an important role in mitigating threats,protecting your businesses and in turn yourmembers.

FraudSMART has published a new fraudprevention guide for personal customers onAugust 2nd 2018 outlining the commontypes of financial fraud affecting consumersand providing advice on how to avoid them.This guide is available for download on theFraudSMART website. Given the rise incyber-fraud, CUSOP is encouraging all creditunion managers, finance officers and riskofficers to review the guide.

CUsop licenced Underpsd2

The Central Bank of Ireland has, with effectfrom July 10th 2018, authorised CUSOP(Payments) DAC to operate as a PaymentInstitution under the Payment ServicesRegulations 2018. The new paymentservices directive (PSD2) was introducedinto Irish Law in January 2018 and replacedthe existing payment service regulations.

Only institutions authorised by the CentralBank can provide payment services inIreland.

Michael Keegan CUSOP CEO commented,‘This is a very positive endorsement by theCentral Bank of the professionalism ofCUSOP as a regulated entity in dischargingour responsibilities to our credit unioncustomers’.

As a Payment Institutions CUSOP mustcomply with a range of regulatoryrequirements including holding regulatorycapital.

member personal CurrentAccount service (mpCAs)

CUSOP announced its proposed debit cardmodel and funding requirement to itsMPCAS applicant credit unions at a specialmeeting in the Red Cow Moran hotel inDublin on June 12th 2018.

Under the proposed Debit Card modelCUSOP has successfully engaged theservices of the largest provider of debit cardin Ireland. This provider, with its proventrack record, currently processes 90% of thedebit card transactions in the Irishmarketplace for Irish Banks. CUSOP’sbanking partner has also been engaged toprovide the settlement banking andsponsorship service for the debit cardproduct and card scheme.

In response to questions CUSOPconfirmed that it was open to collaborationon the debit card model and on the MPCASaccount development with other parties.



CUSOP FOCUSStrength in numbers

there are now 141 live CuSoP credit unions following new joiners:

Contact us:CEo: Michael keeganPhone: +353 1 6146980

Email: [email protected]: www.cusop.ie

CUSOP (Payments) DAC t/a CUSOP is regulated by the Central Bank of Ireland. CUSOPalso acts as a technical services provider in respect of the provision of Direct Debits,which is a non-regulated activity.

SWItCH your Payment Service Provider to CuSoP • The credit union & CUSOP agree the

switch date.• All transactions cut-over on the agreed

switch date (typically first Tuesday of themonth).

• No change to credit union transactionprocessing (BICs, IBANs, Creditor IDs).

• No change to file processing with ITService Provider (ITSP).

• CUSOP manages the agreement of theswitch date with BPFI, with the existingpayments services provider and the creditunion ITSP, once the credit union givesnotice to switch.

• CUSOP liaises with the ITSP inimplementing and testing the cut-over.

CUSOP is pleased toannounce the appointmentof Mr Pat McLoughlin to theBoard of Directors.

Pat was Chief Executive ofthe Irish Payment ServicesOrganisation and hasassisted Government, on apro-bono basis, in reviews ofpublic expenditure, localgovernment, childcare,health insurance and the

Department of Justice. Hehas served as Chairman anda member of a number ofvoluntary organisations.

He also worked as amanagement consultant priorto becoming the currentChief Executive of TheAlzheimer Society of Ireland.He served on themanagement teams of fourhealth boards and was Chief

Executive of the SouthEastern Health Board andEastern Health Board. Heserved as the first NationalDirector of the NationalHospitals Office and DeputyCEO of the HSE.

Pat holds a B.A. and anL.L.B. from N.U.I. Galwayand an M.B.A. fromStrathclyde Business School.

Cut-over Project Manager /Relationship Management– Diarmuid Hanrahan &John Chapman.

announcement ofnew Director – Mr Pat McLoughlin

It’s time for your credit union to use CUSOP. CUSOP is owned by you

141 credit unions with over 1.5 million members are using the credit union owned CUSOP,which is now processing 10 million payments worth over €2 billion for credit union membersannually.


new national (republic of Ireland) researchcommissioned by the Irish League of Creditunions (ILCu) has revealed the cost of thirdlevel education in Ireland. the study foundthat nine in ten parents are helping to fundtheir child’s third level education. Morethan three quarters (78%) are struggling tomeet these costs. Students are also findingit difficult to cope financially, with 71%working to support themselves, up from66% last year. In total, 610 parents ofthird-level students and 466 studentsresponded to the online survey of over2,300 people carried out in July 2018 byi-reach Insights.

Main Survey Findings Summarised:• Nine in ten parents help fund their

child’s third level education andcontribute on average €584 per month

• 48% of parents in Ireland who fundtheir child’s third level education will cutspending on clothing and goods forother children in the family to cope withcosts

• Six in ten parents expect to get into debtdue to third-level costs

• Average expected debt is €2,425 perchild per year

• Third level students living out of homespend almost double what those livingat home spend per month (€1,229compared with €667)

• Seven in ten students are working in aneffort to cope with third level costs

• More than a third are skipping lecturesto work

What Parents SayParents who help fund their child’s thirdlevel education estimated that they werepaying €584 euro per month during thecollege term. This has increased from theaverage €535 monthly contribution lastyear. The numbers saying they are payingout more than €1,000 per month hasalmost doubled since 2017 (10%compared with 17%).

Significantly, 48% of parents who fundtheir child’s third level education say theywill have to cut spending on clothing orgoods for other children in the family to

cope with costs. Close to a third (31%) willsacrifice spending on food/groceries andthree quarters (75%) will slash the amountspent on holidays. A quarter say they willreduce spending on household bills.

Six in ten parents (62%) expect to getinto debt funding their child’s third leveleducation, and estimate that the debtaccrued will be more than €2,400 perchild per year. Worryingly, there has beenan increase in the overall numbersapproaching moneylenders. 8% of allparents responding to the survey say theyhave approached a moneylender,compared with 3% last year. An additional7% say they intend to approach amoneylender to cover third level costs thisyear, up again from 3% last year. Almostdouble now say they considermoneylenders a viable option – 12% ofparents this year compared with 7% in2017.

On a more positive note, there has beenan increase in the numbers saying theyare funding their child’s third-leveleducation with their savings. Half of all

parents now say they are using theirsavings, up from 43% last year. Just 4%say they are using their credit card, downfrom 10% last year. 37% say they areusing credit union loans, down slightly on39% in 2017.

Commenting on the findings, ILCU Headof Marketing and Communications, PaulBailey, said: “Our survey once again showsthat the cost of third level education is avery real and daily struggle for asubstantial percentage of parents. It’sencouraging to see the increase innumbers saying they can now fund collegewith their savings, thanks to a healthiereconomy. However, we are concerned atthe increase in those saying they willapproach moneylenders in an effort tocope with costs. Although the overallpercentage of parents seeingmoneylenders as a viable option is quitesmall, we view any increase as worrying.We want parents to know that their localcredit union provides education loans atfar more reasonable rates thanmoneylenders, and that credit union staff

hAlF oF pArents CUt spendIngon FAmIlY goods to Cope WIthCollege Costs



are always on hand to help with budgetingguidance.”

What Students SayStudents living outside of home say they arepaying almost double what those living at homespend for the college term. Those rentingaccommodation estimate they are spending€1,229 per month during the third level year.Students staying at home say they are spending€667 each month.

The numbers reporting that they live at homehas increased. Almost seven in ten (69%) say theylived at home during the last academic year(2017/2018) compared with 63% the previousyear (2016/2017). When asked aboutaccommodation costs for students, more than ninein ten (96%) said these costs were eitherextremely high or very high.

Passing exams and financial worries are the twogreatest college-related worries for students. 59%said passing exams was their main concern. 57%said college-related finance/debt was a verysignificant concern - revealing the extent to whichmoney issues are a focus of student’s college lives.

The overall numbers saying they have to work tosupport themselves through college has increased.Seven in ten students now say they are working inan effort to cope with costs, compared with 66% in2017. Of those working, 30% work full-time, 65%work part-time and 8% work ad-hoc hours.Female students appear to work slightly more thantheir male counterparts, saying they work anaverage of 20 hours per week compared with 18hours. Both genders report they earn the sameaverage hourly wage of €11.

There is a noticeable increase in the numberssaying they are skipping lectures to work. Well overa third (35%) are opting to earn money instead ofattending lectures, compared with 22% last year.

Commenting on the student’s responses, PaulBailey said “Students, just like their parents, arefinding that the financial side of college life can bea burden. It’s worrying to see that finance and debtis such a significant concern for so many, and at atime when they should be concentrating on theireducation, greater numbers are skipping lecturesin order to earn some extra money. On a morepositive note however, 85% of students expect tofind work in Ireland when they graduate,compared with 75% last year. It’s heartening thatoverall, students are optimistic about their future,despite their current struggle with third level costs.We also want to ensure that students are awarethat their local credit union offers verystraightforward and fair student loans. Creditunions will work with students to agree a realisticrepayment plan so that students can concentrateon their studies and college life, and spend lesstime worrying about money.”



On February 16th 2018, MidletonCredit Union Ltd. celebrated its 50thAnniversary. Irish League of CreditUnions (ILCU) Board member MartinSisk cut the ribbon at the ceremonialreopening to mark the occasion.Midleton Credit Union is one of thelargest credit unions in the Corkregion, with over 19,000 membersand an asset value of €85 million.

Three of the credit union’s foundingmembers were honoured at a splendidgala dinner which was held atGarryvoe Hotel. Oliver Daly, HarryParker and Patrick Kelly were allpresented with awards recognizingtheir tremendous passion andforesight in starting Long-standingand esteemed former Board member,Kathleen Woulfe was also honoured onthe night with Chairman Chris Collinspresiding over the occasion. Otherattendees on the night includedMartin and Gloria Sisk, John Colbert and Elaine Martin fromYoughal Credit Union Ltd, previousBoard members, supervisors and staff.

LOOKING BACK THrOUGH HISTOrYMidleton Credit Union began inOctober 1967 when a group ofvisionaries began to look at thepossibility of starting a credit union inthe town. They met once a week onthe first floor of the town hall. It wasdecided that each person of the groupwould open an account and lodge ahalf-crown each week. On February16th 1968, Midleton Credit Unionwas registered with the ILCU. At thebeginning progress was slow, howeveras savings began to improve MidletonCredit Union was finally in a positionto issue loans.

When Midleton Credit Union firstopened its doors, there was no suchthing as a computer. Instead,customers were greeted with a smileand a handshake and business wasdiscussed in a personal, yetprofessional way. Monies were lodgedand recorded in large ledgers, by

hand. Savings were stored and takenout on a rainy day.

The stairs in the town hall proveddifficult for senior members so whenthe CYMS in St. Mary’s road becameavailable, it was agreed to rent theground floor. Opening hours were 7p.m. to 9 p.m. on Friday. The nextmove was to purchase 95 Main Streetand as membership increased, a morefit-for-purpose premises was acquiredon 23-24 Main Street, where the creditunion remains today.

THE CrEDIT UNION TODAYMidleton Credit Union now has a staffof 17, it also has a sub-office innearby Carrigtwohill. Despite facingvarious challenges, Midleton CreditUnion has survived and thrived andthat is down to members’ enthusiasm,volunteers’ determination and staffcommitment. With its unique innateintegrity and strength of character,Midleton Credit Union will continue tosustain and inspire into the future.

With more than 19,300 activemembers, Midleton Credit Union is thelargest of its kind in East Cork,boasting assets of €85 million. Thecredit union is continuously expanding,with 90 new members signing up toavail of the credit union’s wealth ofservices on a monthly basis.Celebrating its 50th Anniversary,Midleton Credit Union has always been- and continues to be – first andforemost about the people.

Martin Walsh BOC, Chris Collins, Chairman, Jim Ronayne,Secretary, Martin Sisk, Kathleen Woulfe, Volunteer andJohn Fenton, CEO Manager

Jim Ronayne Secretary, John Fenton CEO Manager andChris Collins Chairman

Jackie O’Neill, Midleton Credit Union and Helen Ahern,Manager, Carrigtwohill sub office


MIDLETON CREDIT UNIONCELEBRATES 50THANNIVERSARY

50thANNIVERSARY

Midleton Credit Union At A Glance

17 Staff19,300 Members90 New Members Every Month€85 Million Asset ValueCurrent Loans to Members =€19.6 Million


CArrIGTWOHILL SUB-OFFICE: 36YEArS AT THE HEArT OF THECOMMUNITYThe Carrigtwohill sub-office of MidletonCredit Union has been in operation for 36years. Located in the village’s MainStreet, it is one part a financial institutionand one part a meeting place. ‘If ourcustomers want a chat, we’re happy tooblige’, says Manager Helen Ahern.Joined by volunteers Florrie Grey, NoreenKenny and Liz Nagle, Helen describes theCarrigtwohill sub-office as ‘bustling’. ‘Weoffer all the same services the MidletonCredit Union main office offers, includingloans’. And while the Carrigtwohill sub-office definitely has a local feel, it’s alsoquite international – people of 32different nationalities have accountsthere. ‘We keep on growing’, Helenconcludes. ‘I live in Carrigtwohill and I’vebeen with the credit union for the past 12years. Things are always changing butwe’re pleased to offer our membersexceptional customer care and service’.

CrEDIT TO HEr: KATHLEEN WOULFE’S38 YEAr SErVICEWhile Oonagh Kennefick receives theaward for the longest serving staffmember at Midleton Credit Union with 35years’ service, Kathleen Woulfe, has had a38 year involvement with the credit unionholding a variety of different positions.

For years, Kathleen would spend hoursand hours handwriting each and everysection of the credit union’s AGMhandbook. On one occasion, the reportwas 27 pages long and was unfurled onthe office floor in full. ‘Do we really needall of this, Kathleen?’ was the questionasked. ‘Of course’, came her immediateresponse. ‘The member needs to knowwhat’s going on. Everything is there inplain sight, all income and expenditure islisted in full’. Kathleen’s motto is ‘If youdon’t have trust, you don’t have anything’and after giving 38 years of service toMidleton Credit Union, her opinion ishugely valued and trusted by the creditunion.

Midleton Credit Union staff


Kathleen Woulfe


In the first Your Team article publishedin the Summer 2018 edition of CUFocus, the Irish League of Credit UnionsLearning and Development team (L&D)examined classroom-led learningsolutions offered by L&D. In this secondarticle, as part of a four part series ofYour Team, the L&D team will considerthe training, educational and supportoffered through the CU Learn Hubplatform and the advice available. Thisarticle will be of interest to all TrainingLiaison Officers, NominationCommittees, and relevant to anyoneworking in a learning managementfunction.

By offering support to your learning,the L&D team recognises the value ofcollectively involving the L&D team andyour teams in common learning goals.The starting point for this is theavailability of services and support toTraining Liaison Officers, Education andTraining Officers, CU Learn HubCoordinators and all those involved atlocal, credit union level in learningmanagement. These roles are mostimportant in the development of thegreatest resource in the credit unionmovement, the people.

Just as credit unions work togetherco-operatively, L&D works together asteams with credit unions. Theconstellation of these teams, or theteams of teams, is how the learningenvironment is cultivated to allowlearners to grow. The coming together ofteams around specific goals, such ascompetency development, alignsregulatory requirements and learningoutcomes to the individual. L&Dfacilitated a number of free regionaltraining events throughout the summerfor CU Learn Hub Coordinators, whichhas developed the interaction betweenteams.

Examining this further and to consider‘Training Needs’ L&D must identify anyshortfall between current knowledge,skills, attitudes etc. and the level

Your team: Facilitation andcollaboration in a team of teams


Cu Learn Hub: Did you know?

A key enabler in achieving common goals is the provision of a LearningManagement System (LMS), this is available through CU Learn Hub. This service provides;

• A central repository for training records.• A platform for credit unions to plan, book and manage their training.• The ability for learners to track and record their course progress. These results

can then be used to provide evidence of training requirements for regulationpurposes and to support continual professional development (CPD).

• Exclusive zones for CUCPD Scheme members and CU Learn Coordinators.

Currently 9,000 active users are engaged in the learning process on CU LearnHub. To assist CU Learn Co-ordinators, L&D continuously reviews and developsLMS capabilities. An important element of learning management for co-ordinatorsis record-keeping and the generation of reports that validate training learners. Newreport functionalities are in development to support MCC compliance.


required now or in the future. Animmediate challenge for the person withresponsibility for the management oftraining is to determine what developmentinitiatives are needed and for whom. Thisshould be a collaborative process betweenthe L&D team and your team in the creditunion, inclusive of the Training LiaisonOfficer, Nomination Committee and/orEducation and Training Officer.

It is recommended that the creditunions use competencies as a frameworkwhen conducting a Training NeedsAnalysis. From a strategic perspectiveidentifying the key issues facing yourcredit union in a defined period developsyour strategic objectives. In order forofficers to achieve these, competenciesmust be developed and maintained.

Training Liaison Officers should identifyand prioritise competencies, sourceappropriate training and record learnerachievement. It is timely at this point toidentify future requirements relating toMCC and the maintenance of records.

L&D continuously develops the learningsolutions to meet the evolvingrequirements of the credit unionmovement. L&D offers face-to-facetraining through in-house and scheduledtraining, these latter areas were coveredin the summer edition of CU Focus. Inaddition, e-learning offers the mostaccessible form of training, the suite ofcourses that meet credit union centredlearning objectives are updated regularlyand are supported by electronic learningresources.

The L&D team is here to help yours, bydeveloping timely credit union specifictraining solutions, providing the means foreffective training management andadvising on your specific learning needs.All CU L&D services may be accessed viaCU Learn Hub www.culearn.ie.


How to Guides: Did you know?

CU L&D has a number of additional supports, guides, advice and resourcesavailable to assist credit unions in managing training. Our guides containresources, such as analysis tools that assist Training Liaison Officers andNominations Committees to effectively identify training requirements. Guides canbe accessed in the “CU L&D Guides” tab on the CU Learn Hub Homepage.

Some guides relevant to the discussion on competencies above, include;• Guide to Developing a Training and Standard Policy• Managing Training in the credit union• Training Needs Analysis (TNA) Guide• Succession Planning Guide• Guide for new credit union directors

Core Competencies for officers are outlined in training needs analysis Guide.

E-learning: Did you know?

Some recent updates in the e-learning suite include; General insurance, Preparingfor aGM, Fitness and Probity regime and Ethical Provision of Financial Services.

• Each course provides key, up to date content on credit union specific topics. Themain advantage of self-paced e-learning is convenience.

• Participants can learn at their own comfort and at a time that suits their owntraining needs.

• Unlike classroom training, with online learning you can access the content anunlimited number of times.

• The introduction of webinars to CU Learn Hub has created a flexible learningsolution, where learners have the ability to communicate directly with the tutor.The autumn Webinar, following your input, will focus on the topic of Mortgages.

advice on training and Education - MCCModules: Did you know? MCC register of accredited PersonsThe promotion of awareness of regulations is an important part of the learningservice provided by L&D. One of the obligations of the Central Bank MinimumCompetency Regulations 2017 is to establish and maintain a register of accreditedpersons. The register will include information pertaining to: • Name of the accredited person performing a relevant function;• Qualification, grandfathered status, transitional status, new entrant, or prescribed

script function;• The relevant function and related retail financial product in respect of which the

person is an accredited person; • The date the person obtained a recognised qualification and completed relevant

experience, or, was grandfathered; and • Details of a new entrant including date of commencement and qualification being

pursued

The details above are available from Central Bank (Supervision and Enforcement)Act 2013 (Section 48(1) Minimum Competency Regulations 2017.

the L&D team will support the awareness and obligations of these regulations bydeveloping Cu Learn Hub to support your team in the development and maintenanceof compliance records. the team will provide advice as you develop your teamsregister.

Rule 88 (Republic of Ireland) /124(Northern Ireland) of the StandardRules for Credit Unions states that“the Board of Directors shall appointa Training Liaison Officer, the dutiesof whom shall include the carryingout of, or cause to be carried out, atraining needs analysis for creditunion personnel to help co-ordinatetraining programmes”.

Why


the Irish League of Credit unionsInternational Development Foundation (ILCuFoundation) has been awarded €750,000 infunding from Irish aid, the Government ofIreland's official agency for internationaldevelopment. the awarding of this fundingfor the next three years is to support thedevelopment of strong, sustainable creditunions in Sierra Leone, one of the poorestcountries in the world. this funding willallow the ILCu Foundation to further expandcredit union services to the poor in ruralareas, in particular women who are oftenexcluded from formal financial services. It’sabout empowerment and giving everyonereal opportunities to build a better future. Itwill also allow the ILCu Foundation todevelop the capacity of credit unionpersonnel and volunteers to ensure a securemovement.

Ciarán Cannon, T.D., Minister of State forthe Diaspora and International Developmentmet with a number of credit unions inGalway to announce the Irish Aid funding.Minister Cannon stated that “Ireland has aproud record of working to eradicate povertyaround the world and by ensuring thatpeople in Sierra Leone have access to creditunions and to reliable financial services,Irish Aid and the ILCU Foundation aremaking sure that this important workcontinues into the future.” Minister Cannonemphasised the importance of education inhelping people in developing countries andspoke of the difference it can make whenpeople are giving the opportunity to helpthemselves. Minister Cannon alsoexpressed his gratitude to the credit unionsfor the work they do in their owncommunities in Galway and throughoutIreland.

The credit union movement in SierraLeone was devastated by the civil war in the1990s, with only six credit unions surviving.It is one of the poorest countries in theworld with a population of 6.3 million and alife expectancy of 51 years. Since its workbegan in 2012, the ILCU Foundation hadbeen making progress on revitalising themovement through financial and technicalsupport and assistance. This work was thenhampered by the Ebola outbreak in 2014.The ILCU Foundation has been workingwith the fledgling credit union movement inSierra Leone since 2012. This new fundingfrom Irish Aid will be used in conjunctionwith €250,000 from contributions by Irishcredit unions and their members, to

increase access to affordable and flexiblefinancial services for women and ruralhouseholds in Sierra Leone.

Alan Moore, ILCU Foundation GeneralManager, said; “Obtaining this funding is ahuge endorsement of the Irish credit unionmodel and a great boost to the credit unionmovement in Sierra Leone to help withaddressing poverty in their country. Credit

unions play an important role within theircommunities to provide savings and loansfacilities for people who need financialservices. This would not have beenachievable without the financial support ofIrish credit unions across the island ofIreland and we wholeheartedly thank themfor their continued and generousdonations.”

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IlCU Foundation awarded€750,000 from Irish Aid


Minister Ciaran Cannon, Alan Moore, ILCU Foundation and representatives from Galway Credit Unions

Gerry Thompson, Vice-President, ILCU and Chapter 16 Liasion Officer, Minister Ciaran Cannon, AlanMoore, ILCU Foundation



ILCUFOUNDATION

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Credit unions are financial cooperatives, andthe focus is, and always has been, oncooperation. nowhere was this moreevident than in the recent study visitsorganised and hosted by the ILCuFoundation. these study visits are avaluable tool in knowledge sharing andallow the participants to identify strengths ofthe Irish credit unions that can be used tofurther strengthen their own respectivemovements, all in accordance with thecooperative principles.

At the end of May we hosted a delegationof representatives from credit unions inKenya, Malawi and Tanzania. The week-long study tour took place in partnershipwith the African Confederation ofCooperatives Savings and CreditAssociation (ACCOSCA) – the regional bodyfor credit unions on the continent of Africa.The visit incorporated a mix of workshops,training sessions and field visits to creditunions. During the visits to credit unionsthe delegation had very informativediscussions and they hope to implement alot of what they learned in their own creditunions. Their feedback was extremelypositive and they were very impressed withthe movement and everyone involved in it.

“The credit union in Ireland is in thehearts of the people who volunteer, this iswhat we need in Kenya. I admire howpassionate people are in the credit unionmovement in Ireland.” John Lessonet,Director of Boresha Credit Union, Kenya.

“We have learned a great deal fromeveryone involved in the Irish credit unionmovement. It is great to meet with theCEOs and the Boards of different creditunions, people in Ireland are passionateabout the credit unions.” FumbaniNyangulu, CEO, Malawi Union of Savingsand Credit Cooperatives.

In July a study visit of representativesfrom Moldova was hosted by the ILCUFoundation. The delegation was comprisedof representatives from the Ministry ofFinance and the National Commission forFinancial Markets (NCFM) responsible forthe supervision of the non-banking sector inMoldova. Moldova is one of the poorestcountries in Europe. A number of externaldonors are providing support andassistance to help the country develop.This visit was funded by the InternationalFund for Agricultural Development (IFAD),a UN agency that provides external fundingto support economic development in

Cooperation amongstCooperatives

Croi Laighean Credit Union welcomes East African Delegation

Delegation from Moldova with representativesfrom Virginia Credit Union during thier visit.

Molovan delegation pictured with Mayor ofDrogheda and representatives from DroghedaCredit Union..tif

East African delegation visit Ballinasloe Credit Union


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neWs And UpdAtesVolunteer Governance ProgrammeIn October, the ILCU Foundation is pilotinga new initiative to get Board members tovolunteer to work alongside its partners inThe Gambia. This five day programme willallow Board members to participate ingovernance workshops to train the ILCUFoundation's Gambian partners on issuesof governance. Volunteers will also havethe opportunity to visit credit unions andsee first-hand the work that is supported bycredit unions across the island of Ireland.

International Credit union DayThis year International Credit Union Day ison Thursday 18th October, and to coincidewith this the Programme Manager fromEthiopia is in Ireland that week andhopefully he will have the opportunity tospeak with representatives from creditunions about the work you support inEthiopia.

Ezine and WebsiteA new ezine is launching in October whichwill keep you updated on everythinghappening in the ILCU Foundation and itsprojects – please make sure to subscribe.The website will also be updated.

For more information on the ILCu Foundation contact Sinéad on 01 614 6945 or email [email protected] keep up to date with the ILCu Foundation on Facebook and twitter.

Moldova. Their work is aiming atimproving the access of rural population towell needed financial services, developmarket intermediaries, and enhance theavailable of advice to financial institutionsand business. There are a lot ofsimilarities between Moldova and Irelandand the delegation were delighted to get tovisit various credit unions as part of theweek long study visit.

“We have learned a good deal aboutIrish credit unions. For us it is importantto see how credit unions operate in othercountries and we can learn a lot fromIreland in order to help strengthen themovement in Moldova. We want to thankyou for taking the time to engage with usand share your knowledge andexperience.” Alina Cebotariov, Head ofNon-Banking Credit in NCFM.

“We are extremely grateful to the creditunions who we visited. We are veryimpressed by the credit union movementin Ireland and we in Moldova would like tohave something like this for ourmovement.” Elena Pui, General Secretaryof NCFM.

the ILCu Foundation would like toexpress sincere gratitude to all of the creditunions who extended a ‘Céad Míle Failte’ toour delegations from East africa andMoldova. your hospitality, generosity andexpertise was fantastic and the delegationswere hugely thankful for the opportunity tovisit you and get to speak with you at first-hand on all things credit union, theylearned a great deal about credit unions inIreland.

The delegation picked up some hurling skills during their visit to Core Credit Union

East African delegation pictured with representatives from TUI credit union

Moldovan delegation visit Tara & DistrictCredit Union

East African delegation visits Nenagh CreditUnion


HR

Therefore you must treat fixed-termemployees the same as comparablepermanent employees unless there are'objectively justifiable' circumstances fornot doing so (i.e. there is a genuine,necessary and appropriate businessreason). This means the same orequivalent (pro-rata) pay and conditions,benefits, pension rights and opportunity toapply for permanent positions within thebusiness.

The following are questions dealt with on aregular basis by the HR Department:

Q. When is the use of a fixed-term contractappropriate?Fixed-term or specific purpose contractsare designed to cover a temporary situationand short-term demands, whether definedby a period of time or a precise need (forexample maternity leave cover or aparticular project). Fixed-term contractsterminate when an "objective condition" ismet, such as the arrival of a specific date,the completion of a specific task or theoccurrence of a specific event. They arenot intended to be permanent contracts ofemployment. The regular renewal of fixed-term contracts is not an appropriate meansto meet stable and ongoing businessdemands, not least because the law makesit difficult to renew without the risk of thefixed-term contract morphing into apermanent contract.

Q. What considerations need to be madewhen renewing a fixed-term contract?Where a credit union wants to renew afixed-term contract, the fixed-term

employee must be provided with a writtenstatement outlining the objective groundsjustifying the renewal. This statement mustalso set out the reasons why the employeris not offering the employee a permanentcontract of employment. This statementmust be provided to the employee prior tothe expiry of the fixed-term contract and atthe latest, by the date of the renewal. Thisrequirement for notice in writing ismandatory.

Q. When can a fixed-term contract bedeemed to be a contract of indefiniteduration?Where a fixed-term employee is employedon two or more continuous fixed-termcontracts and the total duration of thosecontracts exceeds four years, the contractbetween the parties is deemed to be one ofindefinite duration (i.e. a permanentcontract) – unless the employer has anobjective justification for renewing thefixed-term contract. Generally speaking,short gaps between successive fixed-termcannot be used to avoid this rule.

Q. What are the objective justifications fornot offering a contract of indefiniteduration?Examples of objective grounds that havebeen relied upon by employers in justifyingthe renewal of fixed-term contractsinclude:• where an employer is facing significant

restructuring, including redundancies inorder to maintain economic viability;

• the need for temporary expertise in aparticular field;

• to provide workers for a short-termproject, provided the project is clearlydefined and will eventually come to anend;

• to cover staff absence includingsecondment, maternity, parental,adoptive or sick leave, provided the workdone by the fixed-term employee has aclear relationship to the work carried outby the staff member being covered.

An "objective justification" for the renewalof a fixed-term contract must:• correspond to a real need and legitimate

objective of the employer


A gUIde toFIXed-term ContrACts

Legislation:republic of Ireland - Protection of Employees (Fixed term Work) act, 2003 northern Ireland - Fixed term Employees (Prevention of less Favourabletreatment) regulations (northern Ireland) 2002

Fixed-term employeeshave the right not tobe treated lessfavourably thancomparablepermanent employeesbecause they are on afixed-term contract.


• be appropriate and necessary to achievethis objective

Q. What protections are afforded to fixed-term workers?The legislation regulates the use of fixed-term contracts and provides significantprotection for fixed-term employees. Underthe Act, a fixed-term employee must not betreated less favourably in respect of his/herterms and conditions of employment thana comparable permanent employee.

Q. Is there a restriction on the length of afixed-term contract?No. The current legislation does not restrictthe length of a fixed-term contract so theinitial fixed-term can be for as long or shortas required.

Q. are employees entitled to redundancyif/when they are dismissed at the end of thecontract?A fixed-term employee with two years’service may be entitled to a redundancypayment on the expiry and non-renewal of

his/her fixed-term contract if thecircumstances giving rise to the expiry ofthe contract fall within the meaning of agenuine redundancy situation under theRedundancy Legislation. However, justbecause a fixed-term contract is notrenewed does not of itself mean that aredundancy has occurred. As always, itdepends on the facts and circumstances ofthe employment.

Q. Do fixed-term employees need to beinformed of permanent vacancies?You must inform fixed-term employees ofpermanent vacancies in your organisation,and give them the same opportunity as

others to apply for such roles.You should inform fixed-term andpermanent employees of such vacancies atthe same time and in the same way.Displaying a vacancy notice where allemployees can see it or emailing thevacancy to all staff members will usuallyenable you to do this effectively.

The Survey on Credit union Pay andConditions of Employment, 2018, has beencompleted. The survey was undertaken byIbec on behalf of the ILCU and a total of149 credit unions responded.Please contact the HR Department forfurther details


For further advice, on any of the above credit unions should contact the ILCU HRDepartment:

Margaret Davern, Maura behan,Hr adviser Hr ExecutiveDirect Line: 01 6146974 Direct Line: 01 6146941Email: [email protected] Email: [email protected]


legislativeUpdate

As recently communicated to credit unions, the Bill totranspose the Fourth EU Money Laundering Directive(4AMLD), the Criminal Justice (Money Laundering andTerrorist Financing) (Amendment) Bill 2018, is currentlybefore Dáil Éireann. As of July of this year, the Bill hasprogressed to the Fifth Stage of the Eleven Stage process. Itis expected that this legislation will be commenced inOctober of this year. Credit unions are advised to ensure thatcompliance with current legislative requirements is ongoingand that preparations are being made for the forthcominglegislation. The Legal Department will be providing materialsto credit unions in advance of the introduction of the newAML/CFT legislation to further assist in the relevantpreparations.

Criminal Justice (Corruption offences) act 2018 The Criminal Justice (Corruption Offences) Act 2018 wascommenced on July 30th 2018. This legislation overhaulsIreland’s existing anti-corruption legislation and brings it intoline with international best standards. Predominantly the newlegislation criminalises both direct and indirect corruption inboth the public and private sectors, and significantlyincreases the penalties for corruption offences. While the Actintroduces criminal liability for corporate bodies and seniormanagement for offences, it will be a defence for a bodycorporate to prove that it took all reasonable steps andexercised all due diligence to avoid the commission of theoffence. This is intended to incentivise bodies corporate tohave checks and balances in place to prevent corruption.The Act introduces several new corruption offences, so creditunions need to ensure they are compliant with the newlegislation. As such, a risk assessment should be carried outto determine what due diligence and training procedures areappropriate. Furthermore, having a robust anti-bribery policyin place, or updating current policies in light of the Act isessential; as well as appointing a designated internal personto monitor compliance and to ensure that all staff andvolunteers complete training in this regard. Credit unions areadvised to review policies and procedures in light of thislegislation.

the Civil Debt (Procedures) act 2015There has been an update with regard to The Civil Debt(Procedures) Act 2015. This legislation was enacted on July27th 2015, and the update on the Oireachtas website this Julyconfirms that the Act still has not been commenced. Theintroduction of this legislation will be significant as it providesfor abolition of the imprisonment of debtors for non-payment ofcivil debts. This Act also provides for the attachment ofearnings or deductions from social welfare payments, asappropriate, for the purpose of the enforcement of debts towhich the legislation will apply. In order to avail of theprovisions the creditor must first have obtained a courtjudgment in respect of the debt which must be more than€500 and less than €4,000 in value. The Legal Departmentwill watch developments closely in this regard and will notifycredit unions in advance of the legislation being introduced.

Fourth anti-Money Laundering Directive



legislativeUpdate

On July 12th 2018, the UK government published a newwhite paper on its proposals going into the next round ofautumn talks on the future of the UK-EU relationship. Thewhite paper signals the UK government’s policy that the UKwill be leaving the single market and the customs union. Thewhite paper states that none of the negotiated arrangementswill affect the ongoing special status of the common travelarea arrangements between Ireland and the UK.

It remains to be seen whether the UK white paper promise toavoid a hard border can be delivered, and the Decemberagreement on the Northern Ireland backstop can betranslated into legal text which is agreed in full between theparties.

the European union (Withdrawal) act 2018The European Union (Withdrawal) Act 2018 allows the UKgovernment to review the UK's statute book for Brexit byincorporating the acquis (the accumulated legislation, legalacts, and court decisions) of EU law into domestic law. TheUK government has already begun a process of publishingstatutory instruments to amending its statute book andtransfer powers on bodies such as regulators to allow them toamend their own rulebooks where necessary.

new fine collection and enforcement legislation effective fromJune 1st 2018- Justice act (nI) 2016 -bank account ordersOn June 1st 2018, new legislation in the shape of the JusticeAct (NI) 2016 (the Act) came into force in Northern Irelandrelating to enforcement and collection of fines and otherpenalties.

The legislation sets out a new approach to the collection andenforcement of financial penalties in criminal cases. A newmechanism which will be relevant to Northern Ireland creditunions as deposit takers is set out under sections 20, 21 and22 of the Act.

Interim bank account orders and bank account orders willallow financial penalties to be recovered from debtors whohave sufficient funds in a bank account (including a creditunion account), held in the debtor’s sole name, to makepayment but have not done so. It will only be available whereother enforcement options are inappropriate or have failed.

The collection officer will only have authority to impose aninterim bank account order, freezing the amount required on atemporary basis, before referring the matter back to court for itto consider making a bank account order. A debtor may applyto the collection officer for a hardship payment if an interimbank account order causes particular difficulty.

A bank account order requires the financial institution to makepayment of the specified amount to the court, but it may notoperate to require the making of a payment which wouldreduce the credit balance of the debtor’s account below £5.00(The Enforcement of Fines and Other Penalties Regulations2018 Regulations Regulation 28).

A deposit-taker may also impose an administrative charge onthe debtor of equivalent value to the costs incurred incomplying with an interim bank account order or a bankaccount order.Bank account orders apply in the case of a person who wasconvicted of an offence but not sentenced, before June 1st2018 as well as in the case of a person convicted after June1st 2018.

White paper published by uk government on the future uk-Eu relationship




St Dominic Credit Union Ltd.is delighted to welcome backEimear Whelan into the role ofBusiness Development andMarketing Officer. Eimear is nostranger to St Dominic CreditUnion and worked there for anumber of years, beforepursuing other ventures infinancial services. A Waterfordnative, Eimear brings a wealthof experience and knowledgeto the role.

Speaking on her recentappointment Eimear said“Exciting times lie ahead at StDominic Credit Union and I’mthrilled to be a part of that. StDominic has been serving itsmembers for over 50 years.It’s of utmost importance toadapt and change in a fastgrowing financial sector. Wewill continue to offer ourmembers convenient ways to

carry out their business. I lookforward to working with theteam to keep moving thecredit union forward,developing new products,expanding its ever growingmembership and raising theprofile among members.”

In addition to welcomingEimear, the credit union alsomarked the retirement of SallyForan after 25 years’ service.Sally worked the majority ofher 25 years in the Mooncoin

sub-office of St Dominic CreditUnion, whilst also workingfrom time to time in the mainoffice at Summerhill,Waterford.

Sally has been an invaluablemember of the St DominicCredit Union team andtreasured by the members,staff and volunteers both pastand present. She has shownher dedication throughout theyears and will be sorelymissed by all.

A mother to six children,Sally and her husband, Watty,have built their lives aroundtheir children andgrandchildren in Mooncoin.She looks forward to havingmore time in her retirement tospend with her family and isplanning a trip to visit one ofher children and hergrandchildren in Australia thisyear. An avid horse racing fan, Sally,also hopes to attend theMelbourne Cup on her visit.

On her last day at workMarian Murphy, Chairpersonof St Dominic Credit Union,visited Sally at the Mooncoinoffice to present her with aWaterford Crystal vase, thankher for her years of serviceand wish her well for thefuture, on behalf of the Boardof Directors.

Loving Vibes at Waterford Credit Union Wedding FairWaterford Credit Union Ltd. held its firstWedding Fair in June 2018. It was afantastic day with the sun shining andmany visitors attending. One exhibitorfrom a local speciality wedding businesswas invited, for example onephotographer, one bridal wear specialistetc. This ensured that there was a greatatmosphere on the day with nocompetition between vendors! Thoseexhibiting included Deise Weddings,Cherub Couture Cakes, Karuna Day Spaand Wellness Centre to name a few.Visitors got the chance to speak to theirlocal wedding specialists and discuss apossible wedding loan with the creditunion’s lending team all under one roof.

Members were invited to the fair bySMS and email marketing, while non-members were invited through localradio, press ads and social mediacampaigns. The day was such a successthat the staff of Waterford Credit Unionare already looking forward to the nextWedding Fair.

Welcomes and Farewells at St Dominic Credit Union


Enfield Credit Union Ltd. hasopened a new state-of-the-artoffice in Longwood Co. Meath.The opening ceremony wasperformed by Irish League ofCredit Unions (ILCU) President,Charles Murphy, and TerryMullan, President of EnfieldCredit Union and foundingmember of Enfield CreditUnion in 1971.

It was an historical day forthe credit union, and forLongwood. The new office willbe open for business from9.30am to 5pm for five days aweek Monday to Saturday. Theoffice will remained closed onWednesdays.

Services will include loan

applications, loan approval,lodgements and withdrawalamong other services. The

offices also consist of bothpublic areas and privatemeeting rooms for conducting

business and to ensureconfidentiality.

Enfield Credit Union hasoffices located in Longwood,Summerhill and Enfield and alloffices are reporting briskbusiness with loan growth upby 15% since last September,with projected loan growth upto 18% by the end ofSeptember of this year. EnfieldCredit Union prides itself onsupporting the localcommunity, and on the day ofthe opening the credit unionwas proud to support theLongwood Community Groupfun day to help raise funds forthe purchase of the parish hallin the Village.


Newtownhamilton Credit Union Pay Tribute to Peter John Murray

Omagh Credit Unionpresents £10,000 toSaint Vincent de Paul Omagh Credit Union Ltd. recently donated£10,000 to the local St Vincent de Paul charity.Representatives of the Board of Directorspresented a cheque to the organisation becauseof their diligent efforts to improve the worldaround them. The Board felt that the organisationrepresented all that is good, wholesome, ethicaland moral in a fund raising organisation

The credit union has worked in tandem withSt. Vincent De Paul on several projects in thepast and knows that their efforts are greatlyappreciated by the local community.

Enfield Credit Union opens newLongwood Office

Newtownhamilton Credit UnionLtd. was deeply saddened by thepassing of their esteemed directorPeter John Murray. Peter Johnwas also one of the foundingmembers of NewtownhamiltonCredit Union. He was involved inthe credit union for 51 years,serving as a Director and on morethan one occasion, as President.He was a leading light in theBoard of Directors over the years,he was fair and honest in alldecisions and his professionalconduct, wisdom and depth of

knowledge at Board meetings wasalways deeply appreciated.

For the last 10 years Peter Johnwas committed to finding suitablepremises for the credit union as ithad long outgrown the DundalkStreet office. He worked tirelesslyto fulfil this ambition and wasinstrumental in the purchase ofthe old Ulster Bank building,which is now the home of thecredit union. He naturally tookgreat pride in this. Peter John alsotook great interest in the youthoutreach of the credit union. He

undertook the organisation of theannual Schools Quiz and ArtCompetitions.

Newtownhamilton Credit Unionand the people of the area werevery lucky to have had a man likePeter John. He will beremembered as the gentle,considerate, and loyal man thathe was and his absence will bedeeply felt. The credit unionwould like to offer sincerecondolences to his wife Maurita,sons, daughters, brother andsisters and entire family circle.


Enniscorthy Credit Union reflects on anothersuccessful Hope & Dream 10


Bigger than the World Cup! It’s the Synergy Credit UnionPrimary Schools Soccer Competition

Soccer fever was building inFermoy from early in May 2018but the talk was not about theupcoming World Cup takingplace in Russia. The childrenof the primary schools inSynergy Credit Union Ltd’scommon bond were all talkabout the annual Synergy CreditUnion Primary Schools SoccerTournament, and who wasgoing to win the cup this year.

This was the 17th year thatthis competition was held andeach year the numbers ofpupils participating hasincreased. The weather thisyear was fantastic when the330 eager, ambitious youngsoccer players arrived at CarrigPark in Fermoy for thetournament. Many parents werealso on the sidelines to supporttheir children, and this added tothe excitement.

This is a case of greatcollaboration between the localsoccer club, Fermoy FC, andSynergy Credit Union - withboth organisations praised for awell-run tournament. Tom

Clancy, who is the organiserfrom the soccer club, is an FAIcoach and has been involved inunderage coaching at both cluband national level for manyyears. The referees on the daywere juvenile players from the

local soccer club. Many of thematches ended in a draw andthe penalty shoot-outs were ofWorld Cup calibre!

This soccer tournament is agreat showcase for the localsoccer club, but also it is a

great introduction to many ofthe younger pupils to the creditunion and its savings mascot,Euro Eddie. For now, the schoolteams are already planning howthey will win the 2019tournament!

Enniscorthy Credit union Ltd. recentlyhosted the cheque presentation for Hope &Dream 10 which marked the culmination ofmonths of hard work by the Hope & Dream10 committee.

Enniscorthy Credit Union first partneredwith Hope & Dream 10 in 2014, and hassupported this hugely popular event eversince, by sponsoring €10,000 for thecolourful t-shirts each year.

Hope and Dream 10 has become thebiggest event of its kind in the South-East,this year it was bigger than ever with 2,259participants. A whopping €145,120 wasraised with 50% of the proceeds going tothe Hope Cancer Support Centre CLG,25% going to County Wexford HospiceHomecare Service and 25% going toFriends of Wexford General Hospital MRINow Project. Since 2012 an amazing€974,033 has been raised. This moneyhas made a huge difference to the quality

of life for many people experiencingcancer across Co Wexford.

Liam Waters, Acting Manager,Enniscorthy Credit Union said:“Enniscorthy Credit Union got involvedwith this event originally as it is an eventwhich directly benefits the localcommunity, which fits beautifully with theidea and ethos of the credit unionmovement. It is a great way to give back

to our community.”Plans are already in place for next

year’s race which will be held on SundayApril 7th 2019, with the proceeds splitbetween Hope Cancer Support CentreCLG and County Wexford HospiceHomecare. Enniscorthy Credit Union haspledged to once again to sponsor thisamazing, unique community event.Together we’re Stronger.



New Assistant Manager atSkibbereen and Bandon Credit Union

Ballygall Credit Union Proud to Supportthe Seán Hughes Memorial Cup Match

Averyl Condell, LIB QFA, hasjoined the team at Skibbereenand Bandon Credit Union Ltdas Assistant Branch Manager.Having worked in the financialsector for 14 years, Averylbrings a wealth of knowledgein both investment andlending, and will play animportant role in furtherbolstering the positive positionthe credit union holds in thelocal community.

“Averyl’s strong backgroundin banking and focus onsuperior customer servicemakes her a valuable additionto our management team,”states Donal O’Driscoll, CEO,Skibbereen and Bandon CreditUnion. “She will be awonderful resource for ourmembers, and is lookingforward to serving ourmembers and participating inour ongoing local communityinitiatives.”

Speaking of her

appointment, Averyl said “I amvery excited to be part of theteam at Skibbereen andBandon Credit Union and lookforward to serving ourmembers and getting involvedin the many communityinitiatives which form such animportant element of what thecredit union does.”

Averyl holds a Licentiate ofThe Institute of Banking, is aQualified Financial Advisorand holds a ProfessionalCertificate in Compliance aswell as a Professional Diplomain Financial Services.

Ballygall Credit Union Ltd wasrecently delighted to supportthe Seán Hughes Memorial Cupmatch in memory of Seán Hugheswho passed away in January of thisyear. Seán was a budding rapper and

was affectionately known to hisfriends as ‘Lil Red’. He wrote andperformed his own original songsand was said to have been anamazing young boy who touched somany hearts. Tragically Seán diedfollowing a short illness. As atribute to Seán, his close friendsorganised a Gaelic football match in

his honour at Erin’s Isle GAA Club,Dublin. Friends from local rival clubs,

Erin’s Isle and Ballymun Kickhams,also joined in the tournament alongwith many others, to battle it out forthe Seán Hughes Memorial Cup.There was a huge turnout on theday which was of great support toSeán’s family and friends, and awonderful tribute to a young startaken too soon.Ballygall Credit Union was proud

to support this memorial game - anamazing cause, and to sponsor theMemorial Cup.


autumn 2018 cufocus...092018 all ireland art comp launch 'the force of nature' is the...

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