the magazine of the irish league of credit unions – summer ... · legislation (the data...

The magazine of the Irish League of Credit Unions – Summer 2018

GDPR Special: Allyou need to knowon the new GDPR

AGM2018 Review

Fintan Ryan:From Kerry toCanada

CREDIT UNIONS ARE NUMBER ONEIN IRELAND REPTRAK® 2018 STUDY

PAGES_SUMMER_18.qxp_Layout 1 25/05/2018 15:53

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, August 7th. 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

Cover image:ILCU President,Charles Murphy,with ManagingDirector of TheReputationsAgency, NiamhBoyle, at theannouncement thatcredit unionstopped the IrelandRepTrak® 2018Report.

The lucky winner of ourgetaway to the four star

Tullamore Court Hotel wasDamian Johnston of

Templemore Credit Union Ltd.

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.

04 De-Mystifying the GDPR 06 GDPR and Data Processors – Are You Compliant?08 Credit Unions Top Ireland RepTrak® 2018 Study10 AGM 2018 Review12 Analysis of Lending in Credit Unions14 Fintona Credit Union Ltd. Celebrates 50 Years16 2018 Schools Quiz Grand Final18 The Cost of Bereavement19 Gr8 Savers Week 201820 CUSOP Focucs22 From Kerry to Saskatchewan24 Enniskillen Credit Union Ltd. Marks 50th Anniversary26 Agri-Lending and Credit Unions27 Teams of Teams28 Full Vs Co-Outsourcing30 ILCU Foundation Update32 Health and Safety in the Workplace34 Your Stories38 Legislative Update40 Domestic Economy Review42 Uel Adair; A Tribute on His Retirement43 Competition Time

CU FOCUS SUMMER 18 :: 3

Reflecting, Renewing & ReinvigoratingThis year’s recent AGM had as its theme “Reflecting, Renewing &Reinvigorating” and the programme laid before delegates containedall these elements. Time was given to reflect on what has gone before,especially given that this was the 60th Anniversary of the first creditunion in Ireland. This time served as a reminder that the presentgeneration of credit union people has to be as resourceful and hard-working as the movement’s founders were, as we plan to take ourmovement forward and ensure it continues to flourish. The Renewing& Reinvigorating aspects of the meeting came from the reminders thatchange is part of what we do in credit unions, and that we mustredouble our efforts to bring about such change to benefit ourmembers.

The Irish League of Credit Unions (ILCU) President in his openingaddress reminded us that: “Technology is the new literacy. Change isa credit union value. Change is what we were established todeliver…..the dividend from this credit union movement acting insolidarity together ….. is the technological change every credit unionmust prepare for and embrace.” The Registrar for Credit Unions,Patrick Casey, in his address to the meeting – which was encouragingand thought-provoking and required reading for all credit uniondecision makers – also spoke of the need for change. “There is acompelling impetus for change and for action. Leadership andpurposeful energy are required to drive forward the change agenda bymobilising your collective efforts to overcome the commercialchallenges you face. This is the only way you will address yourfinancial fundamentals and deliver sustainability.”

In a very lively address John McGuiness TD encouraged us as amovement to continue working hard to pursue our own credit unionagenda, which he said is a positive force in our society, and hecommitted to work with us to achieve positive changes which willsupport credit union development.

It was gratifying to see that the ILCU Board has already appreciatedthe need for leadership as we come to terms with the many changeswe will have to make to be sustainable. On the second day of theconference, the ILCU Vice-President reported on the ILCU OperationalPlan which is in an advanced stage of development. The plan,developed by the ILCU President, Vice-President and Treasurer andwith the Board’s approval, seeks to develop a set of priorities which itwill focus on over the next short period as the best way to addresschallenges and opportunities for the movement.

An interesting aspect of this plan is that the details will becommunicated through Chapters, who will no doubt make room ontheir agendas to facilitate the ILCU Board in rolling out their ideas andplans and to capture feedback from Chapter through our ChapterLiaison Officers. As well as learning more details of the plan and itsdevelopment, this methodology will also increase the relevance ofChapter as an essential forum within our movement structure.

By setting out this framework in the way it was presented, it is clearthat the ILCU Board’s ambition is to deliver much-neededimprovements in service quality and leadership for the benefit of allcredit unions and critically to deliver it on a collective and not-for-profitbasis which plays to our strengths as a cooperative movement.

All in all this was a successful and positive AGM and, havingreflected on where we are after 60 years, lets renew our efforts to co-operate and reinvigorate our movement for the benefit of futuregenerations.

4

10

8

16


The General Data ProtectionRegulation (GDPR) came into forceon May 25th 2018, and there were anumber of unusual stories in thelead-up to its implementation. InFinland, for example there has beensome debate on removing namesfrom the doors and entrances toapartments because of GDPR. Inthis article, we take a look at some ofthe most common myths that havedeveloped in the lead up to May25th 2018, and try to provide someclarification for what is undoubtedlythe biggest change in dataprotection legislation for a generationacross the European Union (EU).

A Revolution in Data Protection LawThe implementation of the GDPR is a hugechange in many ways for data protection.For the vast majority of organisations thathave complied with existing data protectionlegislation (the Data Protection Acts 1988and 2003 in Ireland, and the DataProtection Act 1998 in the UnitedKingdom), the changes being broughtabout by the GDPR should not result inrevolutionary change, but rather it is a caseof further evolution.

The primary challenge for allorganisations, including credit unions,which process and hold personal data(data controllers) has been inunderstanding what personal data theyhold, why they hold it and communicatingthat information to their customers andcredit union members. The secondchallenge will be in demonstratingcompliance (which we talk about furtherbelow).

All Personal Data Breaches Must Be ReportedThe GDPR requires data controllers toreport to their relevant supervisoryauthorities (Data Protection Commissioner(DPC) in the Republic of Ireland andInformation Commissioner’s Office (ICO) inNorthern Ireland), if the breach of personaldata is likely to result in a risk to people’s

rights and freedoms. This notificationneeds to be carried out ‘without unduedelay and, where feasible, not later than72 hours after having become aware of it'.Where a notification is not made within 72hours, reasons for the delay will need to beprovided to the supervisory authority.

Therefore, if there is no risk to the rightsand freedoms of individuals there is norequirement to report the breach.

When the personal data breach is likelyto result in a high risk to the rights andfreedoms of natural persons, a datacontroller must communicate the personaldata breach to the data subject withoutundue delay.

Credit unions need Consent for theCollection of all Personal DataConsent forms only one of six legal basesunder the GDPR. The majority of data thatis processed by a credit union will rely on

other legal bases such as contract, legalobligation or legitimate interest.

individuals Have an Absolute Right to beForgottenUnder Article 17 of the GDPR, individualshave the right to have personal dataerased. However, the right is not absoluteand only applies in certain circumstances.An individual can only require his or herpersonal data to be erased where theprocessing takes place on the basis ofconsent, it is no longer necessary for theorganisation to hold that data, the personaldata is being processed for directmarketing purposes and the individualobjects to the processing of their data, thepersonal data is being processedunlawfully or the organisation has nooverriding legitimate grounds forprocessing. So where an individualrequests that personal data is removed

DE-MYSTIFYING THE GDPR

4 :: CU FOCUS SUMMER 18


and the credit union is processing data for the purposes of fulfillingits services to the member, or complying with a legal obligation, itwill be unable comply with a request to be forgotten.

the Work stopped on May 25th 2018While we can all breath a big sigh of relief that May 25th 2018 hascome and gone, the supervisory authorities in both jurisdictionshave cautioned that the journey really only begins from May 25th2018 onwards. One of the biggest changes for all organisationsunder the GDPR is arguably the introduction of the ‘accountability’principle. The concept of ‘accountability’ has long underpinnedexisting data protection requirements. However, for the first time,the GDPR now expressly promotes accountability and governance.Accountability essentially means having a plan that is documentedand implemented and which enables the organisation to prove thatit understands what its compliance with the GDPR means.

Organisations are now required to be capable of demonstratingtheir compliance with the GDPR through measures such as: PrivacyImpact Assessment (PIAs), audits, policy reviews, data processingrecords and (potentially) appointing a Data Protection Officer(DPO). A duty is now placed on the credit union as a data controllerto be 'be able to demonstrate compliance'. The principle ofaccountability is laid out in Article 5(2) of the GDPR: “a controllershall be responsible for, and be able to demonstrate compliancewith, all six Data Protection Principles of the GDPR as set out inArticle 5(1).”

In addition to Article 5(2), Article 24(1) of the GDPR also requiresa data controller to demonstrate that data processing activitiescomply with the GDPR's requirements. Together, Articles 5 and 24form the concept of accountability under the GDPR, which is a keyelement of the GDPR and will ensure that the data protectionjourney continues well beyond May 25th 2018.

Meeting the accountability requirement means doing more thanjust establishing data protection policies and procedures.Accountability requires a data controller to be able to demonstratecompliance with the GDPR by showing the DPC or the ICO andindividuals how the data controller complies, on an ongoing basis,through evidence of:

• Internal policies and processes that comply with the GDPR'srequirements;

• The implementation of the policies and processes into the creditunion’s activities;

• Effective internal compliance measures;• Training of employees and volunteers on privacy and data

protection matters;• Regularly testing of the privacy measures implemented;• Using the results of testing and audits to demonstrate both

existing and continuous compliance and improvement efforts.

To sum up: “Organisations need to sustain their complianceprocesses over time – this is the best way to take people with youon your business journey.”Steve Wood ICO Deputy Commissioner for Policy



A credit union will be familiar with actingas a controller in respect of most of thepersonal data which it processes. TheGeneral Data Protection Regulation(GDPR) requires that any relationshipbetween a controller and processor isevidenced in writing by a contract. Thecredit union therefore needs to look at therelationship it has with any third parties (bethey a company or sole individual) wherepersonal data is processed as a result ofthat relationship, for example anymarketing company who assists the creditunion. If the credit union uses a companyto post out AGM notices, or uses an ITprovider when they need to access ITsystems for upgrades, these are allexamples of processors. A key distinctionbetween a controller and a processor isthat a processor should only be acting onthe instructions of the controller, i.e. thecredit union. There are certaincircumstances where a credit union maypass personal data to an organisation andthat organisation will also be acting as acontroller, for example when passinginformation to the Central Bank of Ireland(CBI) or Revenue.

Contracts with processors, both thosethat are in existence now, and those whichyou have not yet entered into, should bereviewed and updated to take account ofthe below.

Due diligence prior to entering into thecontract – have they given sufficientguarantees?It is not only a written contract that isrequired. The GDPR requires that acontroller should only use a processor whoprovides ‘sufficient guarantees toimplement appropriate technical andorganisational measures in such a mannerthat processing will meet the requirementsof the GDPR’. This in effect means thatthe processor should be able todemonstrate to the credit union that theyhave sufficient expert knowledge, reliabilityand resources to be compliant with theGDPR (taking into account the nature ofprocessing) before the credit union evenenters into a relationship with them.

We recommend that you discuss theGDPR with any of your processors sooner

rather than later, to find out where they arein their GDPR preparation. Questions thatshould be asked are whether for exampletheir data protection policies have beenupdated and whether they will beemploying a Data Protection Officer, orsomeone with responsibility for dataprotection. In terms of security, as well asproving how they will comply with theGDPR, the credit union could take comfortfrom the fact that the processor adheres toan approved code of conduct or anapproved certification mechanism. Thereis a brief note below on the securityexpectations of the GDPR.

The processor should be asked howthey will be able to assist should a datasubject wish to exert any of their rights,such as portability; and how they will beable to assist should a breach occur. Forexample; what is their capability in respectof monitoring, detecting and quantifying abreach? While the breach may occurduring the processor’s handling of thedata, it is the responsibility of the creditunion to manage such a breach. It is thecredit union who must determine whetherto notify the Data ProtectionCommissioner/ICO, or data subjectsaffected.

If the processing warrants it, then thecredit union could also consider whether aphysical audit of the premises of theprocessor should be undertaken. Thecredit union should know whether theprocessor intends to process the data insuch a way that it would leave thejurisdiction.

Remember, the credit union ascontroller remains responsible for allprocessing carried out on its behalf,processors themselves are bound by theGDPR, but the credit union must takecertain measures to ensure the processoris compliant with the GDPR. One of thosemeasures is to have a robust contract inplace with the processor.

What must be included in the mandatorycontract with the Processor?Article 28 provides what must be in thecontract, see points 1-4 below. (The IrishLeague of Credit Unions (ILCU) Legal andHR Department has made available a draft

clause to cover the below requirements(apart from point 1), available on request).

1. the scope of the processing must beoutlined, namely:

• the subject-matter and duration of theprocessing,

• the nature and purpose of theprocessing,

• the type of personal data andcategories of data subjects, and

• the obligations and rights of thecontroller.

2. that the Processor is bound by thefollowing terms:

(a) processes the personal data only ondocumented instructions from thecontroller,

(b) ensures that persons authorised toprocess the personal data are boundby a duty of confidentiality,

(c) takes all measures required in respectof security, as provided for in Article 32(see point 4 below),

(d) respects the conditions referred to inpoint 3 below in the event that aprocessor engages another processoror sub-processor,

(e) assists the controller insofar as this ispossible when a subject wishes toexercise their rights in respect of theirdata

(f) assists the data controller with theirsecurity and data breach obligations,including notifying the data controller ofany personal data breach;

(g) assists the data controller if a PrivacyImpact Assessment is necessary;

(h) deletes or returns all the personal datato the data controller after the end ofthe contract unless legally required toretain same;

(i) makes available to the controller allinformation necessary to demonstratecompliance with the obligations laiddown in items (a-i) above, and allow forand contribute to audits, includinginspections, conducted by thecontroller or another auditor mandatedby the controller.

j) that the processor shall not engageanother processor without prior specificor general written authorisation of the

USING A DATA PROCESSOR? HERE’S WHAT YOU



controller, and where they do appointone, the above must be covered in thesub-processor agreement.

3. instruction that would causeinfringement

A processor must immediately inform thecontroller if, in its opinion, an instruction from the controller infringes the GDPR orother European Union or Member Statedata protection provisions.

4. security of processing required underthe GDPR;

Article 32 sets out the securityrequirements of both controllers andprocessors.

The controller and the processor shallimplement appropriate technical andorganisational measures to ensure a levelof security appropriate to the risk (takinginto account the state of the art, the costsof implementation and the nature, scope,context and purposes of processing aswell as the risk of varying likelihood andseverity for the rights and freedoms ofnatural persons including as appropriate)

these include: (a) the pseudonymisation and encryption

of personal data; (b) the ability to ensure the ongoing

confidentiality, integrity, availabilityand resilience of processing systemsand services;

(c) the ability to restore the availabilityand access to personal data in atimely manner in the event of aphysical or technical incident;

(d) a process for regularly testing,assessing and evaluating theeffectiveness of technical andorganisational measures for ensuringthe security of the processing.

In assessing the appropriate level ofsecurity, account shall be taken inparticular of the risks that are presentedby processing, in particular fromaccidental or unlawful destruction, loss,alteration, unauthorised disclosure of, oraccess to personal data transmitted,stored or otherwise processed. The controller and processor shall takesteps to ensure that any person acting

under the authority of the controller or theprocessor who has access to personaldata only processes the data on theinstructions of the controller, unlessrequired to do so by law.

During the term of the Relationship with aProcessor The GDPR provides that the processorcan be directly liable to someone underthe GDPR for any damage they cause,which is not proven to be the fault of thecontroller.

However, the credit union shouldremain vigilant during the term of therelationship that the processor is onlyacting under their clear instruction andthat the processor gives all informationnecessary to assure the credit union thatthey are compliant with the GDPR. Ineffect the credit union remainsresponsible for the processing.

This article is modified from the Steps 1-12 Preparing for the GDPR series issuedby the Legal and HR Department of theILCU.

OU NEED TO KNOW TO BE GDPR COMPLIANT



8 :: CU FOCUS SUMMER 188 :: CU FOCUS AUTUMN 2017

Credit unions have earned thetop spot in a national studymeasuring the highest regardedorganisations in ireland. Creditunions were ranked number oneout of 100 companies surveyedfor the ireland Reptrak® 2018report. With a score of 82,credit unions not only emergedin first place, but were also wellahead of the average score of57.5 amongst other financialservices organisations.

Credit unions Achieve ‘Excellent’ scoreOver 7,000 members of the public weresurveyed for the annual study, which isconducted by The Reputations Agency,between January 5th and March 5th2018. The survey measures levels oftrust, respect, admiration and esteem thepublic has for 100 of the largest, mostfamiliar, and most importantorganisations in Ireland, along with 25other reputation indicators. There were17 different categories of organisations,with credit unions claiming the top spotoverall.

Companies were ranked on aReputation Pulse score from 0-100. Theresults are grouped as Excellent (80+),Strong (70-79), Average (60-69), Weak(40-59) or Poor (Below 40). With creditunions achieving a score of 82, they werefirmly in the ‘Excellent’ bracket. TheIreland RepTrak® 2018 report stated thatcredit unions won for their ‘role inproviding trusted financial services tolocal communities and being at the heartof communities in Ireland.’

2018 ireland Reptrak® WinnersThe top 10 companies in the IrelandRepTrak® 2018 study were:

1. Credit Unions – 82.02. Kellogg’s – 81.13. Aldi – 80.24. Bord Bia – 80.05. Boots - 79.56. Tourism Ireland – 79.17. Toyota – 78.98. An Post – 78.59. Dublin Airport – 78.4

10. Kerry Group – 77.7

Previous winners have included AnPost, Bord Bia, and Google. This year'saverage reputation Pulse score was 66.0compared to 64.4 in 2017. Thishighlights the extent to which creditunions were ahead of the average score.

In addition, competition was eventougher this year as the number oforganisations involved in the studyincreased from 50 to 100. Neworganisations studied included Energia,Gas Networks Ireland and the OlympicCouncil of Ireland. Public bodies such asAn Garda Siochána, the Central Bank ofIreland, and the HSE were also included.

Credit unions out Ahead of other Financialservice organisationsOut of the 17 categories of organisationssurveyed for the Ireland Reptrak® 2018Study, the Financial Services/Bankingsector took the lowest slot with a weakscore of 57.5. This demonstrates theextent to which credit unions are uniqueamong financial services. Not only didthey top that sector by a large margin –the highest rated bank was PermanentTSB in 88th place, while Bank of Irelandwas the lowest rated bank in 93rd place– the score of 82 was also well ahead ofthe banks’ average score.

The Retail Food sector was thestrongest performing category with anoverall score of 72.7. The seventeensectors studied in 2018 were ranked asfollows:1. Retail Food (72.7 - Strong) 2. Automotive (72.0 - Strong)3. Food & Beverage (71.9 – Strong)4. Retail General (70.7 - Strong) 5. Healthcare (69.5 - Average)6. Semi-State Commercial (66.6-

Average) 7. Retail Forecourt (65.9 – Average)8. Communications–Media (65.2 –

Average)9. Public Service Bodies (64.8 –

Average)

CREDIT UNIONS EMERGE AS MOST HIGHLYREGARDED ORGANISATIONS IN THE IRELANDREPTRAK® 2018 STUDY


???????????????????????????????

ILCU Vice-President, Gerry Thompson, accepting the Ireland RepTrak® 2018 award from The Reputations Agency


10. Communications-Technology (64.4 –Average)

11. Financial Insurance (64.1 – Average)12. Professional Services (63.4 –

Average) 13. Energy-Retail (63.3 - Average) 14. Infrastructure (62.7 – Average)15. Airlines & Aerospace (62.6 –

Average)16. Sporting Bodies (61.2 – Average)17. Financial – Banks (57.5 - Weak)

significance of the AwardSpeaking about the great achievement bycredit unions, Irish League of CreditUnions President Charles Murphy said;“With more than 3.6 million membersthroughout the island of Ireland, creditunions are a cornerstone of localcommunities. The trust that membersplace in their local credit union has beenearned, and enhanced, by consistentactions that demonstrate a caring,understanding, people-focusedapproach. Credit union personnel taketime to get to know their members and tounderstand their needs. Decisions aremade at local level, in the best interest ofthe members of the credit union. Aboveall else, people feel valued andrespected”.

Also commenting on the award, NiamhBoyle, Managing Director of TheReputations Agency said: “Reputationmatters as strong reputations help to wincustomers, attract the right talent, gainsupport from key stakeholders, andultimately drive business performance.We see this in the work we do with ourclients in helping them to reach theirbusiness objectives. As an illustration, aswe come close to reaching fullemployment in Ireland the war on talentis heating up and building a strongreputation and employer brand hasbecome a key focus for organisations,particularly amongst millennials who caredeeply about the reputations of theorganisations they choose to work with.It’s essential for organisational leaders tohave a deep understanding of what isdriving their reputation. Armed withinsights from this study an organisationcan take steps to apply their efforts to theareas that most need to be addressed.Today, organisations are more widely

scrutinised based on their alignment withsocial causes, how they behave, theirorganisational values and the internalculture they create. They are no longersolely measured on what they make orhow they make it. The public are moreattuned to the reputation of anorganisation than ever before and, for thepublic, actions speak louder than words.The results in Ireland bode well forbusiness as our study shows that if anorganisation improves its reputationPulse score by five points, the number ofpeople willing to buy its products orservices goes up by 4.5%, delivering avery positive business outcome.”

Reputation Drives business ResultsAccording to the Ireland Reptrak® 2018study results, consumers in Irelandare nine times more likely topurchase a product orservice from anorganisation, andseven times morelikely to workfor an

organisation, with an excellent reputationthan one with a poor reputation. 82% ofpeople in Ireland would say somethingpositive about a company with anexcellent reputation, while only 7% woulddo the same for a company with a poorreputation. Only 9% of people will buyfrom an organisation with a poorreputation, but this grows to 53% if thereputation is strong and increases to80% if the reputation is excellent.

This bodes very well for credit unionswho were firmly in the ‘excellent’ scorecategory. Huge congratulations to creditunions for this great achievement.




AGM 2018 REVIEW


The Irish League of Credit Unions’ (ILCU) AGM 2018 took place at the INEC, Killarney on Saturdayand Sunday 28th and 29th April. Approximately 1,000 delegates from across the island of Irelandattended the two-day event, where a range of topics crucial to the future development of thecredit union movement were discussed and debated. A special discussion panel to mark the 60thAnniversary of the first credit unions in Ireland was one of the highlights, and featured acommemorative video and photographic highlights reel from the past 60 years. The enhancementand diversification of lending was another key focus, with delegates briefed on the findings of anILCU-commissioned investigation into lending across credit unions.

AGM opened with an address from ILCUPresident, Charles Murphy, who drewattention to the recent move by the CentralBank of Ireland (CBI) to amend investmentregulations, a move that the ILCU hadadvocated strongly for and which will nowpave the way for credit unions to invest insocial housing;“The League responded quickly to the

request of Government in November 2014to invest surplus funds in public housing forour people. Our detailed policy paper is,and remains, the basis for action. SeveralOireachtas committees have supported us,debated our proposals and called foraction. I am delighted to tell this AGM thatthe Central Bank announced an importantchange in regulation on the 1st February.That change came into effect on 1st March.Credit unions are now permitted to investup to €700 million through a yet to bedeveloped approved financial vehicle, forsocial housing, via the largest ApprovedHousing Bodies. Regulatory change removes a critical

roadblock. That change represents ourwork of lobbying over three years. But weare not done. To deliver on our objective,the necessary financial vehicle must beestablished, and that is the job ofGovernment and the Approved HousingBodies. We are told this is months away.But we have been told that before. Our jobis to lobby hard locally and ensure thatTDs, especially Government TDs, know thatdelivery is demanded. This is anopportunity to invest credit union funds,which currently give little or no return. It isa chance for credit unions to change livesand use our members’ money to buildhouses that are homes, and to give hope.”

WOCCU Address and Guest SpeakersThe guest speaker from the World Councilof Credit Unions (WOCCU) for AGM 2018was Brian Branch, WOCCU President andCEO. In his address, Mr Branch said

WOCCU was working to limit regulatoryburdens before they arrive at the nationallevel, protect credit union features of itscooperative structure and support creditunions’ regulatory operating environmentsin a safe, sound and empowering manner. The Registrar of Credit Unions, Patrick

Casey, also addressed AGM. Mr Caseyannounced a review of the longer termlending limits in 2018. He said that theCentral Bank of Ireland (CBI) did not seethe review as ‘simply facilitating therecalibration of a specific maturity limit, butrather a deeper examination designedtowards accommodating the future lendinggrowth ambitions of stronger credit unions,as part of a balanced loan portfolio.To inform the review, the CBI issued aquestionnaire to all credit unions at thebeginning of April 2018 in order to gatheradditional data they did not currently holdon sector lending and funding profiles. Mr

Casey encouraged all credit unions torespond to this, as it will be helpful toinform the development of proposals whichwill be contained in the formal consultationpaper that will be issued by the CBI soon.(The full transcript of the speech can befound on the Central Bank of Ireland’s(CBI) website under the News & Mediasection). Another guest speaker on the morning

was Chairperson of the OireachtasCommittee on Finance, Public Expenditure& Reform and Taoiseach, JohnMcGuinness TD, who spoke about the realand meaningful difference credit unionshad made to the lives of those in thecommunities they serve. He also spoke ofthe crucial need for regulation from the CBIto be proportionate.

Motions Passed at AGMIn the afternoon, the motions of the day

ILCU President, Charles Murphy, with ILCUVice-President, Gerry Thompson at AGM2018

The 60th Anniversary of credit unions in Irelandwas marked at AGM 2018. A panel of guestspeakers included Ted O’Sullivan, Douglas CreditUnion Ltd., Catherine Massey, Donore CreditUnion Ltd., and Jim McMahon of Clones CreditUnion Ltd.. They are pictured here with ILCUPresident Charles Murphy and the panel Chair,and ILCU Director, Brian McCrory.


CU FOCUS SPRING 2016 :: 011

commenced and were debated in earnestby delegates. Motions which passedincluded that the ILCU Board seek tohave the CBI carry out a review of itsRegulatory Reserve Requirements forcredit unions in the Republic of Ireland,with the view to reducing the currentminimum regulatory reserve requirementof 10% of the assets of the credit union.The AGM also voted that the ILCU seek tohave the CBI review its policy in relation tolending restrictions for credit unions in theRepublic of Ireland. A number of othermotions were carried in relation toamendments to the League rules,including an amendment in relation to theGeneral Data Protection Regulation(GDPR) legislation which came into forceon May 25th. (Full details of all motionspassed were issued to credit unions in acirculation dated Monday 30th April andcan be found in the Circulations area ofwww.creditunion.ie behind the memberlog-in area).

Analysis of Lending in Credit UnionsFollowing a motion passed at the 2017AGM, the ILCU embarked on aninvestigation into why credit unionmembers are not borrowing from theircredit unions. This was specificallyfocused on the low loan-to-asset ratios ofcredit unions, and sought to explore thereasons for the current (circa) 27% loan-

to-asset ratio. Tanya Lalor wascommissioned by the ILCU to carry out adesk-audit review supported by primaryresearch. In addition to this, marketresearch organisation, AmárachResearch, was also commissioned toundertake research across the island onthis topic. Two bespoke surveys werecarried out in the Republic of Ireland andNorthern Ireland, and the results of thesewere presented to delegates at AGM2018. Overall, the report found that thereis overwhelming support from the publicfor credit union mortgages. Over twothirds said they are pleased that creditunions are entering this market – andalmost a third said a credit union wouldbe their preferred mortgage provider. (Youcan read a summary of both reports inmore detail on pages 12-14).

60th Anniversary Panel Discussion A special 60th Anniversary PanelDiscussion was convened to mark 60years of credit unions in Ireland. Thepanel was chaired by ILCU Boardmember and WOCCU Chair (and formerILCU President) Brian McCrory. Guests onthe panel included Catherine Massey,Chair of Donore Credit Union Ltd. – thefirst community credit union to open itsdoors in Ireland, Jim McMahon of ClonesCredit Union Ltd. – the first credit union tobe established outside of Dublin, and Ted

O’Sullivan of Douglas Credit Union Ltd. As part of the 60th Anniversary

celebrations, a commemorative videofeaturing highlights, successes andachievements from the past 60 years wasshown to delegates which drew anenthusiastic round of applause. A specialphotographic highlights reel, whichfeatured all of the past ILCU Presidents,played in the background and was alsodisplayed on screens throughout the INECfor the duration of AGM.

Day Two of AGMDelegates were briefed on the updatesrelating to the ILCU’s Subsidiary andAssociated Companies during the secondday of AGM. Michel Keegan, CEO ofCUSOP (Payments) DAC, Alan Moore,CEO of the ILCU’s InternationalDevelopment Foundation, Gerry Jordan,CEO OF ECCU Assurance DAC and JacobBerg, CEO of ILCU Internal Audit Services(IAS) Ltd. took the conference through themost important aspects of the past 12months.Also on day two, the results of the

elections to the Supervisory Committeewere announced. There were three validlynominated candidates to fill one vacancyfor a three year term of office arising onthe ILCU Supervisory Committee. TerryRedmond was declared to be elected forthe three year term.


AGM

Chapter 23 Chair, John Long, meeting delegates arriving at AGM 2018at the INEC in Killarney.

John McGuinness TD addressing AGM 2018


Following a motion passed at the IrishLeague of Credit Unions (ILCU) AGM in2017, the ILCU embarked on aninvestigation into why credit unionmembers are not borrowing from theircredit unions. This was specificallyfocused on the low loan-to-asset ratios ofcredit unions, and sought to explore thereasons for the current (circa) 27% loan-to-asset ratio. Tanya Lalor wascommissioned by the ILCU to carry out adesk-audit review supported by primaryresearch. This report, titled Analysis ofLending in Credit Unions, found thatcredit unions have a strong presence interms of personal loan finance. However,the long-term outlook for personal loanfinance as the dominant loan offering isnot strong. In addition, the incomegenerated from its assets has drasticallyfallen. These factors demand a newstrategy to put credit unions on astronger financial footing.

In addition to this, market researchorganisation, Amárach Research, wasalso commissioned to undertake researchacross the island on this topic. Twobespoke surveys were carried out in theRepublic of Ireland (ROI) and NorthernIreland (NI). Overall, this report foundthat there is overwhelming support fromthe public for credit union mortgages.Over two thirds said they are pleased thatcredit unions are entering this market –and almost a third said a credit unionwould be their preferred mortgageprovider. The main findings of thisresearch was presented to delegatesattending AGM 2018.

General background The Amárach survey of 1,000 adults wascarried out online and in-the-field inMarch 2018, supported by desk researchcomprised of ILCU reports, officialstatistics and Amárach’s own, substantialresearch on economic sentiment andconfidence. The appetite for lendingamongst the wider public must be seenin the context of macro-economicconsiderations. While consumer recoveryis underway, it lags the present economicrecovery. The trend for a decade now hasbeen to pay down debt. The latestAmárach research (February 2018)shows that a substantial 60% of people

say their main financial priority is to payoff their debts as quickly as possible – upfrom 55% in February 2017.

There are signs however thatconsumers are becoming a little morewilling to borrow. 42% say they wouldnow be happy to borrow money from abank if they needed to - significantly upfrom 37% in February 2017.

However, a ‘borrow vs save’ dilemmaremains. Amárach says that for everyperson willing to borrow, there are nearlytwo people whose priority is to pay offdebts. Overall, while the economy hasrecovered, consumer confidence has not- and is just half of what it was pre-recession. Consumer confidence is linkedto borrowing – and consumers are stillaffected by the worst recession in thehistory of any OECD country.

type of Loan Activity The Analysis of Lending in Credit Unionsreport outlined that the most commonarising loan categories in credit unionsare car loans and home improvementloans. While buoyancy in the carpurchasing market indicates that thisform of loan finance is likely toexperience continued demand, there arewider market forces which may reducedemand. The increasingly prevalent useof Personal Contract Plans (PCPs) as aform of car finance is one such area ofconcern. The report suggests that debtconsolidation could be an area that

credit unions could target, particularly inJanuary each year. It also stronglyrecommended an increase in mortgagelending across credit unions.

The Amárach research resulted insome hugely positive findings for creditunions on this front. 67% of respondentssaid they want to see credit unionsoffering mortgages. 31% said they wouldchoose a credit union as their preferredmortgage provider. This compared with27% for AIB, 22% for Bank of Ireland,7% for KBC and 1% for Pepper HomeMortgages. Over half of respondents saidthey would prefer to have their mortgagewith a credit union if their local officeoffered a competitively priced mortgageproduct. Six in ten said they believed acredit union would be more supportivethan other financial institutions if theygot into financial difficulty with theirmortgage.

This research also found that creditunions have widespread membership andpopularity. 59% of adults in Ireland arecredit union members. The leadingreason for people to join the credit unionare savings options (69%). 53% saidthey joined because they felt it waseasier to obtain loans through a creditunion. The community ethos of the creditunion was the third most popular reason(46%) while 38% said it was becausethey saw the credit union as a safe wayto manage their finances.

When measured against banks andpost offices, overall credit unions had themost positive NPS scores. (Net PromoterScore – a tool used to gauge customerloyalty.) When asked to what extent theywould be likely to recommend a creditunion, bank or post office, 29% said theywould recommend the credit union. Thiscompared with 20% for Permanent TSB,18% for Ulster Bank, 15% for AIB, 14%for An Post, 12% for Bank of Ireland and6% for KBC.

How significant are interest Rates in Loanbehaviour?The Analysis of Lending in Credit Unionsnotes a Consumer and CompetitionProtection Commission (CCPC) reportthat states the public has a strongawareness of credit unioncompetitiveness with regard to interest


AN ANALYSIS OF LENDINGIN CREDIT UNIONS


ALMOST ONE THIRD SAID A CREDIT UNION WOULD BE THEIR PREFERRED

MORTGAGE PROVIDER

rates. The variation in rates of interestamongst credit unions means however thata consumer will not be able to identify asingle credit union interest rate. TheCCPC’s evidence would indicate thatinterest rates are not always a determiningfactor in loan behaviour and accessingloan products.

In 2015, the CCPC found that 46% ofborrowers did not do any research beforetaking out their last loan and thatawareness of APR rates is low, with 57%of borrowers not knowing the rate thatapplies to them. This is consistent withsurveys of credit unions carried out by theILCU. In a 2016 survey for the ILCU,credit unions that had increased theirinterest rates reported that it had noimpact on demand for loans.

The Amárach research found interestrates did not appear to factor as a specificissue among borrowers. In the main,people appeared to think of loans in termsof monthly repayments and how quicklythey could pay off the debt. 65% saidwhen they thought about borrowing the keyissue for them was monthly repayments.64% said their main priority was payingdown the debt as quickly as possible. 41%said the key issue was whether they couldget the loan.

Factors that May Deter Loan ActivityThe Analysis of Lending in Credit Unionscompared the lending criteria in creditunions with that of Chill Money. The ILCU2016 survey found that half of ROI creditunions and 62% of those in NI applyrestrictions - such as a 13-week waitingperiod before a loan can be taken out. Inthe case of Chill Money, loans are appliedfor exclusively online and no membershipor account holding criteria applies. In its review, Amárach found that,worryingly, one fifth are still under theimpression that you have to be invited tojoin a credit union. A substantial 72%think you can only borrow from a creditunion if you have been saving with themfor some time. Four in ten believe youcannot borrow from a credit union unlessyou have been a member for at least 13weeks. 42% believe that you can onlyborrow up to three times your savingswithin a credit union.

Factors that May boost Loan ActivityMarketingAn ILCU Marketing and Lending report(2016) was highlighted by the Analysis of

Lending in Credit Unions report whenconsidering factors that might boost loanactivity. This ILCU survey found that themost common reason given by creditunions for an increase in lending was an“increase in market demand” followed by“marketing efforts”. The survey showedthat the most effective marketingmechanisms used were interest rates fordifferent types of loans (51% ofrespondents reported this as having adefinite impact on demand for loans);followed by having both a dedicatedmarketing resource (48%) and using socialmedia (48%). Almost all surveyrespondents (96%) believed there to be avalue in having a marketing/ businessdevelopment network.

Efficient Loan ProcessThe same ILCU survey found that creditunions that had experienced an increase indemand for loans positively associated thisincrease in with “a more efficient loanprocess” (46%).

The speed and ease at which loanfinance can be accessed is likely to be animportant means of securing competitiveadvantage. The survey indicated that while84% of credit unions in the Republic ofIreland (ROI) facilitate online loanenquiries, the comparable figure forNorthern Ireland (NI) is 50%.

Ease of Access The use of credit cards as a mechanismfor accessing debt indicates theimportance of technology as a means ofaccessing loan finance, as well as otherfinancial services. The Behaviour andAttitudes research undertaken for ReBo(2015) reiterated the importance of

technology and mobile banking,particularly amongst 16-34 years olds. Twothirds of this group are using onlinebanking.

This younger age group are less likely tobe credit union members, and yet are thegroup that are less indebted than olderhouseholds. It would indicate that greateruse of online and technology basedservices is required in order to attract thisdemographic. For non-credit unionmembers surveyed in the Behaviour andAttitudes survey, there was a desire forcredit unions to expand their serviceoffering to include (in order of preference):ATM/debit cards; longer opening hours;online banking and facilities for electronictransfers.

RecommendationsThe Analysis of Lending in Credit Unionsreport concludes that there are indicationsthat a number of initiatives would providediversity of activity and loan activity for thecredit union movement. Some of theseinclude;• Mortgage lending• Facilitating and prioritising online loan

enquiries• Reducing or removing savings period

requirements• Increasing the number of loans to the

financially excluded via the PersonalMicrocredit Scheme

• Debit cards and online banking• Promotional and marketing techniques at

local level to suit different age cohortsand continuing to focus local marketinginitiatives

In its conclusion, the Amárach studyfound that overall credit unions – andindeed all financial services institutions –are operating in a challenging environmentwhere consumers remain affected by therepercussions of the economic downturn.The appetite for borrowing has notreturned to pre-recession levels, withpeople preoccupied by paying down debtand, in general, preferring to save.However, the results do show tentativesigns of a renewed interest in borrowing,and as the economic recovery continues,spending is now on the rise.

Credit unions need to ensure that theirlocal communities know they stand readyand willing to lend. There may also besome work needed to change the mind-setthat there are long waiting periods beforemembers can borrow from credit unions.


CEO of Amárach Research, Michael McLoughlin,presenting the report's findings at AGM 2018.


In the winter of 1966 a group of localpeople from Fintona in County Tyronegot together to see if they could startsomething in the town that mightbenefit the local area, something thatwould bring people together to helpone another and the community atlarge.After many evenings knocking on

doors drumming up support and,following numerous meetings, FintonaParish Credit Union Ltd. wasestablished in March 1967. On its firstnight, eighteen people each put onepound into a savings account andFintona Parish Credit Union was upand running. The organisation wasinitially called Fintona Parish CreditUnion as its common bond back thenwas the parish boundary. In 1971, tocomply with legislative requirements atthe time, it was re-named FintonaCredit Union Ltd. with its commonbond now a six-mile radius of Fintonatown centre.The first Annual General Meeting of

Fintona Parish Credit Union was heldin St. Patrick’s Hall in the town on theevening of October 1st 1967 and wasattended by 25 shareholders. One ofthe main items on the agenda thatevening was to elect a Board ofDirectors, the credit union having beenbrought forward by an interimcommittee from when it started inMarch of that year. The very firstChairman of Fintona Parish CreditUnion was Michael Mellon (RIP). The local credit union movement

quickly grew in membership and solarger premises were needed. A smalldwelling house in the middle of thetown was purchased in 1968 for £485

with the deal being struck at half pasteleven at night. (It seems that twoDirectors of the credit union wentstraight from a monthly Board meetingto the gentleman’s home and, as hewas in bed, his wife brought the twoDirectors up into the man’s bedroomwhere, after some negotiating, the dealwas done!)This remained as the credit union’s

base until new premises were boughtin the mid 1970s. To keep up withever increasing demands of a growingmembership, this office wasdemolished in 2005 to make way for abrand new office which opened its’doors on June 1st 2006, almostexactly a year to the day after the oldbuilding was closed. This modernspacious building will serve the needsof Fintona Credit Union and itsmembers for many years to come.Fintona Credit Union went

computerised back in 1995 and hasnever looked back. At the end of itsfirst year in operation, Fintona ParishCredit Union had £800 in savings. By1993 savings had grown to£1,000,000 with that figure doublingto £2 million in 1998. Today savingsstand at just over £7.8 million andthere is currently £3.1 million out onloan to members.To celebrate 50 years in operation,

numerous events were held at variousstages during the year. The Annual Credit Union Primary

Schools Quiz competition in January2017 was a tremendous success withchildren on the two winning teamseach receiving a crisp £50 note torecognise the credit union’s 50 yearsin business!

Fintona Credit Union Offices

Pat Donnelly, founder Director being presented with anengraved pocket watch by Tommy Boyle at the CreditUnion's 50th AGM

Supervisor Gerry McCarney has a chat with Pauric andLucy McDermott at the 50 Mile Charity Cycle event in Junelast year


FINTONA CREDIT UNION –SERVING THE LOCALCOMMUNITY FOR 50 YEARS 50th

ANNIVERSARY


John Murray, Public Relations Officerwith Fintona Credit Union, said that theAnnual Credit Union Primary Schools Quizwas always a hugely popular event. “Asthe young people of today will form thebackbone of the credit union movement inthe years to come, we feel it is importantto invest in our young folks, an investmentthat will reap rewards for credit unions inthe future.” In March the very popular Radio Ulster

Saturday morning programme Your Placeand Mine paid a visit to Fintona CreditUnion with presenter Anne MarieMcAleese tracing the history of the localcredit union from when it first started in1967.On June 18th, a Charity Cycle event

was organised as part of the 50thAnniversary celebrations and, in keepingwith the 50th theme, the cycle was over a50 mile route. The cycle event raised£1,000 which was presented to thePalliative Care Unit at Omagh Hospital.In July, Fintona Credit Union launched

its new website reflecting how the localcredit union is continually striving tomove with the times and provide a servicewhich meets the needs of the membersand the community.The 50th Anniversary celebrations

culminated with a very special 50thAnnual General Meeting held in the creditunion offices in December and wasattended by over 200 people, includingcurrent and former staff and Boardmembers. Presentations of engravedclocks were made to the remainingfounding Directors, the presentationsbeing made by Pat Donnelly, also afounder Director, who has been withFintona Credit Union from when it firststarted back in 1967. As a tribute to Pat,and in recognition of his lifelongdedication to Fintona Credit Union, hewas elected Chairman for the CreditUnion’s 50th Anniversary year, a fittingtribute to a man who has given so muchof his time not only to Fintona CreditUnion but to the credit union movementin general through his unstintingdedication to Chapter 17. Pat himself waspresented with an engraved gold pocketwatch on the night by Tommy Boyle,another man having a long associationwith Fintona Credit Union.Speaking at the 50th Annual General

Meeting, the then-Chairman, Pat Donnellyrecalled how, back in the first six monthsof Fintona Parish Credit Union, they werestruggling to get in savings. “Today wehave over 3,200 adult members and 600

minor members so we are a thrivingorganisation. Fintona Credit Union startedup with eighteen people getting the ballrolling…thankfully that ball hasn’tstopped rolling since. There’s an old Irishadage which goes ‘Tús maith, leath nahoibre’…..a good start is half the work”.Fintona Credit Union made a good startback in 1967 and they have built solidlyon that ever since then. Long may thatsuccess continue.

Founder Directors pictured at the 50th AGM ... Barney McQuaid, Pat Donnelly, P.J Taggart, Kevin Hagan and Paddy Ross

Supervisors Stephen McCabe, Tommy Owens andGerry McCarney with Glenn Burgess at the officiallaunch of Fintona Credit Union's new website



Drumconrath national school, Co. Meathand scoil Mhuire, Dungarvan, Co. Waterfordwere crowned the national winners of the27th annual All ireland Credit unionschools Quiz. the winners claimed theirtitles following a nerve-wracking finalduring which almost 100 teams-of-four fromnorth and south battled it out at the RDs inDublin on sunday April 8th. theparticipating teams were accompanied byfamilies, relatives, teachers and friends whoenthusiastically cheered them on throughoutthe day.

DJ, and household name, Lorcan Murrayentertained the masses as the crowdsbegan to arrive and ensured spirits werehigh by keeping the hits playing andleading the teams, and spectators, in theMexican wave! Quizmaster this year wasradio and television personality AidanPower. In between doling out the toughquestions, he ensured that nerves werekept to a minimum by keeping theatmosphere light-hearted. Aidan wasQuizmaster for a second year after provinga big hit with the children at the Quiz Finalin 2017.

The hotly contested annual Schools Quizis run by the Irish League of Credit Unions(ILCU) each year and attracts more than25,000 participants. The local and regionalknockout rounds were organised by creditunion volunteers and took place in over300 venues between January and March.The quiz is divided into two sections;Competition A for children up to 11 yearsand Competition B for children between 11and 13 years. The winning teams at thenational final receive €1,250 per school,with the runner up teams in each categoryreceiving €750 for their schools. Local andregional winners also receive a range ofprizes.

The theme for this year’s Quiz was ‘TheFearless Four’ and all of the teamscertainly showed no fear as they contestedthe final fiercely competitive rounds. After atense wait, the winning teams and runners-up were revealed and ran to the stage toclaim their prizes.

TEAMS OF ‘FEARLESS FOUR’ BATTLE IT OUT AT SCHOOLS QUIZ GRAND FINAL


Teammates from Scoil Mochua, Cellbridge, Kildare enjoying the sun ahead of the Quiz.

Team-work at its best during the Grand Final of the Schools Quiz at the RDS, Dublin


The teams were:Competition A Winner: under 11 years ofage: Drumconrath National School, Co.Meath – representing Ardee CreditUnion Ltd; Shauna Carolan, MuireannMcMahon, Thomas O’Connor andSeamus Hughes.

Competition A Runner-up: Scoil Eoin Phoil,Co. Kildare - representing Leixlip &District Credit Union Ltd; Joe Evans,Alisha Shiels, Alison O’Connorand Orlaith Thornton

Competition b Winner:11-13 years of age: ScoilMhuire, Abbeyside,Dungarvan Co.Waterford – representingDungarvan Credit UnionLtd; Kate McKeon, EmilyFahey, Sarah Fahey andKeeley Flynn.

Competition b Joint Runners-up:Castletara National School, Co. Cavan -representing Cavan Credit Union Ltd;Luke Gilmartin, Martha Spring, RubySpring and Lucy Clarke.

Competition b Joint Runners-up: ClaraNational School, Co. Kilkenny-representing St Canice’s Kilkenny CreditUnion Ltd; Harry Boyle, Paddy Walsh,Ross O’Gorman and Emma Corr.

The questions for the Quiz arecompiled each year by primary schoolteachers and cover topics such asgeography, history, music, literature andsport. The event is a popular fixture onthe annual schools’ calendar and aimsto encourage and develop teamwork andcollaboration between school-children. Itis one of the central events in the ILCU’sprogramme of youth initiatives.

Speaking at the event, ILCU PresidentCharles Murphy said “Every child whoparticipated in all rounds of the Quiz thisyear should be hugely proud of theirachievement. I congratulate theirteachers and parents for the time theydedicated and the effort theydemonstrated. The national round of thecompetition was fiercely fought and ourtwo winning teams are extremelydeserving of the title. I hope all thechildren enjoyed the event as much asthose of us who watched on the day.”


Top: Winners of the Under 11Competition; Drumconrath NationalSchool, Co Meath; Shauna Carolan,Muireann McMahon, ThomasO’Connor and Seamus Hughes.

Circle: Quiz finalists from ScoilMochua doing some last minutecramming!

Right: Under 13 winners; ScoilMhuire, Abbeyside, Dungarvan CoWaterford; Kate McKeon, EmilyFahey, Sarah Fahey and KeeleyFlynn.

Teammates from Bunscoil Bhride, Newtown, Rathangan, Kildare didn't let the nervesget to them before the Quiz!



The Cost of BereavementIn Ireland over 30,000 deathsoccur annually. Over 80% ofthese deaths occur inretirement and one-third occurafter age 85. Most people wantto have a nice send-off. Thosethat want to ensure that thisoccurs will plan the funding fortheir passing so as not to leavea burden for loved ones.

The Cost of BereavementIn the Republic of Ireland (ROI) andNorthern Ireland (NI) the average cost ofa funeral is a little over €4,000/£3,000,but this does not include the cost of aburial plot. Funeral costs typically coverthe removal, hearse, coffin and funeraldirectors fees. Burial plots costs in ROIvary depending on where you live, andcan range from the least expensive plotsin rural areas at €200, to moreexpensive plots at €800. In Dublin,plotscan range from between €1,400 to€2,400. Unfortunately the costs don’tend here, there are church offering fees,music at the service, catering, obituarynotice etc. The list goes on. Overall theminimum cost following the death of aloved one, may only begin at€6,000/£5,500.

Credit Unions - Death Benefit Insurance(DBI) Schemes - A Big Help The credit union movements’ lifeassurance company, ECCU AssuranceDAC (ECCU), underwrites a number oflife assurance schemes for credit unionsin Ireland. One of these is group DBI,which was developed in 1995 and pays alump sum benefit to help paybereavement costs. About two thirds ofcredit unions across the 32 countiesprovide the DBI service to approximatelyone million credit union members. TheDBI benefit levels available to creditunions range from €1,000/£750 to amaximum benefit of €3,250/£2,500. Formany credit union members, the creditunions insurance services represent theironly form of life insurance protection.There is no doubt that the credit unionmovement insurance services havehelped many thousands of families withbereavement expenses over the years.

Aging and Credit Union Cost PressuresIreland is aging. The number of people inROI aged 65 and over has increased by32% since 2007. For Northern Ireland, itis estimated that between 2013 and2033, the number of people aged 65years or over will increase by 63%. ECCUhas experienced increasing trends in DBIdeath claims in recent years and this hasbrought about increases in DBIpremiums for many credit unions.Credit unions have also experienced

significant increases in regulatory costsand incomes have been reduced due topoor investment returns. This has putpressure on each credit union’s ability toprovide benefits and services to theirmembers, including insurance services.Given these pressures the future may beone where members will need to providefor their own future by taking out theirown insurance policies and paying thepremiums themselves.

New Member Pay DBI ProductTaking the maximum DBI benefit level

available from the current credit uniongroup DBI arrangements of€3,250/£2,500, this still leaves aprotection gap in the funds needed tocover the total cost of a bereavement. Asa result some members may wish toobtain additional insurance protection.ECCU is currently exploring thedevelopment of a new member pay DBIproduct that members can opt to buythemselves. Such a policy would beowned and paid for by the member. Thiswould guarantee cover for the memberas long as they continued to pay thepremiums and the member wouldchoose from a range of cover amounts.Such a policy would be most suited tomembers between the ages of 45 and65, but the cost of such a policy wouldvary depending upon the member’s agewhen they joined. A member-owned DBI policy, coupled

with the current credit union group DBIarrangements, may provide memberswith the solution to close thebereavement cost protection gap.



Continuing with last year’s GR8 Saverscharacter, Gerry the Giraffe, this year thetheme of the week was to encourage childrento ‘get their skates on and save’. A range ofcreative was designed around the Gerry theGiraffe character, and a promotional packcontaining posters, leaflets for parents,activity sheets and promotional tips and ideaswas issued to credit unions. A number ofGIFs were created for social media, whilethere was also a special social media videoproduced in partnership with both the IrishMirror and Belfast Live to promote GR8savers week. During the week, the two mediaoutlets promoted the GR8 savers social videovia their online channels. The promotion alsofeatured a kid’s savings calculator to showhow savings can grow and five pieces ofnative content pieces were also published ontheir channels on topics such as pocketmoney, building a savings habit, whatchildren are saving for and why credit unionsare ideal for children’s savings accounts.

The awareness week is designed to befun and enjoyable for young people, whilealso highlighting the value of money andthe benefits of prudent spending. It is partof the credit union movement’s ethos andcommunity commitment that they helpensure young people are taught how tobecome financially independent. Soundfinancial planning and prudent moneymanagement are skills that can benurtured from a young age. Encouragingchildren and young people to develop aregular savings habit during GR8 SaversWeek can assist them greatly in the future,especially when they need to managebudgets while at college or in their first job.

It’s also an opportunity for young peopleto learn about the not-for-profit ethos oftheir local credit union and the fact thattheir credit union will always be there forthem in the future, offering fair andaffordable loans for whatever they mightneed.

CREDIT UNIONS HOST GR8 SAVERS WEEK 2018

Credit unions across irelandrecently launched the annualfinancial education initiativefor children; national Creditunion Gr8 savers Week. thesavings and spendingawareness week ran fromMay 7th to 13th. the eventaims to encourage parentsand teachers to educatechildren about the importanceof responsible moneymanagement and saving forthe future. Experts agree thatadult money habits aretypically set by the age ofseven (university ofCambridge 2013 study; HabitFormation and Learning inYoung Children), so it is nevertoo early for children to startlearning positive moneybehaviour.

Below are some of the top tips whichcredit unions can offer to parents aboutteaching their children how to develop ahealthy and responsible attitude to money.

1. Consider rewarding children for regularsaving. Don’t focus on the amountsaved, but the fact that they aredeveloping a savings habit. Supportingand rewarding them to save even verysmall amounts on a regular basis willhelp to imbed the habit.

2. Help young people to decide on asavings goals – it’s good for them tohave both a short term and a long termgoal. They will find it much easier tosave regularly when they are savingtowards something they really want.

3. Dissuade young people from spendingtheir savings on impulse. Remind themof their savings goal and what theyoriginally wanted to save for. Share withthem a story of something that youwould have saved for when you wereyounger.

4. Help young people to develop asavings plan, calendar or mood-boardto highlight when their goal will beachieved. Having a visual prop or avisual ‘countdown’ can also encouragethem to stick to their target.

5. Give pocket money or allowances insmall denominations and encouragethem to put a little aside. Having apiggy bank, or better still a transparentjar so they can watch their moneyphysically increase, is also a good idea.

6. Consider linking pocket money andallowances to chores or responsibilitiesin the home. This helps to embed theidea that money must be earned. Themore effort required to earn theirmoney, the less likely they will be tospend on impulse or all at once.

7. If pocket money and allowances runout at an early stage, don’t rush toreplace them. Providing additionalmoney at the drop of a hat will defeatthe purpose of giving a set allowance.

8. Why not bring them to their local creditunion to open their own account. Thiswill give them a sense of independenceand responsibility.



CUSOP FOCUS

CusoP is an established credit union shared service facility to support MPCAs & payment services.

CusoP is supporting credit unions in MPCAs development.

KEY FINDINGSCard payment volumes rose by 20.4% year-on-year in H2 2017, boosted by continuedgrowth in debit card usage and the adoptionof contactless payments.

Digital banking transaction volumes,including online and mobile banking, grewby 27.3% year-on-year during H2 2017.

Cheque payments continued to decline inH2 2017, down 9.7% by volume year-on-year.

The value of ATM cash withdrawals fell on ayear-on-year basis for the second successivequarter in Q4 2017, with some €9.8 billion incash withdrawn in the second half of 2017.

EXPLOSIVE GROWTH INCONTACTLESS CARDACTIVITY CONTINUESContactless (which includes contactlesspayments with physical card and mobile-based payments from a card-linked account)is the key driver of payment card growth:contactless accounted for almost 82% of the152 million increase in payment cardvolumes in 2017.

There were 129.1 million contactless cardpayments in the second half of 2017, valuedat €1.6 billion. That equated to year-on-yearincreases of 109% and 113% in volume andvalue respectively.

DIGITAL BANKING GROWSAND CHEQUE USAGE FALLSDigital banking (credit transfers initiated viapersonal online or mobile banking) grew by27.3% year-on-year in H2 2017.

In the past decade, digital banking activityhas almost quadrupled. Some 71% ofindividuals who used the internet in theprevious three months reported using it fordigital banking, according to the CentralStatistics Office, up from 45% in 2008. Thisis on a par with the UK and France butbehind Scandinavian and Benelux countries.

CREDIT & DEBIT CARDSPayment card usage (including contactlesscard payments) continued to grow stronglyin H2 2017, driven mainly by a significantincrease in debit card activity, according tothe Central Bank of Ireland. Debit cardvolumes grew by 23.1% year-on-year andcredit card volumes by 6.6%.

source: BPFI Payments Monitor H2 2017https://www.bpfi.ie/publications/bpfi-payments-monitor/ ‘BPFI is the voice of banking and paymentsin Ireland.’

The latest BPFI Payments Monitor shows strong growth in card payments,driven mainly by the widespread acceptance and use of contactlesspayments and continued growth in digital banking. However, cash stilldominates at the point of sale (POS). The share of payments made in cash isfalling, however, as account-based payments continue to grow andconsumers use their accounts in new ways.



CUSOP FOCUSstrength in numbers

our recent new joiners bring us up to 137 live CusoP credit unions

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

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

CUSOP presented at 10 Joint-Chapter meetings aroundthe country in advance of the ILCU AGM 2018,including Templepatrick (above), Tubbercurry, Omagh,Cork, Carlow, Limerick, Leixlip, Finglas, Dundalk andBallinasloe.

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.

Pictured at the ILCU AGM in Killarney were DiarmuidHanrahan & Aimee Heneghan, CUSOP, with Michael Carlinof Cobh Credit Union Ltd.

Jane Joyce of Health Services Staffs Credit Union Ltd., left, was one of the fivewinners in the Danske sponsored raffle at the CUSOP stand at the ILCU AGM2018. Jane was presented with her prize by Fiona Lawlor of CUSOP.

Pictured at the ILCU AGM 2018 in Killarney were PaulPatton, Ballymena Credit Union Ltd., Patsy McShaneand Roisin Murray, Ballinascreen Credit Union Ltd. andMichael Keegan of CUSOP.

At the Spring CUMA conference in Athlone during Aprilwere Michelle Kemmy, Kildare Credit Union Ltd, JohnChapman, CUSOP and Mary Higgins of MonasterevanCredit Union Ltd.

CUSOP ‘Out & About’


siMiLARitiEs:Governance: The governance model in Canada isvery similar to that in Ireland. One member- onevote, elections at AGM, etc. Plainsview CreditUnion has eleven directors. Directors are volunteersbut they receive an attendance allowanceequivalent to €60 for each meeting. Our Boardmeetings take place in two locations with a skypeconnection between. This is helped by the fact thatsome of our executive work from the Kipling branchis 90 minutes’ drive from our head office inEmerald Park. As in Ireland, many directors stay formultiple terms and replacement directors are noteasy to attract. Credit unions do not have commonbond restrictions and can operate anywhere withintheir province. (See below on regulation)

Ethos: The ethos of the Canadian system is verysimilar to that of Ireland; common ownership, oneperson one vote, community involvement, etc. This

is to be expected as, to the best of my knowledge,it was in Canada that Nora Herlihy firstencountered credit unions and was so impressedthat she brought the concept back to Ireland,helping to form the first credit union in Donore,Dublin sixty years ago. (Happy Anniversary toDonore Credit Union Ltd.!!) The larger creditunions in Canada have very extensive communityengagement programmes with very largesponsorship budgets.

Amalgamations: The Canadian credit union systemhas seen multiple mergers over the last 20 yearswith the number of credit unions shrinking to aboutone third of the number that existed then.Typically, credit unions merge to provide scale,reduce overheads and attract talented orexperienced senior staff. It is expected that thenumber of credit unions in Saskatchewan will beless than 40 by the end of 2018.

KERRY TO SASKATCHEWAN: A CREDIT UNION WORLD APART


i moved to saskatchewan, Canada in June of last year to take up the position of CEoin Plainsview Credit union Ltd., Emerald Park. Plainsview with eleven, mainly rural,branches and assets of $280m is approximately the same size as tralee Credit unionLtd, where i had been CEo for 15 years. Emerald Park/White City where our headoffice is located boasts one of the fastest growing populations in Canada.saskatchewan is the seventh largest of thirteen Canadian provinces, with an areaeight times the size of ireland and a population of just 1.2 milliom people. thedistance between our two branches that are furthest apart is 300 km, the distancefrom tralee to Dublin. saskatchewan has 45 credit unions and they range in sizefrom the equivalent of €30 million to €4.5 billion.

by Fintan Ryan


DiFFEREnCEs: services: The first thing that struck mewhen researching Canadian credit unionswas the range of services offered. Allcredit unions offer debit cards (imaginethat, a credit union with a debit card!!),credit cards, mortgages, consumer(personal), commercial and agriculturalloans and most offer wealth advisoryservices. The balance sheet of a typicalcredit union in Canada is very different toan Irish credit union with most creditunions between 70% and 80% loanedout. Almost all credit unions offer ATMservices that accept all cards, creditunion or otherwise.

Lending: In Saskatchewan, a credit unionloan portfolio is typically 90% mortgage,commercial and agriloans with 10%consumer (personal). In Ireland, becauseof regulation, the loan book is typicallythe opposite with 90% consumer lending.Note - neither breakdown is ideal andboth have advantages and disadvantages.Consumer loans are of typically smallervalue, greater in volume, less secure butwith easier underwriting and betterreturn. Mortgages, commercial and agriloans are larger (our upper limit on anindividual loan is $5 million), have morestringent underwriting needs, are moresecure, typically stay on your bookslonger but offer less return. The marketfor the bigger loan is also morecompetitive. To put the lending activityinto prospective in Plainsview in 2017,we approved $45m in loans with anaverage value of $80,000 each. Thatequates to about 560 loans over the year.In Tralee Credit Union, we would haveexpected to approve almost that manyloans in a month, with the average loanbeing about the equivalent of $8,000.

Wealth and Advisory services: Most creditunions have at least one wealth advisor.Credit unions are allowed to take fundsand place them with a wealth companywithout showing these funds on theirbalance sheet. This allows credit unionsto develop their relationship withmembers which provides for almost alltheir financial needs withoutcompromising their growth and need forcapital reserves. The two investmentfirms offering mutual funds to creditunion members (Credential and CUTrade)recently amalgamated to form Aviso.

Representation: Credit unions in Canadahave two layers of central governance and

representation. In Saskatchewan, allcredit unions are affiliated to SaskCentralwho provide local representation with theprovincial government, as well as otherservices such as training, internal audit,compliance and consultancy services.Crucially for Saskatchewan credit unions,SaskCentral provides liquidity cover forcredit unions by managing a central poolfunds. The Canadian Credit UnionAssociation (CCUA) is the centralrepresentation body for credit unions andis made up of representatives fromcentrals and credit unions. I recentlyattended the CCUA AGM in Toronto. TheAGM itself, took less than an hour tocomplete, with the balance of the twodays devoted to very impressive keynotespeakers and break-out sessions.

Regulation: In Canada, credit unions areregulated provincially. Saskatchewancredit unions are regulated by the CreditUnion Deposit Guarantee Corporations(CUDGC). Credit unions, unlike federallyregulated banks, have an unlimitedsavings guarantee through CUDGC. I havefound their relationship with credit unionsto be more of a partnership in gettingthings done right, rather than the muchmore dogmatic relationship that existsbetween the Central Bank of Ireland andIrish credit unions. Because credit unionsare regulated provincially, they cannotadvertise their services outside of theirown province. Some credit unions arelooking to be regulated federally. Thismeans that they can advertise forbusiness across Canada but in return theywill be regulated, like a bank, by theOffice of Superintendent of FinancialInstitutions (OSFI) and their members’savings will have a limited guarantee, asin Ireland.

ownership of services: In stark contrast tothe Irish movement, Canadian creditunions have an ownership stake in mostof their essential business partners.

The system owns its own core bankingsystem (DNA), which is developed byFiserv and licenced to Celero, a companyowned by the credit unions. Almost allcredit unions in Saskatchewan use thissystem. Central 1, an amalgamation ofthe centrals of British Columbia andOntario provides IT, HR and recruitmentservices to credit unions across Canada.

SaskCentral owns Concentra Bank, afully licenced bank, that offers wholesaleservices such as leasing, loan syndicationand advisory services to credit unions and

others across Canada.The system owns its own insurance

companies. CUMIS essentially offers thesame services as ECCU. Credit unionmembers pay for these services inCanada. The Cooperators is a credit unionowned insurance company that offersgeneral insurance services and benefitpackages to credit unions for staff and tothe general public. The Cooperators runthe group benefit packages for creditunion staff which includes medical,dental cover, income continuance andpension scheme.

The movement owns Aviso, the wealthmanagement company that providesmutual funds for resale to credit unionmembers. As mentioned above, thesefunds are held off the balance sheet ofcredit unions, which makes it easier tomanage their capital (reserve)requirements.

Challenges: Just like in Ireland, the Canadian creditunions also face challenges. There is ahuge diversity in size between the smallerand larger credit unions, with largercredit unions wanting to develop at afaster pace than their smaller neighbours.Even the largest Canadian credit unionsconsider that they do not have sufficientscale to compete adequately. The banks’greater ability to invest in and adopt newtechnologies, or partner with Fintechcompanies, is putting pressures on thecredit union market. Smaller creditunions are finding it hard to attractsuitably qualified staff especially in ruralareas. Canadian credit unions wouldbenefit from having higher yieldingconsumer loans to contribute more totheir income, as competing with themajor banks for mortgages means theirinterest rates need to be competitive.

In conclusion, it has been a steeplearning curve to get up to date on theadditional services, including theassociated risks, understand the varioussupplier and regulatory landscape anddevelop the necessary relationships that,in Ireland, I had developed over mytwenty-five years involvement in thesystem. All that, along with coping with anew social environment (and virtually asix-month winter), has meant my first tenmonths have been very interesting. Myteam in Plainsview are very supportiveand now that they can understand what Iam saying (sic) it makes life much easier,and I am really enjoying life here in thePrairies of Canada.



this year, Enniskillen Creditunion Ltd. is celebrating thesignificant milestone of its50th Anniversary.

in the beginningSean Mulhern, John Kearney, JimmyCorrigan and Pat Concannon first met as astudy group in John Muldoon’s house inMarket Street. The group wanted to dosomething that would encourage theEnniskillen and District community to forma saving and lending co-operative withinthemselves. Enniskillen Credit Union Ltd.then first opened its doors to the public onSeptember 20th 1968 in the Chairman’shouse in Market Street.

The first directors were named as follows;Rev B Hilary, James Corrigan, SeanMulhern, Thomas McBrien, EugeneMcManus, Thomas Kelly, Jim Cleary, JosieCavanagh, Charles Kane, Seamus Kelly,Jim McKeogh, John Muldoon, TomSheridan, John Kearney, Pat Concannon,Jim Falconer, Charles Downey, JohnDrumm, Frances Rogers, Kathleen Doorisand Tim Morrissey. The first collection nighttook in a grand total of £23-2s-7d

the Credit union todayOver the past 50 years, the successfuloperation of Enniskillen Credit Union isdown to the local members who continue tosupport the credit union. A strong sense ofvolunteering from the local community inEnniskillen has ensured the credit union’ssuccess and for that the credit union ishugely grateful. From humble beginnings tomoving to the new state-of-the-art premisesin Darling Street in 2016, it has been atremendous achievement over the past 50years.

Enniskillen Credit Union today;– Total Membership: 6,085– Savings: £11.1 million– Loans: £4.7 million– Assets: £13.3 million– Staff: Two full-time and four part-time

the First Years of the Credit union Enniskillen Credit Union was one of the firstcredit unions to be established inFermanagh county. Early meetings in 1968

took place in director’s houses, the RailwayHotel and in the Melvin House where thevarious committees were formed. The firstofficial meeting of the Board took place ona Monday in September 1968 in AnnStreet. The first Board decided to open acredit union office in the house of theChairman, Mr Sean Mulhern, in MarketStreet and opening hours were 7pm to9pm. Membership at this point was around38 and the first loans were granted inOctober 1968. The total amount of loansapproved by early December 1968 reachedalmost £500. At that time in Ireland, therewere over 300 credit unions with 138,000members and savings of £5.5 million.

In March 1969 the Board decided to renta premises at 13 Darling Street and inOctober 1971 went on to purchase thebuilding for an official Enniskillen CreditUnion office. Enniskillen Credit Unionbecame a limited company in January1971 when it registered under theIndustrial and Provident Societies Act NI1969.

Over the three year period from 1968 –1971, the credit union had advancedbeneficial loans to its members totalling£43,000 and in so doing had approved 560applications.

The business of the credit union wascarried on with voluntary help until thereconstruction of the first Darling Streetoffices in November 1980, when the Boardof Directors decided to give daily service to

the members by employing clerical officerMiss Patricia Keaveney. Patricia was anasset to the credit union. Over the following36 years she served as Manager, onlyrecently moving on from that post to serveon the Board.

Below is a snapshot of an article from thelocal paper giving an overview of the creditunion movement in Ireland in the 1960sand 1970s;1959: Members 200. Shareholding £4151962: Members 8,000. Shareholding

£102,0001964: Members 28,600. Shareholding

£620,0001966: Members 61,000. Shareholding

£2,100,0001968: Members 145,000. Shareholding

£5,500,000

the 1980sEnniskillen Credit Union went from strengthto strength in the 1980s. 1981 was asignificant year and at the Annual GeneralMeeting, Chair Joe Owens welcomedmembers, and informed them that theirnew credit union building in Darling Streetwas now completed. He described it as“one they should take pride in”.Membership of the credit union stood at798. The main loans granted were in homeimprovement and car loans, very similar totoday’s market!

On September 22nd 1989 the creditunion celebrated its 21st Birthday with a

ENNISKILLEN CREDIT UNION CE


Top left: Enniskillen Credit Union staff andvolunteers

Above: The first annual Enniskillen Credit Uniondinner at the Imperial Hotel

Left: Enniskillen Credit Union offices today


social evening in the local Railway Hotel. Atthis stage, there were 854 members withshares amounting to £329,000. In 21years , the credit union had loaned outcirca £3 million to members.

the 1990sFollowing on from this, Enniskillen CreditUnion celebrated its 25th year in 1993.The then-President of the Irish League ofCredit Unions, Mr Frank O’Kane, was thespecial guest at a silver Jubilee celebrationdinner in the Railway Hotel. Many of thesurviving original founders attended,including the first member to join, BrotherHilary. Local Chairman, Peter McAloon,welcomed all members and guests to thedinner, after which he gave a short historyof the formation of the credit union inEnniskillen. He said he was pleased to notethat in over the 25 years, loans had toppedthe £5 million mark and savings stood atover half a million. He paid tribute to thoseearly pioneers who had the courage to startthe local credit union and he lookedforward to the future with optimism. TheILCU President, Mr O’Kane, in his addressspoke of the rapid expansion of the creditunion movement throughout Ireland, andsaid the ultimate object was to encouragethrift. He paid tribute to Peter McAloon andAlfie Montgomery who had helped to

establish other credit unions in every partof Fermanagh.

the Credit union and the Local CommunityThroughout the 1990s, the credit unionsponsored many events including theEnniskillen Theatre festival, the CommunityGames, Fermanagh Feis and the LakelandCycling club. In 1991, Tommy McBrien,first treasurer of Enniskillen Credit Union,un-veiled the plaque to mark the formalopening of the new office. In 1990 thecredit union procured premises in HeadStreet and, in keeping pace with newtechnology, became fully computerised in1992.

Throughout the 1990s and 2000s, thecredit union was very much at the forefrontof the local community, supporting SchoolQuizzes, Art Competitions and LocalCharities. During the early years of the 21stcentury, the Board discussed options ofpurchasing new premises back in DarlingStreet. Enniskillen Credit Union hasachieved further success in the pastdecade.

With the new digital era, there has beeninvestment in technology to bringEnniskillen up to speed going into 2020. Arecent transfer of engagements withKinawley Credit Union Ltd in 2018 hassuccessfully occurred.

50th Anniversary CelebrationsThere will be a number of events over thecourse of the year for the 50th celebrationsto recognise this milestone. Each monththe credit union will be giving back tomembers by way of a youth bursary,competition giveaways, Corporate SocialResponsibility events, and an official OpenWeek in September 2018. There will alsobe a dinner dance in recognition of thehard work of all involved over the past 50years.

Looking to the FutureMembership of the credit union nowstands at 6,085. There are currently six

members of staff, headed by ManagerLouise Mulrone. Last year, staff werenominated for an Excellence inCustomer Service Award at theFermanagh Herald Business Awards. Today the Board members are Jackie

Harte, Martin McAloon, KathleenMaguire, Michael Kearney, Patricia Elliott,Nuala Cassidy, Sean McCaffrey, SheilaMcManus, Anne Keenan, Gordon Bell andKevin McKenna. Together, they arecommitted and dedicated to co-operation,sharing of best practise with like-mindedcolleagues and members acrossFermanagh and Ireland.

In this new digital era, it’s important tobe kept up to date with advancements,training and the credit union has a sharedvision for growth going forward. In thefuture, the credit union will be able toprovide members with more services andupdated facilities. The Board believes bycontinually improving services andinvesting in members, the credit union willcontinue to grow and strengthen for futuregenerations to come.

Enniskillen Credit Union would like tothank everyone for their support over theyears, the commitment and dedicationshown by Board members, old and new,over the years has been tireless. The creditunion would also like to thank staff,directors, volunteers, family members andall members who have made this successstory possible. The credit union also thanksthe Irish League of Credit Unions for all thesupport over the years; it has been verymuch appreciated.

Enniskillen Credit Union very muchlooks forward to the next 50 years!

ELEBRATES 50TH ANNIVERSARY


The official opening of the Head Street premises in 1991.


According to teagasc, the prospects for theirish dairy industry remain very positive asmilk production will grow significantly overthe next decade, and the fact that it is themost profitable enterprise in theagricultural industry. ireland is also thefifth largest net exporter of beefinternationally, and irish beef is generallyregarded to be some of the best in theworld.

In the Irish Independent article ofMarch 17th, 2018, titled Why don’tfarmers use credit unions? DarraghMcCullough notes that by doing businesswith a credit union, farmers are alsoinvesting in the fabric and economicvitality of their locality. Borrowing from thecredit union fully supports and enhancesfarmer’s grassroots co-operative ethos –helping more than government plans orsubsidies – in keeping rural regions strongand thriving into the future.

CSO figures show that 99% ofbusinesses in Ireland are small andmedium-sized enterprises (SMEs).According to the Irish League of CreditUnions (ILCU) report ‘Towards 2030,Lending Opportunities for Credit Unions’,credit unions have significantopportunities to develop lendingrelationships with small businessesthrough their presence in communities,and regular interaction with members,firm owners and managers. With a large,

spatially dispersed network, along withaccess to soft information and proximity toborrowers, ILCU credit unions are wellplaced to expand business lending tosmall and micro firms - including ofcourse farmers and the agri-sector.

Many credit unions already haveestablished relationships with LocalEnterprise Offices (LEOs) who providesupport to local businesses. Some creditunions have diversified and expandedtheir portfolios into the agri-sector,meeting the needs of members from theagricultural industry. This has led to thedevelopment of courses specificallydesigned to support credit unions who areinvolved or will be involved in the agri-sector.

For those credit unions interested inpromoting their services to the agri-

sector, CU Learning &Development has developedtwo new training courses tosupport credit unions in agri-business and lending:

An introduction to Farm Finance is a two-day course run in partnership withTeagasc and based in Teagasc AgriculturalColleges. It is suitable for all officers whoare involved in lending to the agri-sector,or are considering developing their lendingcapability to this sector.

Advanced Lending (i) - Agri-Lending is aone day course available to book on theTraining Schedule (or on an in-housebasis). This is an advanced lending coursefor those reviewing agricultural type loanapplications to assess repayment capacityand to understand some of the factors toconsider with particular application to theagri-sector.

these courses are available from May2018 onward and bookings can be made atwww.culearn.ie

For any enquires please contact PaulHamill in CU Learning & Development on01 614 6700 or by email [email protected]

Agri-Lending…An Opportunity for Credit Unions?



the provision of Cu Learning &Development solutions is focused on theneeds of credit unions and theindividuals who support them. thisapproach supports credit unions andlearners by aligning learning anddevelopment needs to inclusivity. Yoursupport assists the provision of tailoredlearning solutions on an annual andseasonal basis. over the next foureditions of Cu Focus, the Your teamsection will explore the learningframeworks used by the iLCu Learningand Development (L&D) to provide yourteam’s learning solutions. this issue willbegin that process by identifying two ofthe main pillars, within theseframeworks, in-House training and thetraining schedule. this will supportthose managing learning and provide afoundation to understand the frameworkto those on the learning journey.

Your credit union team is the focus ofour learning solutions. Schedules andcourses have been developed and willevolve according to your needs. Yourvoice, through input to the TrainingNeeds Analysis (TNA) process, givesshape and direction for our TrainingSchedule and In-House trainingsolutions. It is this special relationship,recognising the Teams of Teams withinour networked movement, which allowsfor a tailored approach for your team.This collaborative relationship,recognises the special importance andrequirements of your team at the coreof TNA. As a Teams of Teams yourtraining needs direct our learningsolutions.

CU Learning &Development adoptson-demand and mobile solutions thatmake learning opportunities morereadily accessible to your team. Thereis value in the consideration of In-House training at Chapter level orthrough regional clustering. This provides greater flexibility in choosing

suitable dates and locations for yourspecific needs, while the TrainingSchedule provides those coursesidentified through annual TNA and delivered to the national demand.

Learning solutions are communicatedthrough a variety of platforms.Circulations to Chairs and managerswhich identify upcoming courses andtraining events, and seasonal TrainingSchedules which list the quarterlyplanned courses providing scheduleddates and training venues. Thesecourses provide value with the ability to

plan your staff and volunteerdevelopment in association with creditunion networking. The Training andEducation Brochure allows for collectiveaccess to all training solutions. CULearn Hub provides coordinators incredit unions and learners’ access toinformation on the suite of accreditedprogrammes. Additionally CU LearnHub enables the management ofindividual, staff and volunteer trainingand training records. All of theseplatforms will assist your team inidentifying the skills and competenciesthat it wishes to capture.

When considering learning for yourteam, the Training and EducationBrochure in tandem with the CU L&DWheel illustrates the variety of learning pillars available and assists in finding your solutions.

Your team’s In-House training can beflexible to suit the specific needs ofcredit union officers. All our classroombased programmes are available In-House at credit union, cluster orChapter level. Should you identify atraining or a skill set from the Trainingand Education Brochure, CU Learning& Development can help you with In-House delivery.

By working together we can provideyour team with the learning anddevelopment solutions that you need.We are available to assist in planning atailored solution to your teams trainingneeds, contact us by email ortelephone.

Looking ahead in the next edition ofCU Focus the Your team section willexplore the pillars of professionaldevelopment through accreditedframeworks and programmes.

We look forward to your input andwelcome your queries. Email: [email protected]: 00353 (0) 1 6146949


1of 4Your Team:

Learning Frameworks a Team of Teams


internal Audit services Can Assist Your Creditunion The Irish League of Credit Unions’ InternalAudit Services Limited (IAS) has beencontracted by over 50 credit unions sincebeing formed in 2014 as a wholly owned, butindependently operated, company within theILCU Group. IAS provides a fully outsourcedInternal Audit (IA) function. Full outsourcinginvolves no local input into the actual audittesting and evaluation, but needless to say,there is much local input in agreeing theaudit plan initially, uploading documents ontothe IA software platform, providing your

responses to the audit recommendations andthe implementation of actions to rectifyinternal control weaknesses. Also, fulloutsourcing with IAS has the benefits of:

n Expertise that comes from a service that isexclusive to the credit union sector.

n Audit work that is subject to peer reviewby the Institute of Internal Auditors (IIA).

n Structural independence.n Experienced auditors with credit union

background and relevant qualifications.n Font of shared expertise amongst IAS

Team Members.

n Enthusiasm to share best practiceconfidentially between credit union clients.

n Established lines of communication withthe regulator.

n Fee structure that is based on costrecovery only from being a part of thecredit union movement.At the same time, co-sourcing is now

being promoted as a viable alternative to fulloutsourcing.

Co-sourcing Explained With co-sourcing, IAS comes to anarrangement with management at anindividual credit union, or a group of creditunions (subject to Board approval), tosecond suitably qualified local staff membersto iAs to form a co-operative internal auditfunction. The audit work would come underthe supervision and oversight of a Senior

V

the Central bank of ireland's Credit union Handbook states that; “it is amatter for the board of Directors whether the internal audit function is to beperformed in-house, through a sharing arrangement between credit unions,or outsourced to a third party service provider having regard to the nature,scale, complexity and risk profile of the credit union.”


Cormac Oates, Marketing Officer with the ILCU's Internal AuditServices (IAS) Limited addressing AGM 2018 in Killarney.

OPTIONSFOR YOUR

CREDIT UNION’S INTERNAL AUDIT

FUNCTIONEXPLAINED

FULLOUTSOURCING

CO-SOURCING


Auditor in IAS and would be undertaken atlocations in the seconded staff’s area wherethey have not performed any day-to-daycredit union activity. That proviso allowsseconded credit union staff to actindependently and objectively in theperformance of their audit duties togetherwith IAS staff and, most importantly, they willbe enjoying one of the most rewarding on-the-job learning experiences available in anyfinancial services model.

Co-sourcing is not new. It forms part of atried and tested audit methodology that isalready in use in many industries and infinancial services globally. The credentials ofIAS staff are now firmly established. IAS isproud of the contribution being made to thekey foundations of Strong Governance, RiskMitigation and Operational Efficiency. Hencethe desire to introduce co-sourcing to thecredit union movement. IAS believes this is aprogressive and efficient model of internalaudit provision which synergises perfectlywith the co-operative ethos of credit unions.

Co-operation and Co-sourcingA credit union plus IAS in a co-sourcedarrangement leads to partnering; this drivesefficiencies and greater understanding ofrisks and internal controls.

Co-sourcing has all the benefits of fulloutsourcing, and more. It will help to

construct a vibrant pool of talent with anability to share and implement best practiceacross the movement and it will improve co-operation amongst credit unions availing ofthe services of IAS; a worthy aspiration forany service offering within the movement.But the piece de resistance has to be theclear efficiencies that flow from such amutually beneficial arrangement; efficienciesthat will drive substantially lower fees andstreamline audit output with no diminution inquality assessment and reporting the auditeewho, after all, is the key party in all of this.

Benefits for auditees in the co-sourcingmodel, as cited by major IA service providerswho are affiliated to the Institute of InternalAuditors, include:

n Improved Business Operations andEfficiencies.

n Access to Specialised Knowledge andSkills.

n Access to Independent and ObjectiveInsights.

n Greater understanding of the Componentsof Risk Assessment.

Aligned to the iAs Vision and GoalsTo give you a better idea as to how the creditunion ethos is embedded at IAS, below are aselection of the slides recently presented atthe ILCU AGM in Killarney. These highlightthe IAS Vision and Goals as a specialistprovider of internal audit services exclusivelyto the credit union movement.

For full details on all matters relating to the provision of internal audit services, or if you would like to meet with iAs at your creditunion, please contact:

Cormac oates Jacob bergMarketing officer, iLCu internal Audit services Ltd. Head of internal Audit, iLCu internal Audit services Ltd

t: 087-2922001 | E: [email protected] t: 01-6146917 | E: [email protected]

next

ste

ps

n IAS vision is to be recognised as thepreferred provider of internal auditservices and other assurance servicesto credit unions.

n With a mission to provide excellentinternal audit services and therebycontribute to the enhancement of thecredit union control environment.

n Based upon a set of values whereby weadhere to the highest standards ofcollaboration, integrity and serviceexcellence and continuously improve theprovision and standing of Internal AuditServices in the credit union movement.

We are working to deliver on these objectives:n Build, develop and maintain a strong IA

knowledge base within the credit union movementn Identify common trends and share best practicesn Facilitate comparability of risk/control and audit

frameworkn Deliver a standardised and transparent audit

process to facilitate knowledge sharingn Promote and enable the three lines of defence in

credit unions

We aim to establish:n “One common industry standard” for internal

auditing of the credit union movement to assist inimproving and embedding “compliance standards”across the movement

ourobjectives

and goal

ourvision and

missionstatement

Jacob Berg, CEOof the ILCU'sInternal AuditServices (IAS)Limited addressAGM 2018



Credit unions are financialcooperatives, and the focus is,and always has been, oncooperation. As a smalldevelopment organisation, theirish League of Credit unionsinternational DevelopmentFoundation (iLCu Foundation)understands the importance ofworking with other organisationsto help develop credit unionmovements as a means toescaping poverty.

In 2017, the ILCU Foundation receivedfunding from Electric Aid to co-fund aproject in Sierra Leone. The focus of theproject was to promote and developsustainable credit unions in ruralcommunities in Sierra Leone, a countryregarded as one of the poorest countries inthe world. The ILCU Foundation has beenproviding support to develop the creditunion movement in Sierra Leone since2012.

Electric Aid contributed money towardsthe purchase of long term assets includingtwo motorbikes and four generators. Themotorbikes will help credit unions in theirefforts to recruit more members and assistin recovering loans from members living inrural areas, these areas are often a fardistance from the credit union. Thegenerators enable the credit unions to servetheir members continuously because acrossSierra Leone there is a lack of reliable power.Limited or no power is a big challenge inrural communities and towns outside of themain city of Freetown. The new assetswere handed over to the Sierra Leone creditunion movement as part of handoverceremony which was televised as a meansto promote and grow the credit unionmovement in Sierra Leone.

In collaboration with Electric Aid, SavviCredit Union Ltd. (formerly St. Patrick’s ESBCredit Union Ltd.) generously contributed€10,000 towards the cost of a new vehicle.This very practical addition will help thecredit union movement in Sierra Leone meetthe needs of members across the countryand further develop the movement,especially in rural communities.

This co-funded project has resulted in thefollowing outcomes: - Increase of over 200 new credit union

members over 4 months- Number of rural people with loans has

increased from 842 to 916- Financial literacy training provided to 553

people in rural areas- 81% of those trained were female

Financial literacy training is an importantaspect of credit union development in ruralcommunities. The training reinforces thebasic principles of savings and credit andthe credit union ethos. Participants learnabout savings and loans, with emphasisplaced on why it is important to save money.The training encourages participants todevelop a good savings habit before takingout a loan, this in turn allows members toensure better financial security in the long-term. The ILCU Foundation would like tothank Electric Aid for their funding andsupport of our work in Sierra Leone. A fullreport has been provided to Electric Aid onthe project outcomes and financialexpenditures.

ILCUFOUNDATION

I

Sierra Leone: Working in cooperation, we achieve more

Staff from Upper Bambara Credit Union, Pendembu town a remote area in Sierra Leone

Vehicle purchased to help the movementdevelop nationally.

Motorbikes purchased as part of Electric Aidfunding

Handover of the assets to the apex body




Financial access in sierra LeoneSierra Leone is one of the poorest countries in the world. Prior to the ending of the civil war in 2002, which lasted 11 years, Sierra Leonehad a thriving credit union movement. However, the civil conflict left the movement with only 10 working credit unions. Nowadays the poorin sierra Leone have little or no access to financial services, with only 15% of the population having an account at a formal financialinstitution. Furthermore only 2% of the population are served by Micro Finance Institutions (MFI), and the biggest MFI fails to offersavings services. Financial exclusion leaves the low-income population with no choice other than informal options to save and borrow otherthan using moneylenders or keeping savings under a mattress. This then leaves people vulnerable to financial distress, debt and poverty.Without access to credit, the ability of the poor to invest in their future through education, enterprise, housing or asset building is severelyrestricted. Credit unions can help individuals to escape poverty and communities to prosper economically.

the World bank and FinancialCooperatives

In April, the CEO of the ILCU Foundation, AlanMoore, was invited to attend and participate ona panel discussion at an international workshopon Financial Cooperatives. The event washosted by the World Bank in Washington inconjunction with various internationalorganisations including the Consultative Groupfor the Poor (CGAP). The focus of the workshopwas “Financial Cooperatives and FinancialInclusion: Challenges and Risks”. The event wasattended by representatives from internationalorganisations from around the world includingregulators, funders and credit union leadersworking in development. Topics up fordiscussion at the event included: FinancialCooperatives (FCs) in a Changing Environment,Regulation and Supervision of FinancialCooperatives and Growth, and Diversificationand Integration through Technology. Theinvitation to participate and speak at such anevent is recognition of the success of the ILCUFoundation’s work internationally, and the Irishcredit union movement in general. Events likethis are also a good opportunity to engage withexternal funders to discuss future potentialcooperation to further develop credit unionmovements as a means to addressing povertyin developing countries.

A new era for cooperatives in Zimbabwe?In April, the ILCU Foundation undertook a visit to the creditunion movement in Zimbabwe. Similar to most East Africancountries they also use the term SACCOs - Savings andCredit Cooperatives as opposed to credit union, as theemphasis is on savings before credit – but the terms areinterchangeable. This visit builds on a high level reviewmission which took place in 2016. The outcome of thatreview recommended the ILCU Foundation to start a pilotproject in Zimbabwe, working in cooperation with the apexbody NACSCUZ (National Association of Cooperatives andCredit Unions of Zimbabwe). This visit was a joint visit by theILCU Foundation in association with ACCOSCA (AfricanConfederation of Co-operative Savings and CreditAssociations) to discuss the challenges facing Zimbabweancredit unions and the apex body, NACSCUZ, and how thesecan be addressed in order to support the development of themovement. A number of roundtable discussions were heldwith NACSCUZ and representatives from 15 SACCOs to gettheir opinions on what support and technical assistance isrequired in order to help the movement help its members.

Now is a time of positivity within Zimbabwe. The recentpolitical changes and appointment of a new President bringshope to the people of Zimbabwe that change will comeabout. The current government has committed tosupporting the re-development of the SACCO movement. Inaddition to this international funders are now starting to re-engage and look at providing funding in support of projectswhich seek to improve the livelihoods of the Zimbabweanpeople.

A number of meetings also took place during the visit,including meeting representatives from Irish Aid and theMinistry of Women’s Affairs, Gender and CommunityDevelopment in Zimbabwe. As we embark on the steps wewill keep you updated on our support and what the projectwill entail.

ILCUFOUNDATION

I

NEWS AND UPDATESiLCu AGMThanks to all those who popped by ourstand during the AGM in Killarney. We willbe following up with all of your questionsand queries over the coming weeks. Thevideo which was shown at AGM is availableto download and share from our Facebookpage or Youtube channel – ILCUFoundation

study visitThe ILCU Foundation will host a visit fromcredit union representatives from Kenyaand Tanzania at the end of May. Thedelegates are coming to learn more aboutthe Irish credit union movement. We willreport on this in the autumn edition of CUFocus.

staff newsSinéad Lynam has joined the Foundationas our Engagement Officer where she willfocus on fundraising and communications,keeping credit unions updated on the goodwork of the Foundation.

For more information on the Foundationcontact Sinéad on 01 614 6945 or [email protected] and keep up to dateon our Facebook page ILCU Foundation


HR

Employers have responsibilitiesfor the health and safety of theiremployees and any visitors totheir premises such asmembers, suppliers and thegeneral public. in addition tothese duties, there areregulations to deal withparticular hazards.

Republic of irelandLegislationThe Safety, Health and Welfare at Work Act2005 sets out the main provisions forsecuring and improving the safety, healthand welfare of people at work in theRepublic of Ireland.

The law applies to all places of workregardless of how many workers areemployed and includes the self-employed.

Employer DutiesThe core of the legislation is the riskassessment approach and the legal duty onemployers to prepare a written health andsafety document referred to as a SafetyStatement. Employers (including self-employed persons) are also responsible forcreating and maintaining a safe and healthyworkplace.

Employer’s duties include:• Managing and conducting all work

activities so as to ensure, as far asreasonably practicable, the safety, healthand welfare of people at work

• Designing, providing and maintaining asafe place of work that has safe accessand egress, and uses plant andequipment that is safe and without risk tohealth

• Providing information, instruction,training and supervision regarding safetyand health to employees

• Providing and maintaining welfarefacilities for employees at the workplace

• Preventing risks to other people at theplace of work including, for example,visitors, customers, suppliers and salesrepresentatives

• Having plans in place for emergencies

Employee Duties Employees, including those employed on a

part-time or temporary basis, also haveduties including:• Complying with relevant laws and

protecting their own safety and health, aswell as the safety and health of anyonewho may be affected by their acts oromissions at work

• Ensuring that they are not under theinfluence of any intoxicant to the extentthat they could be a danger tothemselves or others while at work

• Cooperating with their employer withregard to safety, health and welfare atwork

• Using in the correct manner any itemprovided for protection

• Participating in safety and health trainingoffered by their employer

• Reporting any dangerous situations,practices or defects that might endangera person’s safety, health or welfare

• Not engaging in any improper conductthat could endanger their safety orhealth, or that of anyone else

northern irelandLegislationThe Health and Safety at Work (NorthernIreland) Order 1978 is the primary piece oflegislation covering work-related health andsafety in Northern Ireland. It sets out youremployer's responsibilities for your healthand safety at work.

The Health and Safety Executive isresponsible for enforcing health and safetyat work

Risk AssessmentsThe credit union has a 'duty of care' tomake sure, as far as possible, employee’shealth, safety and welfare while at work.The first step is to carry out a riskassessment to spot possible health andsafety hazards.

A 'competent person' with health andsafety responsibilities must be appointed,usually a member of staff trained in healthand safety.

businesses employing five or more peopleFor businesses employing five or morepeople, there must also be:• an official record of what the assessment

finds (the credit union has to put plans inplace to deal with the risks);

• a formal health and safety policy whichincludes arrangements to protect healthand safety in the credit union.

the credit union’s duty of care in practiceAll employers, whatever the size of thebusiness, must:• make the workplace safe• prevent risks to health• ensure that plant and machinery is safe

to use• ensure safe working practices are set up

and followed• make sure that all materials are handled,

stored and used safely• provide adequate first aid facilities• tell employees about any potential

hazards from the work they do and giveinformation, instructions, training andsupervision as needed

• set up emergency plans• make sure that ventilation, temperature,

lighting, toilet, washing and rest facilitiesall meet health, safety and welfarerequirements

• check that the right work equipment isprovided and is properly used andregularly maintained

• prevent or control exposure tosubstances that may damage health

• take precautions against the risks causedby flammable or explosive hazards,electrical equipment, noise and radiation

• avoid potentially dangerous workinvolving manual handling (and if it can'tbe avoided, take precautions to reducethe risk of injury)

• provide health supervision as needed• provide protective clothing or equipment

free of charge (if risks can't be removedor adequately controlled by any othermeans)

• ensure that the right warning signs areprovided and looked after

• report certain accidents, injuries,diseases and dangerous occurrences toeither the Health and Safety Executive forNorthern Ireland or the local authority,depending on the type of business

Making the workplace safe and healthySo that the work premises provide a safeand healthy place to work, the credit unionshould:• make sure that the workplace is properly

ventilated, with clean and fresh air• keep temperatures at a comfortable level

(a minimum of 13 degrees Centigradewhere the work involves physical activity;16 degrees Centigrade for offices - there'sno maximum limit)

• light premises so that employees canwork and move about safely

• keep the workplace and equipment clean


HEALTH & SAFETY IN THE WORKPLACE


• ensure that areas are big enough to alloweasy movement (at least 11 cubic metresper person)

• provide workstations to suit theemployees and the work

• keep the equipment in good workingorder

• make floors, walkways, stairs, roadwayssafe to use

• protect people from falling from height orinto dangerous substances

• store things so they're unlikely to fall andcause injuries

• fit openable windows, doors and gateswith safety devices if needed

• provide suitable washing facilities andclean drinking water

• if necessary, provide somewhere foremployees to get changed and to storetheir own clothes

• set aside areas for rest breaks and to eatmeals, including suitable facilities forpregnant women and nursing mothers

• let employees take appropriate restbreaks and the right holiday entitlement

• make sure that employees who work

alone, or off-site, can do so safely andhealthily

Reporting injuries, diseases and dangerousoccurrencesThere is a legal obligation to report certaintypes of incidents in the workplace to therelevant authorities.Employers, self-employed people, andpeople in control of premises have a legalduty to report the following:• work-related deaths• major injuries or over-three-day injuries• work related diseases• dangerous occurrences (near missaccidents)

Employee Duties Employees also have responsibilities fortheir own health and safety at work. Theycan refuse to do something that isn't safewithout being threatened with disciplinaryaction.

If an employee thinks that the credit unionis not meeting their responsibilities theyshould talk to them first, if applicable theymay seek the assistance from the safetyrepresentative or a trade union official.As a last resort, they may need to report thecredit union to the Health and SafetyExecutive for Northern Ireland or to theenvironmental health department of theirlocal authority.


If you have any queries relating to Health & Safety in the Workplace, or indeed any HR issue,please do not hesitate to contact the ILCU HR Department, contact details:

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



RTE Broadcaster visits Derg Credit UnionEar to the Ground presenterDarragh McCullough recentlyvisited East Clare to mark thelaunch of the Cultivate farm loansscheme in Derg Credit Union Ltd.Mr McCullough met the agriculturalscience classes at St Anne’sCommunity College, Killaloe andScarriff Community College. Healso met with farmers in the Killaloeand Scarriff offices of Derg CreditUnion.

Speaking to the students, theRTE presenter described his life asa broadcaster and a farmer who hastried his hand at many things. Darragh,who also runs a successful tillage farmgrowing a range of flowers, describedthe Cultivate initiative as a vital source of

local finance. “Farmers are risk-takers,investors and entrepreneurs. The onething they need, like any business, isaccess to money. The credit unions area serious source of local money and thisinitiative is welcome news for all farmers

in this area." The visit from the RTEpresenter gave a huge boost to thelaunch of the scheme.

Derg Credit Union has alsoappointed a new BusinessDevelopment Officer, SiobhánDurack, who has been trainedspecifically to work with farmers inmaking the most of the loanproduct. said “My husband is afarmer here in East Clare so I knowthe business. In addition, alongwith other credit union officers inthe region, I have received intensive

training in farm finance and farmschemes and I believe the Cultivateloans will make a huge difference tofarmers in buying stock, machinery orundertaking farm improvements.”

Newry Credit Union Shines A Light

Newry Credit Union Ltd. isproud to be a principlesponsor of the Shining LightsCommunity VolunteeringAwards. This gives the creditunion a platform toacknowledge and rewardthose involved in volunteerismthroughout the local area.Founded by theConfederation of CommunityGroups (CCG), the awardswere established in memoryof Patricia Graham, a formeremployee of CCG who sadlypassed away in 2009. Theaward ceremony is held inJune during CelebratingVolunteers Week and isattended by over 500 peoplefrom across the voluntary andcommunity sectors. Sean Hogan, President ofNewry Credit Union said“Newry Credit Union isdelighted to be the mainsponsor of the CCG Shining

Light Community VolunteeringAwards in this 10thanniversary year. The rolevolunteers play in contributingto the community throughtheir dedication and altruismis immense, and we aredelighted to play our part inacknowledging the work theydo.” Newry Credit Union isdeeply proud of its role withinthe community, sponsoringboth small and large- scaleprojects that make such adifference to the lives ofmembers and the widerpopulation.

The late John J. Gallagher –An Appreciation

Ballinamore Credit Union Ltd.would like to pay tribute to JohnJ. (Jackie) Gallagher who haspassed away. He was afounder-director of the creditunion, and filled many rolesdown through the yearsincluding teller, bookkeeper,and member of variouscommittees. In 1971 he startedan unbroken run as a directorthat was to last for 30 years. Hewas chairperson on a numberof occasions, but it was in hisrole as treasurer from 1979 to1986 that he made his greatestcontribution. In those pre-computer days Jackie spentendless hours manuallycalculating dividends onmembers’ accounts, ensuringthat they were added in time tobe a welcome Christmas bonusfor many individual members.Jackie was a true creditunionist, he had great empathywith members and their best

interests were the driving forcebehind all his actions.

The phrase “one of nature’strue gentlemen” probably bestdescribes Jackie Gallagher andhe will be greatly missed by allwho had the privilege to knowand work with him.

He was above all, a greatfamily man and the Board ofBallinamore Credit Union, itsstaff and members offer theirdeepest sympathy to his wifeTess, daughters Mairin, Finolaand Aileen, his son Niall, andhis extended family. Ar dheisDé go raibh a hanam uasal.


On February 8th 1967, lessthan 10 years after NoraHerlihy and her group startedthe first credit unions, ComhairCreidmheasa Cois Sionna, laterrenamed Cois Sionna CreditUnion Ltd., held its first publicmeeting in the local communityhall.

The full Board elected in1967 was President DiarmuidO’Riordan, Vice –PresidentMatt Feheney, Chairman LarryNestor, Secretary & TreasurerPaddy Gallagher, EducationalOfficer Basil Fitzgibbon. The

other Board members includedJohn Nestor, Sheila Gallagher,Mrs. TJ Moran and MichaelO’Shaughnessy. TheSupervisory Committee wascomprised of RichardLombard, Tod Mangan andMichael Barry.

The early and formative yearsof Cois Sionna Credit Unionwere times when money wasnot very plentiful and thedemand for loans very oftenexceeded the monies taken in.From this humble start in1967, with 27 members and

£442 in shares, to today with15,000 members and sharesand assets of €86 million,confidence in the credit unionhas grown at an enormousrate. Today there are 10 full-time and 15 part-time staff.The common bond covers anarea of 50 kilometres withseven offices.

As Cois Sionna Credit Unioncontinued to expand andmembership grew, the creditunion purchased the currentsite and built new offices atChurch Street, Askeaton.

Expansion has not beenconfined to Askeaton withoffices built and renovated inPallaskenry, Kildimo, Foynes,and Shanagolden. In 2013,there was a transfer ofengagements with EstuaryCredit Union, with branches inGlin and Tarbert. This has beenenormously successful with thebenefits being witnessed by all.Together, the credit union hasbuilt not an institution, but aliving vital testimonial that willsurely live for another 50 yearsand beyond.

Cois Sionna Credit UnionCelebrating 50 years of service


Newington Credit Union pays tribute to the late Barney DevennyNewington Credit Union Ltdmourned the recent passingof a dear friend andcolleague, Barney Devenny.Barney, a retired teacher, wasa dedicated communityactivist involved in bothNewington Credit Union andthe local St Vincent DePaulSociety.

Barney was passionateabout the credit unionmovement and vociferousabout the benefits ofmembership to local

communities. Improving thelives of those who are mostexcluded in society was theguiding principle in hisactions and was at the heartof everything he did. Hishumour, personality andteaching background gavehim the opportunity topromote the bursary scheme,Schools Quiz and ArtCompetition when visitingprimary and post primaryschools. He also set up theYouth Awards Scheme which

ran successfully for a numberof years.

Barney’s strength ofcharacter stood him in goodstead during his ill health andhe faced the challenges itpresented with great courageand humour. Barney will besorely missed by all hisfriends, colleagues and fellowmembers of Newington andthe wider credit unionmovement. Sincere sympathyto Deirdre, his wife, and hisfour children.


Comhar Chreidmheasa Chorca DhuibhneAwarded Q-Mharc Gnó le Gaeilge


North East Credit Unions Join Forces to Sposnor Fleadh Cheoil na hEireannDrogheda Credit Union Ltdhas joined forces with agroup of credit unionsacross Louth, Meath andNorth Dublin to fund thesponsorship of the FleadhCheoil na hEireann 2018.‘The Credit Union’ has beenannounced as the mainsponsor of the event whichwill take place this Augustin Drogheda. Sponsoringthe massive communityevent that is Fleadh Cheoilna hÉireann ties in with thecredit unions’ not-for-profitethos and role at the veryheart of communities allover Ireland.

Commenting on theannouncement, Geraldine

Gilsenan, Chairperson ofDrogheda Credit Unionsaid; “We are excited to beonboard as main sponsor ofthe Fleadh Cheoil nahÉireann 2018 which willbe hosted this year inDrogheda. We have strongties with our communitiesso it is great to be able toengage with such a hugeevent. People in our Trimand Bettystowncommunities, and acrossthe counties of Louth,Meath and North Dublin,are also gearing up for anamazing treat of seven daysand nights of music,dancing, singing andcraic.”

Comhar Chreidmheasa Chorca DhuibhneLtd. was recently awarded the Q-Mharc Gnóle Gaeilge in in recognition of bilingualexcellence in business. this is a newvoluntary code of practice which iscertified to the iso standard and has beendeveloped in conjunction with bothgovernment and industry specification byForas na Gaeilge. Q-Mharc Gnó le Gaeilgeis the first official award scheme torecognise bilingualism in businessworldwide. there were seven recipients ofthis new award from all corners of thecountry and all types of businesses.

The award ceremony took place inCroke Park, Dublin. Corca DhuibhneCredit Union Manager Micheál Ó Cinnéidesaid the credit union was delighted andhonoured to receive the award asrecognition of the ongoing commitment toproviding a bilingual service to meet

members’ needs. “Is mór an onóir dúinnar fad sa Chomhar Creidmheasa go bhfuilan t-aitheantas seo fachta againn agusléiríonn an gradam seo go bhfuil sétábhachtach dúinne freastal ar an bpobalagus ár gcuid seirbhísí a chur ar fáil godátheangach.”

Also speaking at the presentation,economist and UCD Finance Lecturer DrFinbarr Bradley emphasised theimportance of promoting a sense ofidentity within a business, and how theuse of bilingualism is a way of enhancingidentity.

Located in the heart of the Gaeltacht onthe Dingle Peninsula, a large proportion ofComhar Chreidmheasa ChorcaDhuibhne’s members are native Irishspeakers and the credit union strives toafford them an opportunity to conducttheir business through Irish.

Dunleer Parish Credit Union Ltd. isvery proud to support the work of the

Dunleer Community Development Board(DCDB), especially in its recentcollaboration with the SEAI SustainableEnergy Community network. The DCDBhas successfully accessed €1.2 million ofgrant aid funding for upgrading 150homes, community centres and smallbusinesses across Co. Louth. Grantsavailable from SEAI vary between 30%

and 80%, with theremainder being financedby the home owner. In anumber of these grantapplications, DunleerParish Credit Union hasprovided the rest of the finance to theirmembers through a home improvementloan. In addition to supporting grantapplications, the DCDB has alsoestablished the Energy Team, which has

produced The EnergyAmbassadorsprogramme; thisprogramme promotes acommunity led approachto conserving energy andusing more renewables.

More details of the Energy Team’s activitiescan be viewed on Facebook(@TheEnergyTeam) and through theirwebsite (www.energyteam.ie).

Energy Ambassadors!



Finglas Credit UnionLtd. recentlycelebrated an extraspecial birthday. Oneof their members,Sadie McDermott,turned 100 and calledinto the credit unionwith her daughterGloria. She was metthere by the LordMayor of Dublin,Míchéal MacDonncha.Sadie is an extremelytalented centenarianand something of asocial media star! Avideo of a poetryreading she recordedfor Finglas CreditUnion reached 11,000people and attracted853 reactions and 701shares!

Sligo Credit Union’s New Officein Former Hotel

St Canice’s Credit Union OrganiseStudent Information Evening

Sadie Celebrates 100th Birthday at Finglas Credit Union

Sligo Credit Union Ltd. has recentlypurchased the former ClarenceHotel in Sligo town as its newpremises. The credit union hadbeen searching for some time for asuitable new office toaccommodate its increasingmembership, which now stands atover 20,000. The building will berenovated with a view to moving allSligo Credit Union’s operationsthere in the coming year.

Commenting on theambitious new plans, SligoCredit Union’s Chairman,Peter Smith, said: “Our aimwill be to continue to provide

the type of personal servicethat has made credit unionsthe most trusted brand inIreland for several consecutiveyears. Due to increasingmembership, and in particularthe increase in the number ofmembers who have chosen toborrow from their credit union,our present offices in StephenStreet had become a victim ofits own success. We lookforward to a busy number ofmonths ahead in putting planstogether that will ensure ournew premises meets ourmembers’ expectations.”

St. Canice’s Credit Union Ltd.recently organised a Student

Information Evening Called:Options After Leaving Cert inKilkenny. Key speakers on the nightincluded Mary Quirke, a qualifiedcareer guidance counsellor, whileLorna Fitzpatrick, President at ITCarlow Students’ Union spokeabout college costs and grants. Theywere joined by Daniel Twomey, astrong advocate for youth mentalhealth & wellbeing who spokeabout managing stress for parentsand students coming up to exams.Tom McWey, Business DevelopmentOfficer with St. Canice’s CreditUnion, also spoke about the cost offinancing Third Level Educationand student loan options from StCanice’s Credit Union.

The evening was opened byClaire Lawton, CEO of St. Canice’sCredit Union. Claire announced the

launch of the New ScholarshipProgramme in St. Canice’s. Anymember who has completed theirLeaving Cert and is alreadyattending or planning to go to 3rdlevel can apply and be in with achance to win one of fivescholarships of €3,000 each. Thescholarships are not academicallybased so all student members whoapply and qualify have a fair chanceof winning.

Another new initiative, whichproved very popular with thestudents in the audience, was thenew #SQUAD account for 12 – 17year olds. A big attraction with thisaccount is that once a youngmember joins before the end oftheir 17th year, they will go into adraw to win €1,800 for their 18thbirthday. The night was a greatsuccess with positive reactions fromeveryone who attended.


LegislativeUpdate

Following a review of the Fitness and Probity Regime in creditunions, the Central Bank of Ireland (CBI) has proposed theintroduction of three new PCF roles for credit unions withtotal assets of at least €100 million.

This review gave consideration to the continuedappropriateness of a tailored regime for credit unions, as wellas the designation of additional CFs and PCFs for creditunions. The review was undertaken in the context of recentdevelopments such as sector restructuring and businessmodel development, the findings of the themed inspectionson Fitness and Probity in credit unions conducted in 2016,and supervisory findings in credit unions around governanceand systems of control arising from on-site inspectionsconducted by the CBI.

Consultation paper CP113 Consultation on PotentialAmendments to the Fitness and Probity Regime for CreditUnions was published in September 2017 and set out theCBI’s view that a tailored regime remains appropriate forcredit unions. CP113 proposed three new PCF roles to reflectthe important role that these functions play in embeddingrestructuring and assisting the development of strongfoundations to underpin sector development, and a review ofsystems and risk controls. These roles have been confirmedas:

¨ Risk Management Officer (CUPCF-3);¨ Head of Internal Audit (CUPCF-4); and¨ Head of Finance (CUPCF-5).

The feedback received was broadly supportive of theproposals set out in CP113. The CBI has decided to movethe commencement date for these PCFs from April 1st 2018to July 1st 2018 in order to allow for the preparation of theintroduction of the new requirements.

Anti-Money LaunderingThe Cabinet has approved the Criminal Justice (MoneyLaundering and Terrorist Financing) (Amendment) Bill 2018.The Bill transposes most of the provisions of the Fourth EUMoney Laundering Directive (4AMLD) and implements themost recent recommendations of the Financial Action TaskForce (FATF), an international standard-setting body.

The aim of the Bill is to strengthen laws to combat moneylaundering and terrorist financing. The parent EU Directive willrequire designated persons – including entitles such as banks– to take a risk based approach to identifying and monitoringcustomers and business relationships.

The Bill will provide that financial institutions carry outbusiness-wide and individual customer due diligenceassessments; it will expand the remit of the FinancialIntelligence Unit and it will extend the designation of a“politically exposed person” to those resident in thisjurisdiction.

Data ProtectionAs you will be aware, the General Data Protection Regulations(GDPR) will be coming into force on May 25th 2018, andcredit unions will need to have appropriate technical andorganisational measures in place to demonstrate compliancewith the GDPR.

The Data Protection Bill 2018 is before the Houses of theOireachtas and has been subject to multiple amendmentsduring the various stages of the legislative process. It iscurrently at Committee Stage in the Daíl.

Fitness & Probity



LegislativeUpdate

On May 1st 2018, the Sanctions and Anti-Money LaunderingBill (the Sanctions AML Bill) passed its report stage and thirdreading in the UK Parliament. When a Bill has passedthrough third reading in both Houses it is returned to the firstHouse (where it started) for the second House's amendments(proposals for change) to be considered. Both Houses mustnow agree on the exact wording of the Bill. Once theCommons and Lords agree on the final version of the Bill, itcan receive Royal Assent and become an Act of Parliament

The main purpose of the Sanctions AML Bill is to ensure thatwhen the UK leaves the EU, it can continue to impose,update, and lift sanctions and AML regimes. The mostcommon type of sanctions are financial and imposeprohibitions for purposes such as freezing funds, preventingfinancial services from being used by certain namedindividuals or individuals connected with a particular country.

The screening of members under financial sanctionsobligations is already conducted by credit unions. Norelationship is permitted with any individual or body listed onthis sanction list so it is important to check all new membersagainst the list before membership.

Under the new Sanctions AML Bill, the UK government willbe permitted to impose sanctions regulations that areconsidered appropriate either for the purpose of compliancewith a UN obligation or any other international obligation, orfor the prevention of terrorism, in the interest of nationalsecurity or international peace and security, or to further aforeign policy objective of the government of the UK. TheSanctions AML Bill widens the current scope from existingEU sanctions.

One of the more newsworthy amendments on May 1st 2018,and which was finally accepted by the UK government, dueto the UK government not having enough parliamentarysupport to defeat the amendment, was that of theintroduction of public ownership registers in British OverseasTerritories (such as the Cayman Islands) but interestingly notCrown Dependencies (like the Channel Islands). This meansthat the beneficial owners of companies based in the BritishOverseas Territories will be identified on a public register.

Fifth Money Laundering Directive MLD: House of CommonsEuropean Scrutiny Committee reportThe House of Commons European Scrutiny Committeepublished its twelfth report of session 2017 – 2019. The reportincludes a summary, and its views, of the requirements underthe Fifth Anti-Money Laundering Directive (5MLD). The 5MLDwas adopted by the European Parliament on April 18th 2018.The updated Directive will soon be formally adopted by theEuropean Council and then gazetted in the Official Journal ofthe European Union. Transposition will likely take place in orafter November 2019 (depending on agreement) and memberstates will then have 18 months to transpose the new rules intotheir national law. Given the Government is seeking atransitional period in relation to Brexit, the Committeeconsiders it likely that most, if not all, of 5MLD will have to betransposed in the UK as a matter of law.

sanctions and Anti-Money Laundering bill 2017-2019




The DomesticEconomy

OVERVIEWFollowing a strong outturn for 2017, theCentral Bank of Ireland (CBI) believes thatthe outlook for the economy remainspositive. The latest CBI forecasts containsmall upward revisions to the projectionsfor growth in 2018 and 2019, reflectingcontinued strength in domestic demandand a broadly improving internationalgrowth environment. In the absence ofdivergent trends in the globalised sectors ofthe economy, which boosted headlinegrowth figures last year, growth is expectedto be broadly reflective of the strength ofunderlying conditions.The preliminary 2017 National Accounts

estimates point to GDP growth of 7.8% in2017. As has been the case in recentyears, headline National Accountsmeasures were distorted by the activities ofmultinational enterprises (MNEs) leading toan overstatement of the underlying growthrate and a significant distortion in therelative contributions from net exports(overstated) and domestic demand(understated). Excluding these distortions,the underlying growth rate was in theregion of 5% and more balanced withpositive contributions from both domesticdemand and net exports.Underlying domestic demand increased

by an estimated 2.6% in 2017 reflectingrelatively modest increases in consumerspending, government consumption andunderlying investment expenditure. TheCBI expects that a more positive outlook forboth private consumption and investmentspending over the forecast horizon shouldsupport a pick-up in underlying domesticdemand growth to 4.3% on average in2018 and 2019.The preliminary estimate for growth in

consumer spending last year of 1.9% wassurprisingly low given the strength ofdrivers such as employment, incomes andconsumer confidence. The main source ofweakness was in the consumption ofservices, which is estimated by the CBI tohave declined by 0.1%, compared with anincrease in goods consumption of 4.9%,

which occurred despite a decline in newcar sales. Continued strength in incomeand employment should support a pick-upin consumer spending this year to 2.9%,easing to 2.5% in 2019.While improved prospects for growth

internationally has prompted an upwardrevision to the CBI’s outlook for the Irisheconomy, it should be noted that externalfactors are also the main source ofsignificant tail risks to growth prospectshere. This reflects the highly globalisednature of the economy and the consequentvulnerability to external shocks. Potentialrisks include a disruptive UK exit from theEuropean Union next year, an increase inprotectionist trade policies, changes tointernational tax regimes that can have animpact on Foreign Direct Investment (FDI)decisions by multinational firms anddisruptive movements in bilateral exchangerates

LABOUR MARKETThe recovery in the labour marketcontinued last year with employmentincreasing by 2.9% and unemploymentdeclining to an average rate of 6.7%. Thestrong momentum at the end of the year,with employment growth in the fourthquarter at its highest rate since 2006, hasprompted an upward revision to the labourmarket outlook. The CBI has forecastedemployment growth of 2.4% for this yearfollowed by growth of 2.0% in 2019. TheCBI also projects that the unemploymentrate will average 5.6% this year, decliningto 4.8% in 2019.

INFLATIONConsumer price inflation was subdued lastyear. The increase in the HarmonisedIndex of Consumer Prices (HICP) averagedjust 0.3% while the core HICP, whichexcludes energy prices, declined by 0.1%.


A gradual pick-up in inflation is expectedfor this year and in 2019 as the impact ofpast sterling weakness on goods priceinflation fades, and a pick-up in domesticdemand pushes up services inflation.Headline inflation, as measured by theHICP, is projected to average 0.8% thisyear, rising to 0.9% in 2019.

PAYWith the labour market expected tocontinue performing strongly and with apositive outlook for domestic demand,wages are likely to rise at a faster pace.Overall, compensation per employee isexpected to gain further momentum,increasing by 3.3% on average in both2018 and 2019. This follows anestimated increase of 3% in 2017. Withinflation expected to be modest over theforecast period, these increases willsupport household incomes via higherreal wages.

RESIDENTIAL PROPERTYThe latest data shows that the pace ofannualised residential property pricegrowth continued throughout the latter

part of 2017 and into the first month of2018, growing by 12.5% in Januarycompared with the same month last year.On the rental side, the latest rental reportby property website Daft showed thataverage rental prices grew by 10.4% in2017. The CSO’s HICP “Actual Rentalsfor Housing” series, which takes accountof outstanding tenancies, grew by 6.2%year-on-year in February.

COMMERCIAL PROPERTYThe latest data from the Jones LangLaSalle property index show that thepace of growth in commercial propertyprices has moderated in recent quarters.Overall, commercial property prices grewby 5.2 per cent year on year in the fourthquarter of 2017. On an annual basis,the office, retail and industrial sectorsgrew by 8.4%, 1.3% and 3.2%,respectively, in the fourth quarter.

THE PUBLIC FINANCESThe latest Government Finance Statisticsdata shows that the general governmentbalance and gross debt positioncontinued to record annual

improvements in the third quarter of lastyear. This, alongside positive Exchequerdata in the final months of the year,points to a further improvement in thefiscal position for 2017 as a whole. Suchan outturn would be consistent withBudget 2018 projections; theseanticipated a 0.5% of Gross NationalIncome (GNI) general government deficitand a government debt ratio of 106.5%of GNI. The latter figure is notably higherthan the debt to GDP ratio, projected tobe just over 70%.In February, the Government

published the National DevelopmentPlan (NDP), outlining intendedinvestment for the period 2018 to 2027.The Plan envisages a gradual increase incapital spending to a medium-termtarget of around 4% of GNI; thecorresponding figure in 2016 was 2.6%.Having such a target should reduce thecyclicality associated with investmentexpenditure. The Government alsopublished the National PlanningFramework in February, to guideplanning and development over thelonger-term.

PAYWith the labour market expected tocontinue performing strongly and witha postive outlook for domestic demand,wages are likely to rise at a faster pace.



SAMUEL (UEL) ADAIR RETIRES

Uel began his service to WatersideCredit Union in 1974 as a volunteer.With his vast expertise in the tradeunion movement, he proved to be avaluable asset to the growth anddevelopment of the credit union, and tothis day, his expertise, commitment andknowledge is greatly appreciated andtreasured by the staff and volunteersboth past and present.

When Uel initially joined the creditunion movement in 1974, it was to befor a three-year period to necessitate onemeeting per month. This howevertranspired to be a huge understatementof his involvement with the movement.Over 43 years, he served on Chapter 1as a delegate, held the offices of PRO,Treasurer and Chairman and was alsoChairman of the inter-Chapter group.In 2007, Uel was appointed Presidentof the Irish League of Credit Unions, theterm lasting until May of 2009.

No matter how dedicated andcommitted to his work Uel always foundtime for his passions in life. He hasbeen very involved in horse racing,owning a horse or two, and has beeninvolved in the administration of horseand pony racing in the North-West.Another main interest of his is soccer,being a supporter of Manchester UnitedFC for many years, and a soccer refereein the local league. His dog Saber wasalso of huge importance. In the 1980s,Saber took third place at the Derry CaineAssociation Dog Show, only losing out toPele and his mother Sacha who werealso from the same family as Saber.

On October 29th 2010, his hard workand commitment was recognised by theQueen of England when he was madeMBE by the Prince of Wales atBuckingham Palace. Uel was decoratedwith the British Empire Silver Pin for hisservices to the credit union movement.Remaining ever humble, even in this

moment of great privilege, the followingwas Uel’s comment on receiving theMBE; "There are a lot of people in thecredit union that deserve the credit morethan I do.”

Waterside Credit Union’s staff, Boardof Directors and members take this

opportunity to thank him for hisinvaluable contribution and wish himgood health and happiness in hisretirement. Sincere thanks also to Uel’swife Ina and family for supporting himin his work with the credit union for solong.


Following 43 Years’ Service to the Credit Union Movement

in February Waterside Credit union Ltd.celebrated the retirement of Mr samuelAdair MbE. He was affectionately knownas uel to the many credit unionemployees and members that had theprivilege of knowing him through his 43years’ service in Waterside Creditunion, Chapter 1 and the irish League ofCredit unions.

“When Uel initially joined the credit unionmovement in 1974, it was to be for a three-yearperiod to necessitate one meeting per month. Thishowever transpired to be a huge understatementof his involvement with the movement.”


the magazine of the irish league of credit unions – summer ... · legislation (the data...

Documents