BCU Annual Report 2013

Credit Union

It’s All About The Members

Annual Report 2013

+ Financial Accounts

BALLYPHEHANE CREDIT UNION L I M I T E D

L I M I T E D

Report Contents

contents

BALLYPHEHANE CREDIT UNION

Notice & Agenda 2013 .................................................. 2 Standing Orders ............................................................. 3 Board & Committee Members ....................................... 4

Board of Directors Report .............................................. 5 Membership Committee Report .................................... 9 Credit Committee Report............................................. 10

Supervisory Committee Report ................................... 12

Operations Report ....................................................... 13 Credit Control Committee Report................................ 15 Education & Promotion Committee Report ................. 17

Finance Committee Report .......................................... 18

Financial Accounts 2013

Statements of Responsibility ........................................ 20 Independent Auditors’ Report ..................................... 21 Income & Expenditure ................................................. 23 Balance Sheet............................................................... 24

Cash Flow Statement ................................................... 25

Notes to the Accounts ................................................. 25 Schedules to the Accounts........................................... 28

AGM NOtICE The 54th Annual General Meeting of Ballyphehane Credit Union Limited will be held at Ballyphehane Community Centre, on Tuesday 3rd December 2013 at 7.45p.m.

Each member is earnestly requested to attend. The election of five members to the Board of Directors, two members to the Board Oversight Committee and an Auditor will take place at the meeting.

Members are requested to be in attendance before the appointed time to enable the meeting to start punctually and to bring with them their pass books as a means of identification and to establish their voting rights.

_____________________________________________ Alison White, Hon. Secretary

“We care about you”

AgENDA

11. Report of the Finance Committee

1.

Acceptance of Proxies (if any) by Board of Directors

12. Declaration of Dividend

2.

Ascertainment that a quorum is present;

13. Report of the Membership Committee

3.

Adoption of Standing Orders;

14. Report of the Credit Committee

4.

Reading and approval (or correction) of the minutes of last Annual general Meeting

15. Report of the Supervisory Committee

5.

Appointment of tellers

6.

Motions

17. Report of Education, Promotion & Development Committee

7.

Report of Nominating Committee

18. Unfinished Business

8.

Balloting

19. New Business other than Elections

9.

Report of Directors

20. Announcement of Elections Results 21. Adjournment or Close of Meeting

10. Report of the treasurer; the Auditor 2

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16. Report of the Credit Control Committee

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STANDING ORDERS 1.

VOTING

Each member shall be entitled to one vote irrespective of his shareholding, in accordance with Rule 139 (Standards Rule).

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ELECTION PROCEDURE

2.

3.

Nominations may be accepted from the floor in accordance with Rule 137.

Elections to the Board of Directors, to the Supervisory Committee and the position of Auditor shall be by majority vote and by secret ballot.

A Ballot Paper for the election to the Board and Supervisory and the Auditor where applicable, will be distributed to each member at the AGM.

4.

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MOTIONS

5.

All motions from the floor of the AGM must be proposed and seconded by members present at the AGM, and moved by the Proposer. If the Proposer is absent when the motion is called, the motion shall be deemed to have failed.

A proposer of a motion may speak for such period as shall be at the discretion of the Chairman of the Meeting and shall have the right to reply before the motion is put to the meeting for a vote.

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

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

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

The Chairman shall have the absolute right to decide at anytime when a motion has been sufficiently discussed and may put the motion to the meeting giving the proposer the right to reply before doing so.

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9.

10.

11-16 MISCELLANEOUS 11.

12.

13.

14.

15.

16.

17.

The Chairman of the Board of Directors shall be the Chairman of any general meeting, except where he / she is not available, then it shall be the Vice-Chairman, except where he / she is not available, in which case the Board shall decide amongst themselves who shall act as Chairman of any general meeting.

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

Matters not covered by the Agenda may be introduced under “Other Business” at the discretion of the Chairman.

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

In accordance with rule 132 (1) no member shall have more than one vote on each question at any general meeting of the credit union or any adjournment thereof irrespective of his shareholding or the number of accounts in his/her name in the credit union provided, however, that except in voting of elections, the presiding member shall have a second or casting vote in the event of equality of voting. Voting by proxy shall be allowed only when a member other than a natural person votes through a representative who is a member of the group duly authorised in writing for that purpose and accepted as such by the board of directors. Refer to Rule 138 also re-election procedure.

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

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

18.

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

19.

ADJOURNMENTS Adjournments of the AGM shall take place only in accordance with Rule 132 (Standard Rules).

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BOARD Board of Directors

Mr. Pat Sweeney, Chairman Mr. Ray Cunningham, Vice Chairman Ms. Blanche Ronayne, Hon. Treasurer Mrs. Alison White, Hon. Secretary Ms. Anna Cahill Mr. Tadhg Kelleher Mrs. Frances Kelleher Mr. Philip Linehan Mrs. Margaret Linehan Mr. Edward Malone Mrs. Jackie McCarthy Mrs. Catherine O’Sullivan Mr. Finbarr O’Sullivan

&COMMIttEES Staff

Mr. George Cantwell and Ms. Blanche Ronayne

Mr. George Cantwell, Manager Mr. John O’Halloran, Finance Officer Mrs. Patricia Kearns, Administration Officer Mrs. Ann Murphy, Administration Officer Ms. Linda Kent, Credit Controller Mrs. Gillian O’ Carroll, Internal Auditor Mrs. Siobhan Lucey Barry Mr. Aidan Bruton Mr. Anthony Byrne Ms. Lisa Byrne Ms. Kathleen Cashman Mrs. Lisa Cotter Mrs. Tyna Coughlan Mrs. Susan Cross Ms. Marian Dennehy Ms. Kayleigh Drinan Mrs. Ciara Heffernan Mrs. Judy Horgan Mrs. Traci Hughes Ms. Deirdre Kelleher Ms. Niamh Kelly Ms. Serenna Kennedy Mrs. Mary Kingston Mrs. Denise McGuirk Mrs. Orlagh Murphy Ms. Ashley Neff Mrs. Theresa O’Mahony Mrs. Maureen Ryan Mrs. Sheila Tracy

Membership Committee

Solicitors

Credit Committee

Mr. Philip Linehan, Mrs. Margaret Linehan, Mr. Pierce Cusack, Mrs. Alison White, and Mrs. Frances Kelleher

Credit Control Committee

Mr. Finbarr O’Sullivan, Mrs. Jackie McCarthy, Mr. Pat Magee, Mr. Anthony Drummond, and Mr. Christy O’Connor

Education & Promotion Committee

Mrs. Frances Kelleher, Mr. Tadhg Kelleher, Mrs. Norma Cotter, and Mrs. Catherine O’Sullivan

Finance Committee

Ms. Blanche Ronayne, Mrs. Margaret Linehan, Mr. Philip Linehan, Mr. George Cantwell, and Mr. John O’Halloran

Insurance Committee

Mr. George Cantwell, Mrs. Alison White, and Mr. Tadhg Kelleher

P.J. O’Driscoll & Sons 73 South Mall, Cork, Ireland.

Nominating Committee

Ronan Daly Jermyn 12 South Mall, Cork, Ireland.

Mrs. Margaret Linehan, Mrs. Alison White, and Mr. Pat Sweeney

Risk Management Committee

Auditors

Mr. George Cantwell, Mr. John O’Halloran, Ms. Blanche Ronayne, Mr. Pat Sweeney, and Mrs. Margaret Linehan

Ernst and Young, City Quarter, Lapps Quay, Cork, Ireland.

Strategic Planning Committee

Mr. Pat Sweeney, Mr. Finbarr O’Sullivan, Mrs. Alison White, Ms. Blanche Ronayne, and Mr. George Cantwell

Bankers

Ulster Bank, 26 Patrick Street, Cork, Ireland.

BNP Paribas, 5 Georges Dock, ISFSC, Dublin.

AIB, 66 South Mall, Cork.

Supervisory Committee

Ms. Noreen Buckley, Mr Eamonn Collins, and Mr. John O’Shea 4

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Board of Directors Report

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Ladies and Gentlemen,

n behalf of the Board of Directors of Ballyphehane Credit Union ltd., it is my great honour and privilege to welcome you all here this evening, and present to you our Annual Report for 2012.

We are pleased to report that our Credit Union has had another successful financial year. Excess Of Income Over Expenditure Before Dividend for the year ended 30th September 2012 amounted to €2,338,448 (2011: 592,924). this notable improvement in overall performance is driven primarily by increased returns on Investments and a corresponding decrease in the ‘Provision for bad and doubtful debts’ for the year ended 2012.

Our membership currently stands at 16,858, with combined Savings of €88,654,117. In the past year, €10,975,950 was loaned to members.

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We are recommending a Dividend on Shares of 1.25% (0.5% in 2011).

We would like to take this opportunity to remind our members that we are very much open for business with regards to your borrowing requirements. this Credit Union has always advocated the promotion of responsible lending amongst its membership.

We continue to promote this ethos in the present economic environment.

We are recommending a Dividend on Shares of 1.25% (0.5% in 2011). this represents a ¾ % increase on last year’s dividend. the recommended dividend provides our loyal savers with an increased return •

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At present, the Credit Union Bill of 2012 is before the houses of the Oireachtas. this Bill, if enacted, will represent a sea change in how Credit Unions are governed and regulated. Our Credit Union will keep our members informed of any important developments that may arise from this proposed legislation.

We now have 1,167 Money Management accounts.

Budgeting is made easier with these accounts and maybe you might consider opening one to assist you in the payment of regular bills during this recessionary time.

Members are reminded that we now have full Electronic Funds transfers (EFt). this facility enables members to send and receive money through the banking system. Members can setup and receive Direct Debits to and from their Credit Union account. you can also have your state pensions and other allowances paid directly into your Credit Union account. this service, like numerous other services, is provided to you at no direct cost to the member. and the remaining surplus has enabled us to increase our Capital Reserves in a prudent and responsible manner. We can report to you that the Credit Union meets all statutory and regulatory capital requirements. We will continue our policy of increasing our Capital Reserves beyond minimum requirements into the future when it is feasible to do so. We believe such a policy is in the long term interests of our members.

During the year the Board undertook a review of its operations. Significant time has been invested by the Board of Directors, Supervisors and Management to agree key goals to ensure the continued success of our credit union. Our internal audit function is enhancing our operational controls and together with the Risk Management Committee we are confident that all Risks are being properly managed.

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As part of the loan Protection/life Savings Insurance, Death Insurance claims totalling €354,962 were processed during the year.

Under the Death Benefit Insurance scheme, we offer the maximum amount available. Now on the death of a member who fulfilled the criteria for this insurance, their next of kin will receive €3,250. Not all Credit Unions offer this insurance but from the feedback we are getting from you, our members, it is clear that this service is much appreciated. hopefully it reduces the extra financial burden on families at the time of their bereavement. A total of €3.6million has been paid out under this scheme since it was introduced.

We extend our sincere sympathy to the families of our deceased members. Masses have been offered for the repose of their souls.

Our local schools continue to support the Credit

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We thank the Principals and teachers in all our schools for allowing us the opportunity of bringing “Credit Union” to the children, as these children are our future.

Union Savings schemes by encouraging the children to participate in them. We thank the Principals and teachers in all our schools for allowing us the opportunity of bringing “Credit Union” to the children, as these children are our future. Our thanks to tom Cantwell and Catherine lucey who helps administer the Primary School Credit Unions and to Staff Member, Mary Kingston, who together with the girls of Presentation Secondary School, manage the School Credit Union.

edge and experience of the Credit Union movement.

I know that Anna and Philip won’t mind if I pay a special tribute to two distinguished gentlemen, Mr. Edward Malone and Mr. tony Drummond. Both men have given a life time of service to this Credit Union and the movement at large. Eddie has served

Allow me to take this opportunity to offer our sincere thanks to All our voluntary workers who give of their time and labour so unselfishly, making a very valuable contribution to our Credit Union. Our Manager, george Cantwell, Finance Officer, John O’halloran and all our staff members deserve our congratulations on their work throughout the year. this year three of our outgoing Directors are not seeking re-election. We would like to express our sincere gratitude to Ms. Anna Cahill, Mr. Philip linehan and Mr. Edward Malone. In addition, Mr. tony Drummond retired as a Director at last year’s AgM but we didn’t get the opportunity to formally thank tony for his service to our Credit Union.

the Credit Union both as an active volunteer and highly respected employee of the Credit Union. he has held numerous positions on the Board of the Credit Union throughout the years including most recently the role of treasurer.

We would like to sincerely thank all four for their hard work and dedication over the years. All of the outgoing Directors will continue to volunteer in the Credit Union moving forward. We are privileged to have in our Credit Union people with such knowl-

like Eddie, tony Drummond has played a critical role in the development of this Credit Union since its foundation. his experience and knowledge of the Credit Union movement has proved an invaluable resource to this Credit Union. Both men continue to

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this day to volunteer with the Credit Union with over 100 years of Credit Union service between them!! tonight, we give thanks to tony and Eddie’s families for the ‘quiet’ contribution they made to the success of our Credit Union. It is greatly appreciated. In the year of the Volunteer it is only fitting that we salute these two gentlemen for their immense contribution to this Credit Union and to civic society.

I would also like on your behalf to pay special tribute to my other fellow Directors and the members of the Supervisory Committee. they have served Ballyphehane Credit Union with great pride and commitment.

Indeed, it is this voluntary commitment to our Credit Union that makes our Credit Union Movement so special in every sense. On behalf of all our members, I thank each and every one of you for your invaluable contribution to our Credit Union.

Finally, and most importantly, I thank you our members for your continued co-operation and support at all times. We know these are challenging times for our members. We are here to help and assist you and your family through these difficult times.

In the immortal words of helen Keller ‘alone we can do so little; together we can do so much’.

Pat Sweeney Chairman

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Membership Committee Report Committee Members: Mr. George Cantwell, Mrs. Alison White and Mr. Tadhg Kelleher

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he purpose of our committee is to encourage potential members to join our Credit Union and also to ensure that all applicants are eligible for membership. Eligibility to join is governed by our Common Bond, which covers those people residing or employed in Ballyphehane; the townlands in and around Cork Airport; Ballygarvan and Ballinhassig. It is also worth pointing out that when a person joins the Credit Union through his employment, the family members who reside with the member are also entitled to join.

As part of the Criminal Justice Act 2012 Credit Unions have a duty to seek written Identification to support their Application for Membership. New members must be able to produce documents confirming their identity and address. We are requesting that when members are applying for Credit that they provide the following documentation prior to collecting an approved facility.

Our total membership now stands at 16,688 with 4328 members under 16 years of age.

We would also like to express our thanks to our volunteer’s Catherine lucey and tom Cantwell who visit the Primary Schools each week.

Members are encouraged to open accounts for their children/grandchildren. to this end all newly born children are entitled to have an account opened, on presentation of a birth certificate, with €20.00 credited to it.

Finally we would like to express our thanks to the management and staff for their assistance during the year.

Alison White

Membership Committe

Address Verification: Acceptable forms of Address include: • government Issued Documentation • Recent Bill e.g. gas, ESB etc.

Where a member has either Married or Divorced and wants to amend their Surname we will require confirmation of Identity.

Acceptable forms of Identity include: • Passport, Driving licence We acknowledge that these requirements are going to cause some disruption to our service and we apologise for any inconvenience caused.

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Credit Committee Report Committee Members: Mr. Philip Linehan, Mrs. Margaret Linehan, Mr. Pierce Cusack, Mrs. Alison White and Mrs. Frances Kelleher

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he Credit Committee implement the Policy of the Board of the Credit Union in assessing and approving loans. We take into account the purpose of the loan and the ability to repay. We do so in as fair and equitable a manner as possible.

If you are planning to borrow in the foreseeable future make sure you talk to your Credit Union first.

During the past year we advanced 4,210 loans amounting to €9,939,271. (2012, €10,975,950). the fact that our members continue to borrow from their Credit Union in these difficult times is proof that our membership has confidence in the service provided by your Credit Union.

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Unfortunately, in some circumstances it is necessary to reduce or refuse loan applications from members. We would like to assure you that we don’t do this lightly. We very much regret having to do so, but we have the responsibility of protecting members’ savings, while at the same time assisting members to borrow in a prudent manner.

The main reasons for taking such decisions are: • Arrears on current loan • Insufficient income to meet the required repayments • A poor payment record in the past • Borrowing too frequently • Over indebtedness with other Financial Institutions

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the fact that our members continue to borrow from their Credit Union in these difficult times is proof that our membership has confidence in the service provided by your Credit Union.

In certain instances, smaller sums may have been advanced to previously refused applicants, at a later date.

Bank Statements three (3) months Bank statements (if the member has a bank account).

As Christmas approaches great care needs to be exercised by everyone to avoid falling into the trap of overspending on the credit card.

It is important to note that we will require proof of current address when collecting a loan (Bill less than 6 months old). this is required to meet our obligations under Anti-Money laundering procedures.

When Borrowing, try to remember to factor in any extra costs associated with your loan, e.g. the purchase of a car will have many ancillary costs attached to it-Insurance, tax, Repairs, Fuel, Servicing, Parking etc. therefore it is vitally important to be aware of your repayment capability. Don’t overstretch yourself financially. Always allow for emergencies.

Our credit union conducts a credit check with the Irish Credit Bureau in following circumstance: • An application which would bring the members indebtedness greater than €3,000 • First time Borrowers • Accounts in Arrears The following documentation may be required to support Loan applications: Proof of Income: • 3 Payslips, (if paid directly into bank or Credit Union, copy of statement will suffice) • Conformation of State benefit (if not in paid employment) • tax returns (if self-employed)

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We again acknowledge that these new procedures will slow up the decision process but we are committed to ensuring that, provided the necessary supporting documentation has been obtained, decisions on loan applications will be made as quickly as possible.

In conclusion, we would like to express our sincere thanks and gratitude to all our members who have borrowed from their Credit Union during the year, and we look forward to serving many more of you during the next twelve months. thank you to our Board of Directors, Supervisors, george Cantwell our Manager, John O’halloran our Finance Officer, our Credit Officers and all our staff for their assistance during the year.

Philip Linehan Credit Committee

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Supervisory Committee Report Committee Members: Ms. Noreen Buckley, Mr Eamonn Collins, and Mr. John O’Shea

• Attendance at Supervisory Conferences • Attendance at IlCU seminars • Regular liaison with the Credit Union’s Internal Auditor the Committee wrote to 1684 members seeking verification of accounts details. this year 532 members responded and for this we wish to express our thanks for their co-operation.

Account verification is a vital check not just for the Supervisors but for you the members also.

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the Supervisors held meetings with the Board of Directors at regular intervals during the year as is required under the Act. We are satisfied that Board policies are in accordance with the Credit Union Act and in the best interest of our members.

the Supervisory Committee met weekly during the past year to carry out various checks on different aspects of the Credit Union’s operations.

We would like to record our thanks and appreciation to the Board of Directors, the Management and Staff for their generous time, assistance and co-operation throughout the year.

he primary role of the Supervisory Committee, under the Credit Union Act 1997, is to oversee the Directors in the performance of their duties, examine books and records of the Credit Union and verify a sample of member’s balances.

Some of these activities included: • A random selection of accounts for verification on shares and loans balances • Attendance at Monthly & Special Board Meetings • liquidity • loans Interest Review • Anti Money laundering • Maximum limits on Members’ Net Indebtedness • Mortality Claims • Review of Credit Agreements • Bank Reconciliations 12

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Our sincere gratitude goes to Mr. Bob Barry who assisted the committee during the year.

Finally, may we take this opportunity to thank you the members for your continued support and involvement with Ballyphehane Credit Union.

Eamonn Collins

Supervisory Committee

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Operations Report

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our Credit Union continues to perform well in difficult economic conditions.

Our membership figures at year end stood at 16,254.

Our total Members savings at year end show very little change from last year and stands at €88.28million. however, whilst the total member’s savings balance may not have changed significantly during the year members actually saved €44.2 million during 2013. this was matched by a similar €44 million savings being withdrawn. this shows the importance role that the credit union plays in members managing there day to day financial affairs.

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your credit union continues to be open for lending. Member borrowed almost €10 million last year with €13.6 being repaid off of member’s loans. total loans outstanding at year end were €32.09million. Our interest rates continue to be very competitive. If you are thinking of borrowing in the immediate future please call to speak to one of our loan officers.

Our excess of income over expenditure for the current year is €1.244 million which is a reduction of over €1.09 million from last year. this reduction is primarily due to the provision for a loss on an investment.

(See Finance Committee for a fuller explanation.)

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Our total regulatory reserve at year end stood at €11.755million (11.34% - minimum regulatory requirement 10%). We had 77 loan protection / life savings claims last year totalling €293,121. In addition we had 73 Death Benefit Claims totalling €237,230. your attention is drawn to the fact that from next year dividends* will be subject to DIRt tax at a rate of 41%. * Qualifying Members over 65 and members with Disabilities can apply for exemption.

We are presently implementing a new computer system. the new system will significantly improve our capacity to introduce new services. One significant change members will see is that all accounts will have their own Individual Bank Account number which will enable members to operate their Credit Union account similar to a bank account in relation to electronic transactions. to facilitate this change we will separate out member’s current Share/loan account into two separate accounts. your account will be unaffected if you don’t have a loan. those with loan accounts will see the loan remaining in the existing account and the savings will be transferred to a new savings account. Any savings previously acting as security on a loan will as heretofore be attached as security on the loan.

Once this exercise is completed we will be communicating to all effected members with details of their new accounts.

In addition to the above, where no transaction has taken place on a sub account within the last 12 months and the balance in the account is less than €100, the balance will be transferred into the member’s main account.

We will be sending statements to all members after completion of the above exercises. If you have any questions on any of the above please contact the office.

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Some of the new features of the new system include: • New Web Site with greater functionality • New Mobile APP. • Full Standing Order capability • Option to set up Direct Debits As an associate member of IPSO your Credit Union has to be fully SEPA compliant. We wish to confirm that we are both Sepa Direct Debit (SDD) and Sepa Credit transfer (SCt) ready and reachable.

We are presently undertaking some minor changes to our office. On completion of the works we will have 3 member service stations where members can meet with staff members to make general enquiries, open accounts and make loan applications.

We look forward to continuing to meet your financial needs for 2014.

George Cantwell Manager & CEO

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Credit Control Committee Report Committee Members: Mr. Finbarr O’Sullivan, Mrs. Jackie McCarthy, Mr. Pat Magee, Mr. Anthony Drummond, and Mr. Christy O’Connor

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ur Committee meets regularly to review accounts that are in arrears. the committee is pleased to report that our members continue to appreciate the value of their Credit Union, which is reflected in the excellent repayments the vast majority of members make against their loans. In the last year alone, repayments of €13.6million were made against member loans.

We are very conscience of the fact that members incomes continue to be affected by the current B A l l y P h E h A N E

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employment conditions and additional government taxes and levies. Managing your money has never been more critical. If you find yourself unable to meet your agreed repayments, it is essential that at the earliest possible opportunity, you call to see a member of the Credit Control department to discuss your difficulties.

We will, where possible, re-structure your loan repayments to ensure that the new repayment is affordable. Re-structuring the loan will lead to an increase in the total interest cost over the life of •

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Failure to maintain your agreed repayments will affect your credit rating both with your credit union and with other financial institutions. the loan. Some members, through pure carelessness, miss payments on a regular basis. Failure to maintain your agreed repayments will affect your credit rating both with your credit union and with other financial institutions. great importance is placed on the adequacy of provisions for possible future loan losses. Credit Institutions across all financial sectors are advised

in previous years. the committee will continue their efforts in the recovery of all monies written off.

Currently we have legal action pending against 261 members. Of these accounts 112 members have resumed making payments whilst the remaining 149 accounts are at various stages of litigation.

Sample Personal Loan €10,000 over 60 months* Ballyphehane Credit Union

Repayments

€209.96 Per month

Bank of Ireland

Repayments

€224.79 Per month

Allied Irish Banks

Repayments

€218.95 Per month

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Correct as at 11/11/13 Source National Consumer Agency.

to show professional scepticism in the making of financial provisions against possible future losses. Our Bad debt provision now stands at €8.2 million. this is equal to 25.6% of total loans outstanding. (21% in 2012). A substantial number of loans, who have provisions against them, are making regular repayments but not sufficient to meet the repayment they agreed when they originally borrowed. We expect a significant portion of these loans to be repaid. this year a total of € 130,246 was written off. As can be seen from out financial accounts a total of €349,294 (€319,927 in 2012) was recovered this year from accounts, which were written off 16

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Finally, we would also like to thank our Manager Mr george Cantwell, our Credit Control Officer Ms linda Kent and all our staff for their help and assistance throughout the year.

We look forward to your continued support in the coming year and again cannot over emphasise the importance of members who are experiencing new financial difficulties to act early and contact their Credit Union.

Finbarr O’Sullivan, QFA Chairman

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Education & Promotion Committee Committee Report Committee Members: Mrs. Frances Kelleher, Mr. Tadhg Kelleher, Mrs. Norma Cotter, and Mrs. Catherine O’Sullivan

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s usual we had a large entry to the Poster Competition. We extend our thanks to all those pupils who participated and our congratulations to the prizewinners.

Parish teams from the National Schools participated in our local heat of the National Primary School quiz competition. the school savings schemes operating within the schools of the parish are still proving to be extremely successful with all schools participating on a regular basis. the Board of Directors are very keen to maintain the success of these Junior Credit Unions as it is important that the children familiarise themselves with Credit Unions at an early age.

We would like to take this opportunity to thank Mrs. Catherine lucey and Mr. tom Cantwell who visit the schools and the teachers and staff of the schools for their co-operation and courtesy during the year.

Our young members look forward to receiving their annual Birthday card and voucher from the credit union, which creates an awareness of the credit union, while those between the ages of 10 and 18 years are presented with a cinema ticket.

We would like to thank the school of the parish for their participation in the school quiz.

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Board, Supervisors and Staff members attended various seminars and training programs during the year. topics covered included: Anti-Money laudering; Compliance; governence; Investments, Risk Management.

Our sponsorship varies from local sporting clubs to charities and schools catering for the very young to the elderly. We also sponsored the Parish Newsletter this year. It is an extension of our wider service to the community.

We have also sponsored the Parish Newsletter this year. It is an extension of our wider service to the community.

Finally we would like to thank our Manager, george Cantwell and his staff for all their help and co-operation throughout the year.

Tadhg Kelleher Secretary •

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Finance Committee Report Committee Members: Ms. Blanche Ronayne, Mrs. Margaret Linehan, Mr. Philip Linehan, Mr. George Cantwell, and Mr. John O’Halloran

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he committee meet on a regular basis and report monthly to the Board of Directors.

The role of the finance committee is to: • Monitor and review the performance of Credit Union’s investments portfolio • Source and investigate investments for the Credit Union • Make recommendations in writing to Board of Directors on investments • Maintain and review a financial liquidity plan.

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C R E D I t

the Credit Union currently has investments to the amount of €77,836,941 (2012, €73,063,586) with various different financial institutions. €56,160,635 is invested in deposits and the remaining €21,676,306 is invested in various Managed funds and growth Bonds. the guidelines in which the Board of Directors place investments is determined by the following policy: Subject to any provisions made by regulations, the Credit Union may invest any of its funds that are surplus to its operational requirements in:

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For the year under review the Credit Union has achieved an average return of 3.17% (2012: 3.40%) on its investments.

• Securities in which trustees are for the time being authorised by law to invest • Shares of a society registered under the Industrial and Provident Societies Acts 1893 to 1978 or • Such other manner as may be prescribed being a manner appearing to the Minister to be beneficial to the Credit Union.

In 2005 our Credit Union made an investment of €1,000,000 with the Anglo Irish Bank. the investment was fully permitted under the Irish legislation (trustee Authorised Investments Order, 1998) with which credit unions were compelled to comply at that time. this investment had a guaranteed minimum return of 12% and was due to mature in September 2013. When the Anglo Irish Bank was renamed IBRC we sought clarification as to the potential impact on our investment.

We were assured that the Credit Union was a Deposit holder and that our investment was secure. As a direct result of the Irish government’s decision to liquidate the Irish Bank Resolution Corporation (IBRC) in February, our investment will only be repaid if funds remain available at the end of the liquidation process for the purposes of distribution to unsecured creditors. the Credit Union received €100,000 under the Deposit guarantee scheme. the potential loss on the investment (€1,020,000) has been provided for in our accounts. We are continuing to pursue the recovery of our investment.

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For the year under review the Credit Union has achieved an average return of 3.17% (2012: 3.40%) on its investments. the current low rate of interest available on deposits will have a negative impact on our investment returns for the foreseeable future. the Credit Union is obliged under regulation to maintain a minimum liquidity ratio of 20%.

At 30/9/2012 the Credit Union had a liquidity ratio of 39%.

At year end, investments comprising deposits, managed funds and growth bonds are stated at cost except where growth bonds or managed funds have a guaranteed return over a specified time period and no encashment is anticipated before that date, they are valued at cost plus accrued income. the committee will continue to endeavour to get the best possible return on its investments whilst at the same time focusing on the importance of minimising any risk to the Capital Investment.

Blanche Ronayne, QFA

treasurer & Finance Committee Member

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Statements of Responsibility Directors' Responsibilities

the directors are responsible for preparing the financial statements in accordance with applicable law and generally Accepted Accounting practice in Ireland, including the accounting standards issued by the Accounting Standards Board and promulgated by the Institute of Chartered Accountants in Ireland. the Credit Union Act, 1997 requires directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Credit Union and of the income and expenditure of the Credit Union for that period. In preparing those financial statements, the directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Credit Union will continue in business; the directors are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Credit Union and which enable them to ensure that the financial statements comply with the Credit Union Act, 1997. they are also responsible for safeguarding the assets of the Credit Union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board

__________________________

_____________________________

Pat Sweeney, Director

george Cantwell, Manager

Supervisory Committee’s Responsibilities

the Credit Union Act, 1997 requires the appointment of a Supervisory Committee which will oversee directors in the performance of their functions, examine books and documents of the Credit Union and verify a sample of member balances.

On behalf of the supervisory committee _______________________________

Eamonn Collins, Supervisor

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Independent Auditors Report

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e have audited the financial statements of Ballyphehane Credit Union limited for the year ended 30 September 2013 which comprise the Income and Expenditure Account, Balance Sheet, Cash Flow Statement and the related notes 1 to 16. the financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (generally Accepted Accounting Practice in Ireland). this report is made solely to the Credit Union's members, as a body, in accordance with Section 120 of the Credit Union Act, 1997. Our audit work has been undertaken so that we might state to the Credit Union's members those matters we are required to state to them in an auditor’s report and for no other purpose. to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Credit Union and the Credit Union's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective Responsibilities of Directors and Auditors

As explained more fully in the Directors’ Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements giving a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

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Scope of the Audit of the Financial Statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. this includes an assessment of: whether the accounting policies are appropriate to the Credit Union’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the directors’ report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on Financial Statements

In our opinion the financial statements: • give a true and fair view of the state of the credit union’s affairs as at 30 September 2013 and of its income and expenditure for the year then ended; • have been prepared in accordance with generally Accepted Accounting Practice in Ireland; and • have been properly prepared so as to conform with the requirements of the Credit Union Acts 1997 to 2012.

Other Matters Prescribed by the Credit Union Acts 1997 to 2012

• We have obtained all the information and explanations which we considered were necessary for the purposes of our audit.

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

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

Chartered Accountants & Registered Auditors, 13th November 2013.

2013

Financial Accounts 22

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Income & Expenditure Account INCOME

FOR THE YEAR ENDED 30TH SEPTEMBER 2013

1

2013 € 3,005,403 2,390,102 (1,020,000)

2012 € 3,470,780 2,424,703 -------

2

4,375,505 28,273

5,895,483 20,922

4,403,778

5,916,405

1,129,762 1,610,322 83,511 685,000 (349,294)

1,098,216 1,426,588 63,080 1,310,000 (319,927)

TOTAL EXPENDITURE

3,159,301

3,577,957

EXCESS OF INCOME OVER EXPENDITURE BEFORE DIVIDEND

1,244,477

2,338,448

Dividend Paid

(1,123,965)

(479,855)

120,512

1,858,593

2,365,324

593,799

2,485,836

2,452,392

(150,000) 52,532

(235,000) 147,932

2,388,368

2,365,324

Interest on Members’ Loans Other Interest Receivable & Similar Income Provision for Write Down of Investments

Note

Schedule

2

1

2

Net Interest Income Other Income TOTAL INCOME EXPENDITURE Salaries and Wages Other Management Expenses Depreciation Provision for Bad & Doubtful Debts Bad Debts Recovered

3 3

8

Excess of Income for Year ADD: Undistributed Surplus at 1st October

LESS: Transfer to Statutory Reserve Transfer from Other Reserves

6 7

Undistributed Surplus at 30th September

There are no recognised gains or losses in either year other than the excess of income attributable to the members of the Credit Union.

Director: Board Oversight Committee: Manager: These accounts were approved by the Board of Directors on the 4th November 2013.

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Balance Sheet

AT 30TH SEPTEMBER 2013

ASSETS

Note

Cash and Bank Balances Deposits and Investments Loans to Members Less: Provision for Bad & Doubtful Debts Tangible Fixed Assets Other Assets Prepayments & Sundry Debtor

4 3 5

TOTAL ASSETS LIABILITIES Money Management Accounts Other Liabilities and Charges Members’ Shares

MEMBERS’ RESOURCES Statutory Reserve

6

Total Regulatory Reserve Other Reserves - Realised Unrealised

7 7

TOTAL RESERVES TOTAL LIABILITIES & RESERVES

2013 € 1,050,602 77,836,941 32,090,856 (8,215,813) 787,221 2,932 122,989

2012 € 1,034,933 73,063,586 35,882,066 (7,661,059) 803,817 10,215 145,689

103,675,728

103,279,247

79,330 136,567 89,282,040

472,737 95,114 88,654,117

89,497,937

89,221,968

11,755,372

11,605,372

11,755,372

11,605,372

2,388,368 34,051

2,417,856 34,051

14,177,791

14,057,279

103,675,728

103,279,247

Director: Board Oversight Committee: Manager: These accounts were approved by the Board of Directors on the 4th November 2013.

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Cash Flow Statement

FOR THE YEAR ENDED 30TH SEPT. 2013

OPENING CASH & INVESTMENTS

2013 € 74,098,519

2012 € 71,283,699

RECEIPTS Members’ Shares Members’ Loans Repaid Members’ Loan Interest Received Investment Interest Received Provision for Write Down of Investments Bad Debts Recovered Other Receipts

44,242,547 13,610,847 3,005,403 2,390,102 (1,020,000) 349,294 28,272

42,348,437 15,130,847 3,470,780 2,424,703 ------319,927 20,922

62,606,465

63,715,616

44,008,032 9,961,906 1,123,965 2,656,623 66,915

46,875,134 10,975,950 479,855 2,527,877 41,980

57,817,441

60,900,796

78,887,543

74,098,519

DISBURSEMENTS Members’ shares withdrawn Members’ loans granted Dividends paid Operating expenses Fixed assets purchased CLOSING CASH AND INVESTMENTS

Notes to the Financial Statements 1. SIGNIFICANT ACCOUNTING POLICIES Accounting Convention: The financial statements are prepared under the historical cost convention.

Investments: Investments held at the year end consist of deposits, corporate bonds, managed funds and growth bonds. At year end, investments comprising deposits, managed funds and growth bonds are stated at the lower of cost and net realisable value except where growth bonds or managed funds have a guaranteed return over a specified time period and no encashment is anticipated before that date, they are valued at cost plus accrued income. Government and bank bonds, which the Credit Union intends to hold to maturity, are measured at a value which recognises the variables affecting the instrument. Government and bank bonds have a nominal or guaranteed value which is payable by the issuer of the bond on maturity. Market value represents the value at which the instrument can be realised at the balance sheet date. Cost represents the original outlay incurred in obtaining the instrument. The value attributable to the corporate bonds is the lower of cost and market value except in the case where the guaranteed value exceeds market value but is less than cost; in these cases the government and bank bonds are valued at the lower of cost and the guaranteed value. A review of the guaranteed values is carried out periodically and where the value is deemed to be impaired, a provision is made for such impairment.

Income Recognition: Interest on members’ loans is recognised when payment is received as specified in Section 110(1)(C)(i) of the Credit Union Act 1997 (i.e. on a cash basis). Investment income is recognised on an accruals basis, income earned on certain investments is not received in cash but applied to the investment fund. Dividends from investments are recognised when the dividend is declared. Income on guaranteed growth bonds that are held to maturity is recognised over the period to maturity. The amount of any write down of investments, below cost, is disclosed separately in the notes to the income and expenditure account.

Realised Income & Distribution Policy: In financial years up to and including the year ended 30 September 2008, any income recognised which was received or receivable at the balance sheet date, including, where the intention was to hold an investment to maturity, any income or gains which were guaranteed under the terms of the investment/policy, was considered to be realised and available for distribution. In accordance with the ‘Guidance Note for Credit Unions on matters relating to Accounting for Investments and Distribution Policy’ issued by the Financial Regulator in April 2009, investment income recognised in the financial year ended 30 September 2009 and subsequent years is analysed between income which (i) was received at the balance sheet date; (ii) which will be received within twelve months of the balance sheet date and (iii) other investment income. Income included in (i) and (ii) is considered to be available for distribution; income included in (iii) is considered not to be eligible for distribution and is transferred to a non-distributable reserve. The change in policy, from that applied in previous years, in respect of (iii) has not been applied retrospectively and applies only to income recognised in the period since 1 October 2008.

Depreciation of Fixed Assets: Depreciation is calculated to write off the assets at the following annual rates: Premises 2% straight line Office Equipment 20% straight line Fixtures & Fittings 10% straight line Computer 331/3% straight line Pension Costs: Contributions to the Irish League of Credit Unions Pension & Life Assurance Scheme are charged to the income and expenditure account in the period to which they relate.

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Bad & Doubtful Debts: Bad debts written off, which have already been provided for, are charged against the accumulated provision for bad and doubtful debts. Bad debts recovered are included in the Income and Expenditure Account. Provision for doubtful debts is made against current loan balances and exceeds the requirements of Resolution 49 of the Irish League of Credit Unions. The provision represents 26% of gross loan balances and is considered to be prudent by the directors.

Total Regulatory Reserve: The Credit Union maintains a total regulatory reserve pursuant to the Credit Union Act 1997 (Section 85) Rules 2009. The total regulatory reserve is comprised of the statutory reserve, being the reserve that the Credit Union must establish and maintain pursuant to Section 45 of the Credit Union Act 1997. The statutory reserve comprises surpluses which have been realised either in the period prior to 30 September 2008 or subsequent to that date in accordance with the accounting policies applied by the Credit Union in those periods as set out in the Credit Union’s accounting policy note on ‘realised income and distribution policy’.

Members Shares: Unattached member’s shares are unconditionally repayable on demand and therefore exhibit characteristics of a liability. Under current accounting guidelines, member’s shares have been recognised as a liability in the balance sheet. The corresponding dividends on those shares are charged to the income and expenditure account when paid.

2. ANALYSIS OF INVESTMENT INCOME & GAINS 2013 2012 The following is an analysis of investment income and gains: € € Received by the credit union at the balance sheet date 1,228,891 1,229,895 Due to be received within twelve months of the balance sheet date 1,161,211 1,194,808 2,390,102 2,424,703 Provision for write down of investments (1,020,000) ----1,370,102 2,424,703 The provision for write down of investments is against a deposit with IBRC (in liquidation). The Credit Union is pursuing advices in relation to the recovery of this deposit.

3. MOVEMENT IN PROVISION FOR BAD & DOUBTFUL DEBTS 2013 € 2012 € At 1 October 7,661,059 7,400,739 Provided for in the year 685,000 1,310,000 Written off in the year (130,246) (1,049,680) At 30 September 8,215,813 7,661,059 Bad debts written off in the year had previously been fully provided for, except for an amount of €12,022 (2012: €Nil) which has been charged to the income and expenditure account (Schedule 3).

4. INVESTMENTS 2013 € 2012 € Deposits 56,160,635 44,931,554 Bonds & Other Investments 21,676,306 28,132,032 77,836,941 73,063,586 The maturity date of the bonds & other investments, excluding deposits: Less than one year Between one and two years Between two and five years Greater than five years

2013 € 2012 € 2,511,682 6,455,726 2,047,649 2,511,682 11,879,269 11,845,364 5,237,706 7,319,260 21,676,306 28,132,032 The market value of investments as at 30 September 2013 was €78,709,225 (2012: €72,718,726). Included in deposits above is an amount of €771,614 which is a restricted deposit account with Central Bank of Ireland in accordance with the minimum regulatory reserve requirement pursuant to the Credit Union Act 1997 (Section 85) Rules 2009.

5. FIXED ASSETS Fixtures Office Premises Computer & Fittings Equipment Total COST € € € € € At 1st October 2012 1,045,742 361,572 257,397 193,492 1,858,203 Additions ----62,063 2,866 1,986 66,915 At 30th Sept. 2013 1,045,742 423,635 260,263 195,478 1,925,118 DEPRECIATION At 1st October 2012 Charge for year At 30th Sept. 2013 NET BOOK VALUE 30th Sept. 2013 30th Sept. 2012

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€ 352,202 19,251 371,453 € 674,289 693,540

C R E D I t

€ 328,737 37,752 366,489 € 57,146 32,835

U N I O N

€ 206,186 16,187 222,373 € 37,890 51,211

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€ 167,261 10,321 177,582 € 17,896 26,231

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€ 1,054,386 83,511 1,137,897 € 787,221 803,817

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6. STATUTORY RESERVE 2013 € 2012 € At 1st October 11,605,372 11,370,372 Transfer for the year 150,000 235,000 At 30th September 11,755,372 11,605,372 The statutory reserve represents the total regulatory reserve maintained by the Credit Union pursuant to the Credit Union Act 1997 (Section 85) Rules 2009 and is in excess of the 10% requirement. This is a non-distributable reserve.

7. OTHER RESERVES Balance at Net Movement Balance at Realised: 30th Sept. 2012 € € 30th Sept. 2013 € General reserve 2,365,324 23,044 2,388,368 Death benefit insurance reserve 52,532 (52,532) ----Unrealised: Non-distributable reserve (a) Total Other Reserves

2,417,856

(29,488)

2,388,368

34,051

-----

34,051

2,451,907

(29,488)

2,422,419

(a) Investment income recognised in the income and expenditure account but which was not received at the balance sheet date and which is not due to be received within twelve months of the balance sheet date is transferred to a non-distributable reserve.

Any movement in the year is the net of such income in the year and the release of income classified as non-distributable in prior years but which is now realised.

8. DIVIDEND The following was the dividend paid during the year which was approved by the members at the AGM in November 2012.

Dividend on Shares The directors propose the following dividend in respect of the year ended 30 September 2013: Dividend on Shares

Rate % 1.25

€ 1,123,965

Rate % 1

€ 885,308

9. RELATED PARTY TRANSACTIONS: During the year loans amounting to €91,980 were approved for officers (including directors, supervisors and staff) of the Credit Union. These loans were approved in accordance with the Standard Credit Union Rules.

The aggregate amount of loans owed by officers at 30 September 2013 was €393,947. The aggregate amount of shares held by officers at 30 September 2013 was €330,505. There were no other material related party transactions during the year which would require disclosure under Financial Reporting Standard No. 8 (Related Party Disclosures).

10. INSURANCE AGAINST FRAUD: The Credit Union has insurance against fraud in the amount of €5,200,000 in compliance with Section 47 of the Credit Union Act, 1997.

11. HONORARIUM TO TREASURER: The members at the Annual General Meeting on 6 December 2012 approved a maximum honorarium to the treasurer of €4,000.

12. PENSION COSTS: The Credit Union participates in the Irish League of Credit Unions Pension & Life Assurance Scheme. The Pension Fund is a multi-employer defined benefit plan where costs are calculated on a scheme wide basis and it is therefore not possible to identify each employer’s share of the assets and liabilities in the plan. Any surplus or deficit disclosed in the actuarial valuation is spread across all employers participating in the plan. In accordance with Financial Reporting Standard 17 ‘Retirement Benefits’, pension costs are accounted for on a defined contribution basis. The most recent triennial actuarial valuation of the scheme was carried out as at 1 March 2011 and indicated that the actuarial value of scheme’s liabilities exceeded the value of the scheme’s assets at that date. A funding proposal was agreed by the Principal Employer and the Trustees and with effect from 1 March 2011, total pension contributions (excluding the cost of risk benefits) were amended to 22.5% of pensionable salary. The pension charge represents contributions payable by the Credit Union to the fund and amounted to €160,017 (2012: €148,894). Contributions totalling €98,307 (2012: €96,290) were prepaid at year end and are included in prepayments.

13. COMMITMENTS & CONTINGENCIES: There were no material commitments or contingencies as at 30 September 2013.

14. RATES OF INTEREST CHARGED ON MEMBERS’ LOANS: The rate of interest charged on members’ loans on a reducing balance basis was 0.79% (2012: 0.79%) per month.

15. POST BALANCE SHEET EVENTS: The commencement, subsequent to the year end, of certain provisions of the Credit Union and Cooperation with Overseas Regulations Act 2012, introduces some structural changes in the governance of the credit union.

These changes include the disbandment of the Supervisory Committee, the creation of the Board Oversight Committee and a requirement that all new directors comply with a Fitness and Probity regime. There were no other significant events affecting the Credit Union since the year end 16. APPROVAL OF FINANCIAL STATEMENTS: The financial statements were approved and authorised for issue by the board of directors on 4 November 2013.

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Schedules to the Accounts

FOR THE YEAR ENDED 30TH SEPTEMBER 2013

Schedule 1 OTHER INTEREST RECEIVABLE & SIMILAR INCOME Investment Income Provision for write down of investments

2013 € 2,390,102 (1,020,000)

2012 € 2,424,703 -----

1,370,102

2,424,703

OTHER INCOME Commissions

€ 28,273

€ 20,922

Total Per Income & Expenditure Account

28,273

20,922

€ 4,000 18,335 37,194 31,451 31,681 35,239 27,361 12,725 72,837 38,087 17,662 2,018 19,514 57,155 22,976 274,364 160,017 123,501 12,022 36,472 359,186 42,625 63,081 43,154 67,665

€ 4,000 18,335 38,119 51,640 28,890 26,338 23,371 13,250 66,355 43,193 9,870 2,197 19,366 47,020 23,264 287,910 148,894 81,559 -----16,373 341,120 44,884 32,363 43,154 15,123

1,610,322

1,426,588

Schedule 2

Schedule 3 OTHER MANAGEMENT EXPENSES Treasurer’s honorarium Rent and rates Lighting, heating and cleaning Repairs and renewals Security Printing and stationary Postage and telephone Donations and sponsorship Debt collection Promotion, advertising and training Convention expenses Chapter expenses AGM expenses Bank charges General Insurance Death benefit insurance Pension Computer maintenance Bad debts written off Miscellaneous expenses Share and loan insurance Legal, professional and audit fees SPS contribution Affiliation fees Regulatory levy Total Per Income & Expenditure Account 28

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OUR OPENING HOURS Monday 10.00am to 4.30pm Tuesday 10.00am to 4.30pm Wednesday 10.00am to 4.30pm Thursday 10.00am to 5.00pm Friday 10.00 to 6.00pm Saturday 10.00am to 2.00pm

Online Banking Did You Know That:-

– You can review your Credit Union Account Online* – You can transfer money from One Account to Another Online* – You can make Bill Payments Online* * Subject to terms and conditions and registration for online banking. For further information contact the Credit Union Office.

Death Benefit Insurance A member must have a minimum of €100 savings in their account and meet the necessary eligibility criteria to qualify for Death Benefit Insurance (DBI).

Under the terms and conditions to be eligible for DBI, a member must: • Be a Credit Union member, • Have joined the Credit Union before age 70 and • Have been eligible for cover under the Life Savings policy and remained a member of the Credit Union.

What is meant by eligible for cover under the Life Savings Policy is, the member must fall into one of the following LS insured classes: • Working member • Homemaker • Student or • Good health member.

For more information contact:Ballyphehane Credit Union Ltd, Lower Friars Walk, Cork T: (021) 4965134 • E: info@ballyphehanecu.ie

www.ballyphehanecu.ie