CARA CREDIT UNION LTD | ANNUAL REPORT 2021
CARA CREDIT UNION LTD | ANNUAL REPORT 2021
CHAIRPERSON’S REPORT contd.
BOARD OVERSIGHT COMMITTEE
understanding of legislation places a significant responsibility on these volunteers in relation to discharging their duties effectively. With continued training and learning, the Board perform their Credit Union roles most effectively and, on your behalf, I thank them all for their time and dedication.
Finally, a special word of thanks to you, our members. Your continued support is key in keeping Cara Credit Union strong and sustainable going into the future. We want to thank you for your unwavering commitment and loyalty in 2021 and we look forward to further growth in 2022.
The AGM on December 13th will be one of my last duties as Chairperson of Cara Credit Union. It has been a pleasure to see Cara Credit Union go from strength to strength, with the name change, merger with Clanmaurice and the launch of a current account and debit card as some of the highlights. Together with the Board of Directors and Management Team we are optimistic for our future. We will continue to grow our loan book, introduce new products, new services and implement new technology that will enhance your interactions with us.
I look forward to addressing you all at our virtual AGM.
I would like to express a very special thanks to the Staff and Management of Cara Credit Union who work so tirelessly every day and with such passion to provide such a personal and dedicated service to all our members. I would especially like to thank all my fellow Directors who have supported me. I would like to thank the Board Oversight Committee for ensuring we are always at our best, protecting our Credit Union for future generations.
Caroline Sugrue Chairperson Cara Credit Union
The Board Oversight Committee (BOC) has the task of ensuring that the Board of Directors function, as laid out by the Credit Union Acts and good corporate governance practice. The BOC considers the overall responsibilities of the Board and the functioning of the Directors. There are a number of responsibilities specified by the Credit Union Act 2012 but the principal three are as follows; Strategy Implementation and Review, Risk Assessment and Management, and Effectiveness of Management and Procedures. These core responsibilities are the foundation of a strong functioning credit union Board and one of the main guidance to the BOC when evaluating and reviewing the board’s performance. Over the past year, at least one member of the BOC has been present/online at all Board meetings. At our request, we have received additional information where required. The BOC held a meeting at least once a month, separately to the Board to review and discuss the Board function and performance. 2021 has again proved to be a difficult year with the ongoing Coronavirus pandemic. Cara Credit Union has again managed this with very little impact on operations. All branches remained open while ensuring the safety of customers and staff. Excess cashflow continues to be an issue with Cara Credit Union. Savings are at record high levels, members have decreased borrowing requirements, and increased cash reserves.
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Unfortunately, an additional saving cap was necessary because of this. Cara Credit Union has offered a wider range of loans to grow the loan book. We would like to commend the Board, Management and Staff on the merger with Clanmaurice Credit Union. The process was well managed and completed in a timely manner. The BOC welcomed two new members this year increasing its membership from three to five during 2021. We would like to welcome Seamus Buckley and Clare Lucid to BOC. It is our opinion that the Board and Management have taken the appropriate steps ensuring that CCU are prepared for the challenges that are facing the Credit Union and financial environment in the coming years. We wish to thank the Board, Management and Staff for their support and co-operation during the year.
Patrick O’Brien Chairperson BOC
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