AGM Notice

AGENDA

the agenda for the Virtual Annual General Meeting is as follows:

1. Invocation - Credit Union Prayer

2. Acceptance of Proxies (if any) by the Board of Directors

3. Ascertain that a Quorum is present

4. Adoption of Standing Orders

5. Approval of the Minutes of 2020 AGM

6. Appointment of Tellers and Report of the Nomination Committee and Election of Auditor, Board Oversight Committee and Board of Directors.

7. Report of the Board of Directors; incorporating the reports of the Credit Committee, Credit Control Committee and Membership Committee

8. Approval of the League Affiliation Fees - €1.00 per member to be automatically deducted from members accounts

9. Presentation of annual accounts

10. Report of the auditor

11. Report of the Board Oversight Committee

12. AGM Members Draw

13. Announcement of election results

14. Any other Business

CARA CREDIT UNION BOARD OF DIRECTORS & BOARD OVERSIGHT COMMITTEE

Caroline Sugrue Chairperson Eddie Enright Vice Chairperson Richard Bono Tom Lawlor Conor Fitzgerald

Sean Roche Danny Kerins Lily Tangney John O’Regan John Welch

John O’Connor BOARD OVERSIGHT COMMITTEE

Patrick O’Brien Ann-Marie Brosnan Stephen Sullivan

CHAIRPERSON’S REPORT 2021

While we continue living in unprecedented times, 2021 has also been a time of discovery and growth for Cara Credit Union. We are extremely proud to report that Cara Credit Union has had a successful year, meeting its strategic priorities and injecting over €42 million into the local economy by way of loans for both personal and business needs.

On behalf of your Board of Directors, I would like to invite you to attend our 54th AGM. Unfortunately, due to rising Covid-19 numbers we have taken the difficult decision to once again host our AGM virtually. If you have any comments or questions I would love to hear from you. You can submit your questions in advance of the AGM by emailing agm@caracreditunion.ie

In March of 2021 we were delighted to welcome our newest members from North Kerry as Cara Credit Union and Clanmaurice Credit Union merged. Together we will build a stronger credit union in our communities of Tralee, Castleisland, Killorglin, Ballyduff and Causeway. We would like to especially thank the members of Clanmaurice Credit Union who have shown Cara Credit Union such support since we merged. We are most grateful.

In October, Credit Unions claimed the top position for the best customer experience in Ireland at the CXi awards for the seventh year in a row. This is of little surprise to the Board of Cara Credit Union, the team at Cara Credit Union understand the needs of their members at different stages of their lives and tailor their services accordingly. Best in class customer, or member, experience happens organically with staff not even realising they are ticking all the emotional drivers on which CX is measured. Credit Union values and ethos are not just words, they are put into action on a daily basis by our friendly, understanding and people focused staff. I would like to thank all the Management and Staff for their tireless work each and every day.

2021 has seen Cara Credit Union invest heavily in both product development and services to enhance our members experience, making it easier for our members to transact with Cara Credit Union, from the comfort of their own home or from anywhere in the world. We continue to keep our members at the forefront of all we do and strive to enhance the customer experience and adapt as an organisation through technology and new offerings for you, our members. For the first time ever members can now apply for a loan online or over the phone, sign for the loan online and transfer the funds online. We upgraded our mobile app for an enhanced mobile service, including the ability to transfer funds, pay bills, get a loan or apply for a current account.

In line with our strategic vision, we launched an extensive suite of Business Loans, including two loan types from the SBCI (Strategic Banking CHAIRPERSON’S REPORT contd.

Corporation of Ireland). In fact, Cara Credit Union was one of the first community lenders in Ireland to participate in the Covid-19 Credit Guarantee Scheme. This scheme is designed to assist businesses, including primary producers, impacted by Covid-19 to access credit. More recently, the Brexit Impact Loan Scheme has been introduced. This is a medium-term, lower cost scheme to fund working capital and investments for businesses, including primary producers impacted by Brexit

As an organisation, we continue to challenge ourselves to contribute to the sustainability of our planet. Some of you may have received this booklet by email and some of you will receive your statements via your online banking. By signing up for online banking, you are helping us to reduce our carbon footprint, so thank you. To further enhance our vision to become a greener credit union we have partnered with Energia and ‘House 2 Home’ to launch CU Greener Homes, a one-stop-solution for all your home energy efficiency improvements. We have seen that there is a clear demand amongst our members to undertake improvements to maximise the energy efficiency of their homes. The CU Greener Homes initiative is an excellent opportunity for members to get all of their green home improvement needs completed in one go. See our website www.caracreditunion.ie to apply or call our Member Services Centre to find out more.

In 2021, we started working with Irish Life. Together we will help our members build better futures, to be better planned, better protected and better off. You can book a time for your FREE financial review by visiting caracreditunion.ie Due to the investment in new products and services, we are delighted to report Cara Credit Union has had a very successful year. The support we have received from our members has been exceptional. Our loan book now stands at €98.8 million, which is an increase of 9.4% on last year. In the financial year, Cara Credit Union lent €42.1 million to you, our members. The majority of these new loans are put back into the local community in the form of car purchases, home improvements, business loans and education loans, which helps to strengthen the indigenous economy and keeps jobs local.

Unfortunately, investment return remains very low and this continues to put pressure on the ‘loan book’ to provide the required income to cover expenses, maintain reserves and pay a dividend. At the end of the year the Board considered their options in relation to the distribution of any surplus. As with every yearend the Board have some very difficult decisions to make and take guidance from the Management team in place. As a result the Board, taking all matters into consideration are taking the prudent decision not to pay a dividend this year.

Your Board works diligently throughout the year on your behalf and met virtually a total of 16 times to discharge their regulatory and fiduciary duties. The focus areas for the Board continue to be: Financial Strength, Risk Management, Compliance, Strategy and Sound Governance practice.

It is important to remember that the Board and committee members fulfil their duties on a voluntarily basis. Increased regulation and