Agenda

CHAIRPERSON’S REPORT contd.

I would also wish to thank my follow Directors for their outstanding commitment to Cara Credit Union. I have mentioned them already but their enthusiasm and co-operation ensure it is a pleasure to work with them.

Last, but not least, I want to thank you our 60,000 members. You made Cara Credit Union, and without you it wouldn’t exist. Your ongoing support, with your savings and borrowings and all your other financial transactions is the reason for our success. I also thank you for voting Cara Credit Union as the No. 1 Credit Union in Ireland. This is a special award, which we are delighted to achieve. However, it also means that we, as a Board, Management Team and Staff have to ensure we continue to reward your loyalty and faith. We plan to do so by continuously improving our services for you and satisfying your needs in the years ahead.

I look forward to addressing you all at our virtual AGM.

eddie enright Chairperson Cara Credit Union

BOARD OVERSIGHT COMMITTEE REPORT

The Board Oversight Committee (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 two members of the BOC have been present/online at all Board meetings. At our request, we have received additional information where required. The BOC held a meeting once a month, separately to the Board to review and discuss the Board function and performance.

We would like to commend the Board, Management and Staff on their marketing drive to attract new members in 2022. Also increasing the savings cap is a welcome marketing asset.

The BOC welcomed three new members as Patrick O’Brien, Stephen O’Sullivan and Seamus Buckley have resigned from their roles. We would like to thank them on their contribution and hard work for the BOC over the last couple of years. The three new members are: John Lyons, Martina Flynn and Nisha Srinivasan. 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.

ann-marie Brosnan Chairperson BOC

CEO REPORT 2022

Thanks to the support we received from you, our Members, 2022 has been a very satisfactory year for Cara Credit Union in terms of financial performance.

members

In this financial year, we welcomed 1,847 new members to Cara Credit Union. To these members, you are very welcome and we look forward to serving you.

Over the financial year, 8,714 members borrowed €47.9 million from Cara Credit Union. Much of this was injected back into the local economy. Lending remains our main source of income, so I would like to take this opportunity to thank these members for their support. As we move into 2023, this support is even more important to ensure our local credit union remains viable for future generations. We have money to lend and are asking you to support your local credit union if you need a loan. You will always be treated fairly and the loan decisions are made locally, by the people you know and trust.

current account and Globally accepted mastercard® Debit cards

Our current accounts continue to grow, with almost 5,000 debit cards now in circulation. We are proud to have one of the cheapest current accounts on the market, with free banking for students and those over 66 years (terms and conditions apply). We also have a dedicated team on hand to help you with the switching process. If you would like to find out more give us a call on 066 712 2373 or see our website

www.caracreditunion.ie award Winning

2022 was an award-winning year for credit unions. In October, credit unions topped the national CXi Ireland Customer Experience league table for an incredible eighth consecutive year. Irish credit unions are the first organisation worldwide to win this award eight times in a row.

At the recent All-Ireland Credit Union Awards, there were double celebrations as Cara Credit Union received two awards. The first award was for the ‘Best Marketing Initiative’ , for the ‘How to Rock your College Experience’ Programme, which was a partnership with Mary Lucey from Career Ahead. The programme was delivered to 6th year post-primary students to aid in their transition to third level education.

Also on the night Cara Credit Union picked up the highly sought after ‘Members’ Choice Award’ . This award was based on members voting for their credit union. This award really highlights the difference our team makes to members’ lives, going above and beyond on a regular basis. We are most humbled that our members took the time to vote for Cara Credit Union, and this award is a very proud moment for all the team. CEO REPORT contd.

Retirements

This year we saw some of our esteemed colleagues retire from Cara Credit Union. Phyllis Healy retired after 29 years of service and Christine Fitzgerald after 27 years of service.

On behalf of the Board of Directors and Team at Cara Credit Union we would like to thank both Phyllis and Christine for helping shape Cara Credit Union into what it is today. Their experience, guidance and encouragement has helped so many other co-workers thrive, and we've been so fortunate to have their expertise to rely on.

We wish you both a wonderful retirement and may the next phase of your life bring you all that you seek and more.

Our team

I would like to thank all the Team at Cara Credit Union. The Team are dedicated to serving you, our Members, in a way which works for you, be it in-person, over the phone or online.

All our Team are fully committed to offering the best service to our Members. We are proud of the personal touch we continue to offer to our Members and believe this is what sets us apart.

In July of 2022, our highly respected Director, Richard Bono, passed away. Richard was a serving member of the voluntary Board of Directors since 2016. He was an amazing ambassador for Cara Credit Union and the entire Credit Union movement with a passion for supporting our local communities. We will always be grateful for the time Richard gave so freely in the spirit of co-operation.

compliance

New regulations are being applied to credit unions and the broader financial services industry at an ever-increasing rate with the requirement to apply increased resources to risk and compliance functions. These regulations are of critical importance with the purpose being to ensure that not only are your savings protected but that also your credit union is a compliant organisation.

environmental, Social and Governance (‘eSG’)

Over the last 12 months, Cara Credit Union has donated €80,644 by way of sponsorship, education awards and the Lauri Healy Community Sponsorship Awards. This sponsorship further highlights the positive impact Cara Credit Union has on our community. Giving back to local community groups, on behalf of our members, allows us to ensure that everyone in our community benefits from their local credit union.

With the cost of living crisis, once again people need access to affordable credit, with flexible repayments. This is very much at the core of the credit union ethos. So if you are in financial difficulty, talk to us, we are here to help.

As an organisation we have set ambitious plans to ensure Cara Credit Union will be a ‘Greener’ credit union. We have a Greener Home Loan, working with SEAI, Home2Home and Energia with grants of up to 40% available and loans from as low as 4.9% APR.

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