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 2021 AGM and 2021 SGM

6. Appointment of Tellers, 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. CEO Report

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

10. Presentation of annual accounts

11. Report of the auditor

12. Report of the Board Oversight Committee

13. AGM Members’ Draw

14. Announcement of election results

15. Any other Business

BOARD OF DIRECTORS & BOARD OVERSIGHT COMMITTEE

Eddie Enright Chairperson Lily Tangney Vice Chairperson Sean Roche Caroline Sugrue Conor Fitzgerald

John O’Connor Danny Kerins Tom Lawlor John O’Regan John Welch

Sandra Byrne BOARD OVERSIGHT COMMITTEE

Ann-Marie Brosnan Clare Lucid John Lyons

CHAIRPERSON’S REPORT

Members’ support has been a shining light in 2022, and as a result, we are extremely proud to report that Cara Credit Union has had a successful year, meeting its strategic priorities and injecting €47.9 million into the local economy by way of personal, business and agri lending.

On behalf of your Board of Directors, I would like to invite you to attend our 55th AGM. We have made 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.

Growth: 2022 was an excellent year for your credit union. Our assets now stand at over €294 million with members’ savings growing to over €245 million and the ‘loan book’ has increased to over €107 million for the first time ever. As you will see in the financial reports, Cara Credit Union had a surplus of €2.87 million. This surplus included a once-off payment of €1.2 million from the Irish League of Credit Unions.

The driver of this success has been a strategic focus to secure a larger share of the lending market within our common bond.

Cara Credit Union worked with the Chamber Alliances across all our towns, local business and business stakeholders offering business loans and loans designed specifically for Covid and Brexit impacted businesses via the Strategic Banking Corporation of Ireland (SBCI). This proved very successful. investments: Cara Credit Union’s main source of income is from loans, followed by income on investment returns. Due to the unprecedented low interest rates over the past number of years, unfortunately, this income remains low. The current higher interest rate will be beneficial, but there will be a time-lag before the credit union see an increase in returns from investments.

expenditure: The Board of Directors and Management Team are continuously looking at ways to manage our costs. This year we took the difficult decision to reduce the death benefit insurance from €1,950 to €1,000. This cost saving measure was taken by our Board to ensure that Cara Credit Union continues to provide our members with a viable credit union into the future.

Cara Credit Union will continue to examine all aspects of expenditure. However, some costs continue to increase, particularly I.T. costs. To continue to be a successful credit union, and offer members the products and services they require, we must invest in developing technological capabilities. We must also be proactive and vigilant in protecting against the increasing risk of cybercrime. Therefore, Cara Credit Union must continue to invest in this area. CHAIRPERSON’S REPORT contd.

Dividends: In the context of the 2022 year-end, Cara Credit Union must be cognisant of the challenging economic environment and uncertainty on the economic outlook. It is important that credit unions continue to exercise prudence in relation to their reserve management. Given the current global and domestic vulnerabilities, the Board of Directors having carefully evaluated our current financial position, the economic environment and our plans for the future, have decided not to pay a dividend this year. Instead, we will invest in improving your credit union and its services, which will provide a better long term benefit to all our Members.

Your Board of Directors: This year, our dear friend and colleague, Richard Bono passed away. Richard is deeply missed by the Board of Directors, having served on the Board since 2016. At this difficult time, we are thinking of Richard’s wife Eleanor, his family and many friends.

Your Board of Directors met on 32 occasions this year to perform their duties. This has been a particularly busy year and on your behalf and my own behalf, I wish to thank them very sincerely for their energy, ideas, dedication and time, all provided with a smile and on a voluntary basis.

This year we welcomed Sandra Byrne to the Board of Directors and John Lyons, Martina Flynn and Nisha Srinivasan to the Board Oversight Committee. We look forward to working with you all. We also saw Patrick O’Brien, Stephen O’Sullivan and Seamus Buckley retire from the Board Oversight Committee and I would like to thank them for their service.

Future Plan: For the year ahead, we plan to continue our loan growth strategy in personal, business and farm lending. We are currently piloting a personal lending automated system, which will launch in early 2023. This will lead to quicker processing of your loans, making it easier and faster for Members to enjoy their Cara Credit Union loan.

2023 will also see the introduction of additional mortgage options. This will provide more choice to our members.

Much depends on the economic environment in which we find ourselves. We cannot predict the future but we will monitor events closely. The Board and Management Team will be agile and respond to issues as they arise. Always ensuring the interests of the Credit Union and our Members are at the heart of all decisions.

thank you: I wish to thank our CEO, Pa Laide, all the management team and the excellent staff in Cara Credit Union for their continued support and co-operation throughout the year. By continuing to work together, we can ensure Cara Credit Union is sustainable and successful, delivering enhanced benefits and choice for you, our Members.

I would like to thank the Board Oversight Committee for their vigilance and work over the year, ensuring the Board comply with all requirements.