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Chairmans Address 2005

"Chairmans Address To AGM 2005"

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Good evening,


 Tonight will be a departure from the traditional AGM in that there are a lot of technical details that have to be put before the AGM and resolutions proposed. We are now in an age of transparency, accountability and increasing financial regulation, which results in an increase in the numbers of motions and resolutions that we have to put before you in order to comply with IFSRA.


The Financial Regulator is now monitoring all credit unions, their activities, their boards of directors and their policies very closely and I would like to take this opportunity under the chairpersons address to try and give members some assurance of the healthy state of affairs in Roscrea credit union and to give you some appreciation of the size and scale of your credit union as it stands today.


I want to assure you that Roscrea Credit Union, your credit union, is taking every effort to comply and operate within rapidly changing regulatory developments.

  • We have an extremely active board of voluntary directors, might I add, who meet regularly to monitor the function and running of the credit union. They will be presenting their reports in turn tonight which will demonstrate this.
  • Your supervisory committee have employed the services of a chartered accountant to ensure that the accounts of the credit union are prepared correctly and accurately.
  • We have employed one of the top firms of auditors in the country, PWC, to audit and advise the board on matters of financial importance.
  • We are active members of IBEC and we are in regular contact with them on matters of administration, both legal and technical.
  • We continue to be affiliated to the Irish League of credit unions and are represented regularly at chapter level also.
  • The Board has recently completed a 5-year plan for the Credit Union so we know where are and where we want to be over the next few years.


On staff, we have Ray McCarthy as a full time CEO. Ray is also very active in the Chamber of Commerce in both a private capacity and as your representative. In addition to this he is one of the driving forces of a new project that select credit unions are investigating with the EBS. He has a very high profile around Roscrea and in credit union circles which keeps your credit union to the forefront of change in the movement.

  • Also on staff we have David Dooley who is our full time financial controller. David manages the accounting on a day to day basis and prepares management accounts for the board on a monthly basis.
  • Sarah Beasley is our full time credit controller. Sarah’s job is to ensure that the monies that have been lent out are paid back. Not an easy job but one that she is extremely efficient at.
  • Ena McMahon is our office manager who manages day to day running of the office and staff.
  • The final member of management team is Brian King – the business development officer / web site manager / chamber of commerce secretary / chapter secretary/ computer whiz kid and faithful supporter of Man United.

But all those are the backroom team who are fronted by an extremely competent team of 10 counter and office staff. These are the faces of Roscrea credit union a far as many of the members are concerned. Only for such a team of dedicated and professional staff none of the work identified above could happen. Our counter staff handle over 1200 hundred transactions each Saturday – about 1,000 members! This year, our turnover was €71m. They deserve a special word of recognition and appreciation tonight.


What I am trying to impress on you here present tonight is the financial magnitude of Roscrea Credit Union. This is first evidenced by the splendid building that we are sitting in tonight but it is not bricks and mortar, which make up a credit union – it is you, the members. Currently you have €45m on deposit in our credit union. These funds are then made available by you to your fellow members who wish to borrow it. To date €33.5m of your money is lent to your fellow members. You can see the importance of having such an efficient management and staff structure in place to safeguard and manage that massive amount of funds.


In addition your funds have helped to support many organisations and clubs over the years, we have helped build local amenities, we have kick started / finished the swimming pool project that has been an issue in Roscrea since I was a child but now finally looks to be finally going ahead due to the initiative of the credit union. Every year we sponsor the Roscrea people of the year which acknowledges the valuable work of the citizens of your community, we help the tidy towns, we support and initiate local arts and culture festivals. It is only with your support and the management and foresight of the board that all this can be made possible.


Roscrea credit union is now a multi million-euro business. It is not my business, it is not the business of the Board of directors it is your business, the business of Roscrea and its environs.


So now I want to proceed with the business of the AGM, which is an essential activity of your credit union. It is the place where we tell you what we as a board are doing and it is also to be seen as a forum where you may ask the board any questions that you may have on any matter that you are concerned about.


So without further ado we will proceed with the business at hand.



David Donnelly