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Annual Reports 2000

"Reports from the AGM"

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Planning & Development Committee 2000

During 1999/2000, Roscrea Credit Union introduced a number of new initiatives, such as express lodgement facility, automated savings stamps, safe-keeping facility, repayment protection insurance and now within the past month, an additional home insurance provider. In the technological area, we have installed a webaccess unit, launched our own web site and within the next couple of months, hope to introduce a multiple accounts facility - allowing members to have seperate loans for different purposes.

At our last AGM , we signalled our intention to proceed to ISO certification, as our Chairman has announced, this significant award has been achieved. We should take particular pride in the fact that we are the first credit union in Ireland to succeed in obtaining this award. This award is the culmination of twelve months hard work preparing an Office Procedures Manual, which will help us to maintain a level of professionalism that our members have become used to. This award could not be achieved unless you have a dedicated team of staff who, not only ensured that we got the award, but they are the ones who will have to work hard to hold on to it. Full credit must go to our staff, in particular, to Brian King who worked tirelessy on our behalf to ensure that we met the ISO criteria.

Our Board has recently decided, as part of our three year strategic plan, to undertake another very large project over the next twelve months - to provide a web site for Roscrea town. Thhis project will be driven by Brian King and will involve an enormous amount of information gathering and rallying of the various organisations and businesses in and around Roscrea. This initiative will help raise the profile of the town on a National and International level. This project is not being driven ona a commercial basis, but totally for the benefit of the town and its community. It is a project which deserves support in this technological era.

To maximise the use of our building, we decided earlier this year to rent some of the upstairs portion. This has worked out very well. We also decided that we would hold the AGM in our office this year. This will allow us use our facilities to their fullest capability. Our committee is constantly striving to ensure that Roscrea Credit Union is at the forefront of developments, to provide you, our members with the latest technological and other advancements.

We trust you will look forward to the years aheah, knowing that we your Credit Union is working at full capacity.

John Gunnell, Ray McCarthy, Noel Ryan, Anthony O’Lone, David Donnelly

Supervisory Report 1999/2000

The committee met regularly during the past year and is happy to report that the Credit Union is being managed with the highest level of professionalism.

The Supervisory Committee is an independent body set up within each credit union. Its duty is to perform checks on all aspects of the running of the credit union to ensure members’ transactions have been correctly recorded and that the Credit Union is being managed in a proper manner.

We carried out checks on financial records of the credit union, bank statements, lodgements, loan application forms, promissory notes, accounts paid. We also carried out Pass Book verification with computer records. many of you have received letters with regard to this. As this check is entirely in your own interest, we would appreciate your full co-operation.

We are pleased to report an excellent attendance by Directors at all Board Meetings throughout the year and also at the various sub committee meetings. We attended each of the monthly Board Meetings and submitted reports in the approved manner to the Board.

Should any member feel that they have a complaint or grievance or any problem relating to the Credit Union, Supervisors are always available to talk to you or investigate and resolve any matter.

In conclusion, the Supervisors would like to congratulate the Board, management and Staff on having achieved the ISO 9002 award and for having steered Roscrea Credit Union through yet another very successful year.

Supervisory Committee : Tony Mason, Maura Coughlan, Mattie Talbot

Credit Committee Report 2000

It is my pleasure to present this report to you on behalf of the Credit Committee of Roscrea Credit Union.

As has been ongoing for over 30 years, the Credit Committee has met weekly during the past year to review members loan applications. Nearly 200 loans are being assessed each week. Almost all of the applicants were approved although, in some instances restrictions or conditions were attached. Credit Union staff did most of this work, in a fast, efficient and helpful manner. We wish to compliment all our staff for playing their part in providing an excellent service. Our increased profits and excellent balance sheet are a tribute to their hard work and dedication, in dealing with an ever-increasing volume of work.

In the past year, loans to members increased by £3.5 million, to £14.3 million. Interest paid by members increased by £234,000 to £1.246 million. This income is our ’bread and butter’ which enables us to pay a very reasonable dividend to borrowers and shareholders, and at the same time to grow and expand the range and quality of our service. We would instance one such service - loan protection insurance. This is an insurance you can avail of when taking out a loan, and it will cover repayments if you find yourself redundant, or sick.

We also wish to pay a particular tribute to the members of the credit union who use our savings and loans so prudently. Members should appreciate this great community resource, with its quick and personal response to its members financial needs, without frills and charges.

Finally, we wish to compliment the Board of Directors and its various committees, especially credit control, for their support and guidance. And we again express our gratitude to all the members of staff for their help and assistance, so cheerfully given.

Committee Members : Jim Bolger, Paul Ryan, Hugh Keane, Jimmy Carroll

Credit Control Report 2000

The Credit Control Committee met regularly during the year to review current loans and make decisions on what action was necessary in the case of those members who were behind in their agreed repayments. The actions taken fell into three categories :

1. Reminder letters sent
2. Registered letter of intent to initiate Legal Action
3. Account sent to our Legal Representatives or Debt Collection Agency

The introduction of the use of a professional debt collection agancy was begun this year. This is an alternative to full legal action and is proving very effective. We have had a very good year. Currently 2945 members have £14.3 million out on loan, £10.1 million was granted during the year.

There are currently 60 members with our solicitors. We wrote off £79,414 this year - made up of 35 members. These members are currently being pursued. You will recall that we wrote off £113,516 last year. We are pleased to report that our bad debt recoveries this year are £65,959 - up £53, 186 on last year. This is a reflection of the positive effects of our Credit Control Systems.

Legal action is a costly but necessary part of any lending institution. This past year cost Roscrea Credit Union £18,664 in legal costs, but besides the benefits to date, we will have rewards to reap from this expense into the future.

The committee wishes to thank the borrowing members of Roscrea Credit Union for their repayment record to date.

The committee also wishes to thank the staff of Roscrea Credit Union for their co-operation in the day-to-day management of this area of work. We would particularly like to thank Mrs. Ena MacMahon, our Credit Control Officer who monitors all the loans and liaises with our legal representatives, and Mr. Ray McCarthy, our CEO, for their diligence and efficiency.

We would like to remind members who find themselves in difficulty, to contact either Ena or Ray long before they have to contact them! Arrangements can be sympathetically made to reschedule repayments, thus avoiding possile future legal unpleasantness. The committee also wishes to acknowledge publicly the help and support of the Board of Directors.

Committee Members : Thomas McCarthy, Eamon Phelan, Richard Conroy

Social & Educational Committee Report

As in previous years the highlight of our year was the Roscrea people of the Year Awards in january, where due recognition was given to people and organisations from the town who have given their time and energies unselfishly. As always, George Cunningham played a blinder on the night.

Our youth were adequately catered for with our usual poster competition and table quiz - 135 schoolchildren participating ! Unfortunately, this year, we hand no successes nationally. At secondary level we have been working on proposals for a sub-office in the college. With fantastic support from Gerard O’Brien, Principal and his fellow teachers, our sub-office has now been installed and is fully operational.

Our newsletter continues to prove popular, being widely distributed in the area. We hope our members find it useful for information purposes. In the coming year, the newsletter will also be on our website - www.roscreacu.ie.

We are delighted this year, to place proposals for a car draw before you. It is our intention to run a quarterly car draw at a cost to members of £12.00 per annum - £1.00 per month. The draw will only be viable with c.3000 members entering - the first draw will not commence until we have a viable number of entries. We will also require the members written authorisation before any deductions can be made to their accounts. A campaign will start shortly. These draws are very successful in other credit unions and offer far better value than the lotto !!

As you can see, we continue to develop our services. We have sponsored numerous events during the past year, as already mentioned, through our strategic plan you will see further developments in the short term.

Noel Ryan, Brendan Wright, Ray McCarthy, Deirdre O’Donoghue

Membership Committee Report

The membership of Roscrea Credit Union now stands at 9,920 on 30th September 2000. This is a very satisfactory increase of 1,171 new members made up of adult membership of 1,004 and juvenile membership 91. This can be looked upon with great delight by every member of Roscrea Credit Union and is due in no small way to the high standards set by the management and staff of Roscrea Credit Union.

We take this opportunity to encourage all members of Roscrea Credit Union to introduce new members. Increasing membership is the way we all assure the future wealth and success of Roscrea Credit Union.

We would like to point out to our new members that the nomination form on the back of the application for membership should be signed and availed of, as this is a very important document.

During the year the board appointed Ena McMahon as supervisor. We the membership committee would like to thank Ena on the excellent work she has done keeping all application forms up to the standard required.

We take this opportunity to offer sincere thanks to our CEO and our Deputy CEO and all the staff for their help throughout the year.

Jimmy Carroll, Liam Phelan, Patsy Treacy