ANNUAL REPORT 2019 the net generation credit union #OutOfTheBlue Member First Credit Union Limited Annual Report and Accounts 2019 You can manage your MFCU account from the comfort of your sofa! CU Online + is FREE for all MFCU members. Register at www.mfcu.ie ✓ Pay your bills ✓ Apply for a loan ✓ Upload documents securely ✓ Contact us directly about your account ✓ View and print balances and statements ✓ Transfer funds to and from your account ✓ Manage your account anytime, anywhere ✓ Check loan repayments with the Loan Calculator CONTENTS Notice for Annual General Meeting 2 Agenda 3 Standing Orders 4 Credit Union Motions 5 Report of the Chair 6 Report of the Chief Executive Officer 9 Return on Investments 11 Community Report 13 Prize Draw 17 Nominations Update 19 Compliance Update 20 Director’s Report and Financial Statements 22 Board Oversight Committee Report 50 Audit Committee Report 51 Risk Committee Report 52 Nomination Committee Report 53 Lending Update 55 We’re going green! #OutOfTheBlue 56 Submitting questions for the AGM 57 NOTICE & AGENDA FOR ANNUAL GENERAL MEETING Notice is hereby given that the Annual General Meeting (AGM) of Member First Credit Union will take place on Monday, 9th December 2019, at 8.00pm in the Crowne Plaza Hotel, Northwood Park, Santry. Members are requested to bring this report and their passbooks to the AGM. All members attending the AGM will be eligible to participate in a FREE draw on the night, with prizes totalling €5,000. Free car parking will be available in the Crowne Plaza Hotel. Transport by bus will be available for members from various locations. Please see below bus timetable to the AGM. Members must reserve a seat by contacting us on (01) 851 3400 or by emailing [email protected]. - Gráinne Brennan, Secretary Bus Timetable Bus serving NWS, Donnycarney, Artane Location Departure time MFCU North William Street Office 6.35pm Donnycarney Church 6.45pm Member First Credit Union, Artane Branch 7.00pm Roundabout Pub, Ardlea Road 7.05pm Artane Beaumont Family Recreation Centre 7.15pm St. Luke’s Church, Kilmore West 7.20pm Bus serving Coolock Location Departure time St. Brendan’s Church, Coolock 7.00pm St. Joseph’s Church, Bonnybrook 7.10pm Northside Shopping Centre, Taxi Rank 7.20pm Bus serving Swords Location Departure time Member First Credit Union, Swords Branch 7.00pm Bus serving Raheny Location Departure time Member First Credit Union, Raheny Branch, Church Car Park 7.00pm All buses will arrive at Crowne Plaza at approx. 7.50pm 2 Agenda* When you borrow and save with us, you’re 1. Early Raffle at 8.00pm sharp funding our support 2. Ascertainment that a quorum is present of a variety of local 3. Adoption of standing orders community initiatives. 4. Reading and approval of minutes of AGM 2018 Thank you. 5. Address by MFCU Chair 6. Strategic Update 7. Finance Report 8. Report of the Auditor 9. CEO Report 10 Report of Board Oversight Committee 11. Appointment of Tellers 12. Report of the Nomination Committee 13. Balloting 14. Community Report 15. Announcement of Election Results 16. Any other business 17. Adjournment of meeting 9.15pm sharp followed by refreshments *Subject to change World Champion Boxer and MFCU Member, Kellie Harrington, visits MFCU 3 STANDING ORDERS 1. Voting giving the proposer the right of reply before doing Each member shall be entitled to one vote so. irrespective of his/her shareholding, in accordance with section 82(2) of the Credit Union Act 1997 (as 10 – 15. Miscellaneous amended). 10. The Chair of the Board of Directors shall be the Chair of any general meeting, except where he/ 2 – 3. Election Procedure she is not available, in which case it shall be the 2. Elections to the Board of Directors, to the Board Vice Chair, except where he/ she is not available, Oversight Committee and the position of Auditor in which case the Board shall decide amongst shall be by majority vote and by secret ballot. themselves who shall act as Chair of the general 3. When nominations are announced, tellers shall meeting. be appointed by the Chair and ballot papers 11. The Chair may at his/her discretion, extend the shall be distributed. Nominations shall be in the privilege of the floor to any person who is not a following order: (a) nominations for Auditor; (b) member. nominations for members of the Board Oversight 12. Matters not covered by the Agenda may be Committee; (c) nominations for Directors. When introduced under “Any Other Business” at the voting is completed, the votes shall be taken discretion of the Chair. and tallied by the tellers. Any ballot paper which 13. The Chair’s decision on any matter relating to contains votes for more than the number required these Standing Orders or interpretation of same to be elected shall be void. All elections shall be shall be final. by secret ballot and by majority vote. When the 14. No member shall have more than one vote on votes have been counted by the tellers, the results each question at any general meeting of the Credit shall be announced by the Chair. In the event that Union or any adjournment thereof irrespective of all vacancies are not filled by the first ballot further his/her shareholding or the number of accounts ballots shall be taken as required. In the event of in his/her name in the Credit Union provided, an equality of votes between candidates for the however, that except in voting at elections, the remaining vacancies not filled in accordance with presiding member shall have a second or casting the above procedure one further ballot shall be vote in the event of equality of voting. Voting taken and should that ballot fail to determine by proxy shall be allowed only when a member the issue, the vacancies shall be filled by lot from other than a natural person votes through a among such candidates having an equality of representative, who is a member of the group, votes. duly authorised in writing for that purpose and accepted as such by the Board of Directors. 4 – 9. Motions to approve 15. Any matter to be decided upon by vote at the 4. All motions from the floor of the AGM must be AGM shall, unless otherwise expressly provided proposed and seconded by members present at for by law or the rules, be decided upon by simple the AGM and approved by the proposer. If the majority. proposer is absent when the motion is called, the motion shall be deemed to have failed. 16. Suspension of Standing Orders 5. A proposer of a motion may speak for such Any one of these Orders or all of these Standing period as shall be at the discretion of the Chair Orders may be suspended on a motion to this of the meeting and shall have the right of reply effect receiving a two-thirds majority of those before the motion is put to the meeting for a vote. present and entitled to vote. 6. In exercising his/her right of reply, a proposer may not introduce new material. 17. Amendment of Standing Orders 7. The seconder of a motion shall have such time Standing Orders may be amended or altered at as shall be allowed by the Chair to second the the general meeting and only if a motion to this motion. effect has received a two-thirds majority of those 8. Members are entitled to speak on any such present and voting. motion and must do so through the Chair. All speakers to any motion shall have such time as 18. Adjournments shall be at the discretion of the Chair. Adjournments of the AGM shall take place only in 9. The Chair shall have the absolute right to decide accordance with section 81(1) of the Credit Union at any time when a motion has been sufficiently Act, 1997 (as amended). discussed and may put the motion to the meeting 4 CREDIT UNION MOTIONS Dividend ‘That this Annual General Meeting agrees that the sum of €212,433 (0.1%) be distributed to members by way of a dividend.’ Interest Rebate ‘That this Annual General Meeting agrees that the sum of €292,562 (5%) be distributed to members by way of an interest rebate on standard rate loans.’ Affiliation Fee ‘That this Annual General Meeting agrees that the sum of €1.15 be deducted from each adult members’ share account by way of an Affiliation Fee to the Irish League of Credit Unions.’ Rule Changes There were four amendments to the Standard Rules for Credit Unions (Republic of Ireland) arising from League AGM 2019. Rule 84A. Membership Officer (1) The board of directors may approve the appointment of a person by the manager as a membership officer to assist the membership committee and work under its supervision and control. (2) A record of each application for membership which has or has not been approved shall be furnished by the membership officer to the membership committee no later than seven days of receipt of the application. Rule 13. Qualifications for membership (1) An applicant shall be admitted to membership only when: (i) it shall have been determined that he is eligible for membership in accordance with rule 11; and (ii) his application for membership shall have been approved by the affirmative vote of a majority of the board of directors or by a duly appointed and authorised membership committee present at a meeting at which the application is considered, or by a duly appointed and authorised Membership Officer; and Rule 83. Duties of membership committee and/or membership officer Subject to these rules and the Act, the membership committee and/or membership officer shall:.....