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Annual Report & Accounts 2017 Member First is different. It’s fresh, modern and dynamic, but firmly rooted in the community. We are technically capable and accessible remotely, yet we also have a visible local presence. By concentrating on the services members want, and offering expertise in these areas, Member First can become their first choice for savings and loans. We believe in the Credit Union ethos. Our members are always looking to the future. Now, with Member First, their Credit Union is too. Swords Branch Members Day with FM104 Whitehall Colmcille GAA Defibrillator Presentation 2017 ANNUAL REPORT & ACCOUNTS 2017 Content Notice and Agenda for Annual General Meeting 4 Agenda 5 Standing orders 6 Report of the Chair 8 Report of the Chief Executive Officer 11 Community Report 14 Directors Report and Financial Statements 19 Credit Union Resolutions 55 Board Oversight Committee Report 56 Audit Committee Report 57 Risk Committee Report 58 Nomination Committee Report 59 Central Credit Register Notice 60 Submitting Questions for the AGM 63 Sponsorship of 73rd Raheny Scouts St. Joesphs Church Bonnybrook Parish Donation 3. ANNUAL REPORT & ACCOUNTS 2017 Notice and 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, 11th December 2017, at 8.00 p.m. in the Crowne Plaza, 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. Free car parking will be available in the Crowne Plaza Hotel. Transport by bus will be available for members from the Credit Union offices. Please see below bus timetable to the AGM. Members must reserve a seat by contacting us on 8513 400 or emailing [email protected] Bridget Johnston, Secretary. Bus serving NWS, Donnycarney, Artane Location Departure time NWS/DBCU Bus. MFCU North William Street Office 6.35pm NWS/DBCU Bus. Donnycarney Church 6.45pm Artane Bus. Member First Credit Union, Artane Branch 7.00pm Artane Bus. Roundabout Pub, Ardlea Road 7.05pm Artane Bus. Artane Beaumont Family Recreation Centre 7.15pm Artane Bus. 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 St Cronan’s School (Across from Dr. O’Kelly) 7.00pm JC’s Supermarket (Across from Howard’s Hardware) 7.10pm Member First Credit Union, Swords Branch 7.25pm 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 4. ANNUAL REPORT & ACCOUNTS 2017 Agenda 1. Early Raffle at 8.00pm sharp 2. Ascertainment that a quorum is present 3. Adoption of standing orders 4. Reading and approval of minutes AGM 2016 5. Address by MFCU Chair 6. CEO Report MFCU Defibrillator Launch Raheny Village 7. Finance Report 8. Report of the Auditor 9. Report of Board Oversight Committee 10. Appointment of Tellers 11. Report of the Nomination Committee 12. Balloting 13. Community Report MFCU School Quiz 2017 14. Announcement of Election Results 15. Any other business 16. Adjournment of meeting 9.15pm sharp followed by refreshments *Subject to change MFCU School Savings Scheme Best Saver Presentation St. Joesph's National School St. Monica's GAA Defibrillator Saving Scheme Presentation 2017 5. ANNUAL REPORT & ACCOUNTS 2017 Standing Orders 1. Voting by the proposer. If the proposer is absent when the motion is called, the motion shall be deemed to have failed. Each member shall be entitled to one vote 5. A proposer of a motion may speak for irrespective of his/her shareholding, in such period as shall be at the discretion of accordance with section 82(2) of the Credit the Chair of the meeting and shall have the Union Act, 1997 (as amended). right of reply before the motion is put to the meeting for a vote. 2 – 3. Election Procedure 6. In exercising his/her right of reply, a proposer may not introduce new material. 2. Elections to the Board of Directors, to 7. The seconder of a motion shall have such the Board Oversight Committee and the time as shall be allowed by the Chair to position of Auditor shall be by majority vote second the motion. and by secret ballot. 8. Members are entitled to speak on any 3. When nominations are announced such motion and must do so through the tellers shall be appointed by the Chair Chair. All speakers to any motion shall have and ballot papers shall be distributed. such time as shall be at the discretion of the Nominations shall be in the following order: Chair. (a) nominations for Auditor; (b) nominations 9. The Chair shall have the absolute right for members of the Board Oversight to decide at any time when a motion has Committee; (c) nominations for Directors. been sufficiently discussed and may put the When voting is completed, the votes shall motion to the meeting giving the proposer be taken and tallied by the tellers. Any ballot the right of reply before doing so. paper which contains votes for more than the number required to be elected shall be 10 – 15. Miscellaneous void. All elections shall be by secret ballot and by majority vote. When the votes have 10. The Chair of the Board of Directors shall been counted by the tellers, the results shall be the Chair of any general meeting, except be announced by the Chair. In the event that where he/she is not available, in which case all vacancies are not filled by the first ballot it shall be the Vice Chair, except where he/ further ballots shall be taken as required. In she is not available, in which case the Board the event of an equality of votes between shall decide amongst themselves who shall candidates for the remaining vacancies act as Chair of any general meeting. not filled in accordance with the above 11. The Chair may at his/her discretion, procedure one further ballot shall be taken extend the privilege of the floor to any and should that ballot fail to determine the person who is not a member. issue, the vacancies shall be filled by lot from 12. Matters not covered by the Agenda may among such candidates having an equality be introduced under “Other Business” at of votes. the discretion of the Chair. 13. The Chair’s decision on any matter 4 – 9. Motions to approve relating to these Standing Orders or interpretation of same shall be final. 4. All motions from the floor of the AGM 14. No member shall have more than one must be proposed and seconded by vote on each question at any general members present at the AGM and approved 6. ANNUAL REPORT & ACCOUNTS 2017 DIRT Notice meeting of the Credit Union or any Since 1 January 2014, all Credit Union adjournment thereof irrespective of his/her share dividend and deposit interest paid shareholding or the number of accounts in to members is subject to DIRT, with the his/her name in the Credit Union provided, exception of dividend or interest paid however, that except in voting at elections, to members who are exempt from DIRT. the presiding member shall have a second A rate of 39% applies to interest paid or casting vote in the event of equality of or credited on or after 1 January 2017. voting. Voting by proxy shall be allowed only when a member other than a natural The tax is deducted by the Credit Union person votes through a representative, who before the interest is paid to you. If you is a member of the group, duly authorised request it, you are entitled to be given in writing for that purpose and accepted as a statement of the amount of DIRT such by the Board of Directors. deducted from your interest. If you 15. Any matter to be decided upon by vote receive annual interest payments (or at the AGM shall, unless otherwise expressly similar profit-type payments) of over €300 provided for by law or the rules, be decided your Credit Union must automatically upon by simple majority. report this to Revenue. 16. Suspension Of Standing Orders Certain people may qualify for a refund of DIRT or may have their deposit interest Any one of these Orders or all of these paid without the deduction of DIRT. Standing Orders may be suspended on a These include: motion to this effect receiving a two-thirds majority of those present and entitled to • First -time buyers vote. • People aged over 65 • People with disabilities • Non-residents 17. Alteration Of Standing Orders However please note that specific criteria Standing Orders may be amended or altered apply where a refund or an exception at a general meeting and only if a motion to applies. Further information is available this effect has received a two-thirds majority to you at www.revenue.ie/en/additional- of those present and voting. incomes/dirt/index.aspx 18. Adjournments Adjournments of the AGM shall take place only in accordance with section 81(1) of the Credit Union Act, 1997 (as amended) 7. ANNUAL REPORT & ACCOUNTS 2017 Report of the Chair As a voluntary, member-elected Chair of for you. On the other hand, you can call in Member First Credit Union, it is a pleasure to lodge money, make a payment or ask for to introduce this year’s Annual Report to my advice.

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