CANA CU Annual Report 2020 by Rooney Media

CANA Credit Union Annual Report 2020

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CANA CREDIT UNION ANNUAL REPORT 2020

CONTENTS Notice of AGM

Agenda 03 Proposed Amendments to Standard Rules

Chairman’s Report

Directors & Other Information

Directors’ Report

Statement of Directors’ Responsibilities

Statement of Board Oversight Committee’s Responsibilities

Independent Auditor’s Report

Income & Expenditure Account

Balance Sheet

Statement of Changes in Reserves

Statement of Cash Flows

Notes to the Financial Statements

Schedules to the Income & Expenditure Account

Credit Committee Report

Credit Control Committee Report

Membership Committee Report

Board Oversight Committee’s Report

Nomination Committee Report

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Notice of Meeting In light of restrictions on public gatherings and the amendment to the Credit Union Act 1997 under the Finance (Miscellaneous Provisions) Act 2020 in response to the Corona Virus Pandemic, the Annual General Meeting of CANA Credit Union Ltd will be held virtually. Notice is hereby given that the 48th Annual General Meeting of CANA Credit Union Ltd will be held online on Wednesday 21st April 2021 at 6pm. The online AGM will be hosted on the Zoom Webinar videoconferencing platform. Please visit our website at www.canacu.ie for details on how to register to attend the meeting. Registration for participation at AGM will close Monday 19th April 2021 at 5pm.

We have 5 Prizes of €200

to raffle among members who attend AGM. (CANA Board, BOC and staff are excluded from the AGM draw)

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CANA CREDIT UNION ANNUAL REPORT 2020

Agenda 1)

The acceptance by the Board of Directors of the authorised representatives of members who are not natural persons

Ascertainment that a quorum is present

Adoption of Standing Orders

Reading and approval of minutes of 2019 AGM

Appointment of Tellers

Report of Nomination Committee

7) Balloting 8)

Report of the Board of Directors

Consideration of accounts.

10)

Report of the Auditor

11)

Report of the Board Oversight Committee

12)

Proposed amendments to Standard Rules

13)

Report of the Credit Committee

14)

Report of the Credit Control Committee

15)

Report of the Membership Committee

16)

Report of any sub-committee

17)

Election Results

18)

Any other business

19)

Adjournment or close of meeting

Fitness and Probity Standards were introduced for Credit Unions on 1st August 2013. This means that the Nominations Committee must carry out “due diligence” on any candidate putting themselves forward for election to the Board of the Credit Union and the Board Oversight Committee. In the case of the Chairman of the Board pre-approval of the Central Bank is required) Nominations for the position of Director, and member of the Board Oversight Committee should be made in writing and should reach the Secretary in sufficient time to enable the Nominations Committee carry out its responsibilities under Fitness and Probity. Nominations are therefore not accepted on the night of AGM This year there are five vacancies on the Board and all five outgoing Directors are seeking re-election. There is one vacancy on the Board Oversight Committee and the outgoing committee member is seeking re-election.

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Proposed Amendments to Standard Rules for Credit Unions (Republic of Ireland) Motion 1 That this Annual General Meeting amends the Standard Rules for Credit Unions (Republic of Ireland) by the insertion of a new Rule 1A as follows: Any reference in these rules to a member present and voting at a general meeting shall be construed as including a reference to a member in attendance and voting at a general meeting conducted wholly or partly by the use of electronic communications technology.

Motion 2

requirements or restrictions put in place by the credit union as are necessary to ensure the identification of attendees and the security of the electronic communications technology, to the extent that such requirements or restrictions are proportionate to the achievement of those objectives. (4) The credit union shall inform attendees, before the general meeting concerned, of any requirements or restrictions which it has put in place pursuant to paragraph (3).

That this Annual General Meeting amends Rule 96 of the Standard Rules for Credit Unions (Republic of Ireland) in paragraph (1), by the substitution of “at a time, at a place in the State (where applicable) and in the manner (where applicable)” for “in the State at such date, time and place”,

(5) The credit union that provides for the use of electronic communications technology for participation in a general meeting by an attendee shall endeavour to ensure, as far as practicable, that—

And

96A (1) The credit union need not hold a general meeting at a physical venue but may conduct the meeting wholly or partly by the use of electronic communications technology as long as all attendees have a reasonable opportunity to participate in the meeting in accordance with this Rule.

(a) such technology:

by the insertion of a new 96A as follows:

(2)

(a) The credit union may provide for participation in a general meeting by providing or facilitating, for that purpose, the use of electronic communications technology, including a mechanism for casting votes by a member, whether before or during the meeting. (b) The mechanism referred to in paragraph (a) shall not require the member to be physically present at the general meeting.

(3) The use of electronic communications technology pursuant to paragraph (2) may be made subject only to such

(i) provides for the security of any electronic communications by the attendee, (ii) minimises the risk of data corruption and unauthorised access, and (iii) provides certainty as to the source of the electronic communications.

(b) in the case of any failure or disruption of such technology, that failure or disruption is remedied as soon as practicable, and (c) such technology enables the attendee to:

(i) hear what is said by the chair of the meeting and any person introduced by the chair, and (ii) speak and submit questions and comments during the meeting to the chair to the extent that the attendee is entitled to do so under the rules of the credit union.

(6) Any temporary failure or disruption of electronic communications technology shall not invalidate the general meeting or any proceedings relating to the meeting.

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CANA CREDIT UNION ANNUAL REPORT 2020

(7) Unless such failure or disruption is attributable to any wilful act of the credit union, the credit union shall not be liable in respect of any failure or disruption relating to the equipment used by an attendee to access a general meeting by electronic communications technology that occurs and which failure or disruption prevents or interferes with the attendee’s participation, by the use of such technology, in the meeting.

in place in order to identify attendees who intend to attend the meeting, (v) the procedure for attendees to communicate questions and comments during the meeting, and (vi) the procedure to be adopted for voting on resolutions proposed to be passed at the meeting.”

(8) Where, in the opinion of the board of directors, it is deemed necessary, due to exceptional and unexpected circumstances, the board of directors may, by resolution, cancel a general meeting at any time prior to the holding of the meeting.

(b) In paragraph (4), by the insertion of “and containing such information” after “in such form”.

Motion 3

98 A (1) Notwithstanding Rule 98 but subject to paragraph (2), notice for the purposes of Rule 96A(8) shall be given in the same manner as the notice for the general meeting referred to in Rule 98 but where, in the opinion of the board of directors, giving such notice in that manner is not reasonably practicable, notice shall be given

That this Annual General Meeting amends Rule 98 of the Standard Rules for Credit Unions (Republic of Ireland) (a) In paragraph (2): (i)

(ii) (iii) (iv)

by the substitution of the following paragraph for paragraph (a): “(a) shall state the date, time, place (where applicable) and manner of holding (where applicable) of the general meeting;”, in paragraph (c), by the substitution of “;” for “; and”, in paragraph (e), by the insertion of “and”, by the insertion of the following paragraph after paragraph (e): “(f) shall, in the case of a general meeting proposed to be held wholly or partly by the use of electronic communications technology, state (i) the electronic platform to be used for the meeting, (ii) details for access to the electronic platform, (iii) where required by a credit union, the time and manner by which an attendee must confirm his or her intention to attend the meeting, (iv) any requirements or restrictions which the credit union has put

And by the insertion of a new Rule 98A as follows:

(a) where the credit union has a website, on that website, (b) by email to every member for whom the credit union has an email address, and (c) in at least one national newspaper published in the State and circulating in the area in which the registered office of the credit union is situated, in a local paper and on local radio.

(2) Paragraph (1) shall not apply where all members agree in writing to the cancellation, change of venue or change of means of holding the general meeting concerned, or to dispensing with notice for the general meeting.”.

Motion 4 That this Annual General Meeting amends Rule 99(3)(a) of the Standard Rules for Credit Unions (Republic of Ireland) by the substitution of “paragraphs (a), (b), (d) (e) of paragraph (2)” for “paragraphs (a), (b), (d), (e), (f) of paragraph (2)”.

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Chairman’s Report 2020 It is my pleasure to present the 2020 CANA Annual Report. The Covid-19 Pandemic has had an unprecedented impact here in Ireland and worldwide and has affected every aspect of all our lives. All CANA members and their families have been greatly affected, with normal life now on hold for the foreseeable future. I sincerely hope that you are all keeping safe and well and coping as best as you can during these difficult times. We are hopeful there is an end in sight and life will return to the ‘new’ normal as it is now called! Our surplus for the year was €648,382, down €121,480 on the previous year’s figure. Under normal circumstances part of that surplus would have been distributed to Members in the form of a Dividend on Shares held. However, in September, as a result of the Pandemic and the threat of an unruly Brexit, the Central Bank advised all Credit Unions that they should take a prudent approach to their reserve management and advised against making any distributions by way of Dividend or Interest Rebate. CANA, has taken this advice onboard and will not be proposing the payment of a Dividend to Members for 2020. We sincerely hope that this is a once off, and, that we will be in a position to issue a Dividend in the coming years. Throughout 2020, thanks to the commitment of the Manager and Staff, CANA continued to operate and offer a full range of services to its’ members, and their efforts are hugely appreciated. Despite all the difficulties we experienced, I am happy to report that there was an increase in the loan book and an increase in Membership. Your continued support as Members will ensure that CANA continues to grow and serve you into the future. I would like to thank all the Board Members, Board Oversight Committee Members, Loan Officers and Liaison Officers for their continued endeavours throughout the year. Finally, I would like to offer my sincerest sympathies to any Members who have lost a Family member or friend during this year, may they Rest In Peace. Stay safe everyone.

Tony Judd

OUR SURPLUS FOR THE YEAR WAS

€648,382 6

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CANA CREDIT UNION ANNUAL REPORT 2020

Directors and Other Information For the year ended 30 September 2020

Directors

Tony Judd (Chairman) Jonathan McCrohan Susan Shivnen (appointed as Secretary 16 January 2019) Florance Carey (resigned 1 December 2020) Martin McDermott (resigned 23 July 2020) John Maher Garvan O’Keeffe Eilish Doyle (resigned as Secretary 16 January 2019) Angela Creighton (appointed 16 January 2019) Nuala Larkin (Vice Chairman) Graham Milner (resigned 20 December 2019) Eamonn Free (resigned 16 January 2019) Emma Brennan (appointed 7 February 2020) Sarah Cox (appointed 29 September 2020)

Board Oversight Committee

Colm McCabe (Chairman) Liam Cotter John O’Leary

Manager

Adie Walsh

Internal Auditor

Moore

Registered Number

356CU

Registered Office

85/93 Lower Mount Street Dublin 2

Independent Auditor EisnerAmper Audit Limited Chartered Accountants & Statutory Audit Firm 6 The Courtyard Building, Carmanhall Road, Sandyford, Dublin 18 Bankers

Ulster Bank 130 Lower Baggot Street Dublin 2

BNP Paribas 5 George’s Dock IFSC Dublin 1

Solicitors

Croskerrys Solicitors 2-4 Ely Place Dublin 4

Byrne Wallace 88 Harcourt Street, Dublin 2

Danske Bank 3 Harbourmaster Place IFSC Dublin 1 Pierse Fitzgibbon Solicitors Market Street, Listowel, Co. Kerry

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CANA CREDIT UNION HAS ONE OF THE LOWEST UNSECURED PERSONAL LENDING RATES IN THE COUNTRY.

LENDING RATE OF 5.9% PA (APR 6.1%) CANA CU Annual Report 2020.indd 8

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Repayment Summary*:

Select Loan Purpose: Standard Loan 5.9% I’d like to borrow:

€10,000

Over a period of:

3 Years

APR 6.1%

Weekly €70.18

Total €10948.74

Interest €948.74

Fortnightly €140.44

Total €10954.59

Interest €954.59

Monthly €304.67

Total €10968.22

Interest €968.22

*Terms & Conditions Apply. All figures given are for your general information only, and give a rough guide to loan repayments. Any statements do not purport to be authorative or legally binding. You are advised to check with our offices for up-to-date rates and offers.

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Directors’ Report For the year ended 30 September 2020 The Directors of CANA Credit Union Limited (“CANA” / “the Credit Union”) present their annual report and audited financial statements for the year ended 30 September 2020.

Review of Business and Future Developments On review of the credit union’s financial results the following key performance indicators were identified: 2020

2019

MEMBERS SAVINGS MOVEMENT %

+8.97%

+2.47%

GROSS LOAN MOVEMENT %

+3.29%

+7.98%

REGULATORY RESERVE % OF TOTAL ASSETS

11.40%

11.46%

The Credit Union continued to attract additional members’ savings during the financial year with member shares having increased from the prior year. Lending activity is continuing to increase with growth of 3.29% in the gross loan book in the financial year indicative of increasing loan demand, despite the impact of Covid-19 during the year. The Credit Union continues to maintain regulatory reserves in excess of the regulatory minimum of 10%. CANA’s objective for the coming year is to continue to grow its membership and to be the provider of choice, to our members, of personal credit and secure savings.

Statement of Directors’ Responsibilities The Credit Union Act 1997 (as amended) requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the credit union and of the income and expenditure of the credit union for that year. In preparing those financial statements, the Directors are required to: • • •

Select suitable accounting policies and then apply them consistently; Make judgements and estimates that are reasonable and prudent; and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Credit Union will continue in business.

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the credit union and to enable them to ensure that the financial statements comply with the Credit Union Act 1997 (as amended) and generally accepted accounting practice in Ireland, including the standards issued by the Financial Reporting Council, and in particular FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS102”) as issued by the Financial Reporting Council. They are also responsible for safeguarding the assets of the credit union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 10

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CANA CREDIT UNION ANNUAL REPORT 2020

Statement of relevant audit information In so far as the Directors are aware: • •

there is no relevant audit information (information needed by the Credit Union’s auditor in connection with preparing the auditor’s report) of which the Credit Union’s auditor is unaware; and the Directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the Credit Union’s auditor is aware of that information.

Principal risks and uncertainties The Credit Union, as with many other financial institutions, continues to face uncertainties arising from the general economic conditions. The board are actively monitoring the effects of these conditions on the daily operations of the Credit Union. The principal risks and uncertainties facing the Credit Union along with an overview of its risk mitigants are: i) Credit risk The risk of financial loss arising from a borrower, issuer, guarantor or counterparty that may fail to meet its obligations in accordance with agreed terms. In order to manage this risk the board approves the Credit Union’s lending policy and all changes to it. All loan applications are assessed with reference to the lending policy in force at the time. Subsequently, loans are regularly reviewed for any factors that may indicate impairment. The board approves the Credit Union’s Credit Control policy which monitors the procedures for the collection of loans in arrears and also the basis for impairment on loans. With respect to its investment portfolio, the credit union continuously monitors all third party institutions in relation to credit ratings, counterparty risk and their overall financial strength. The board approves the Credit Union’s Investment Policy which includes procedures on investment consideration and approval and the overall investment risk profile which the credit union is willing to accept. ii) Liquidity risk The risk that a credit union will not be able to fund its current and future expected and unexpected cash outflows as they fall due without incurring significant losses. This may occur even where the Credit Union is balance sheet solvent. The Credit Union’s policy is to maintain sufficient funds in liquid form at all times to ensure that it can meet its obligations as they fall due. The objective of the liquidity policy is to smooth the timing between maturing assets and liabilities and to provide a degree of protection against any unexpected developments that may arise.

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iii) Capital risk Capital is required to act as a cushion to absorb losses arising from business operations and to allow a credit union to remain balance sheet solvent under challenging conditions. Capital risk arises mainly as a result of the quality or quantity of capital available, the sensitivity of the Credit Union’s exposure to external shocks, the level of capital planning and the capital management process. Capital risk could potentially impair a credit union’s ability to meet its obligations in an adverse situation. The board manage this risk by ensuring that sufficient reserves are set aside each year to absorb any potential losses. iv) Operational risk The risk of loss (financial or otherwise) resulting from inadequate or failed internal processes or systems of the Credit Union, any failure by persons connected with the credit union, legal risk (including exposure to fines, penalties or damages as well as associated legal costs), or from external events, but does not include reputational risk. Examples of operational risks include hardware or software failures, inadequate business continuity plans, misuse of confidential information, data entry errors, cyber risk and natural disasters. The board manage this risk through the recruitment and employment of suitably qualified staff to ensure appropriate processes, procedures and systems are implemented and applied. This is further supported by a robust reporting structure and active management of operational risk events. v) Interest rate risk Interest rate risk arises from differences between the interest rate exposure on loans and investments receivable as offset by the cost of capital, which is typically that of distributions to members’ payable in the form of dividends and interest rebates. The Credit Union considers rates of interest receivable when deciding on the appropriation of income and its returns to members. The board monitors such policy in line with the Credit Union Act 1997 (as amended) and guidance notes issued by the Central Bank of Ireland. vi) Strategy/business model risk This refers to the risk which credit unions face if they cannot compete effectively or operate a viable business model. Strategy/business model risk also includes the inherent risk in the Credit Union’s strategy. The board have developed and approved a detailed strategic plan to formulate the short term direction of the Credit Union’s operations.

Dividends The Directors do not recommend payment of a dividend for the year (2019: dividend of €314,385 (0.50%)) and no loan interest rebate for the year (2019: no loan interest rebate).

Internal Audit Function In accordance with Section 76K of the Credit Union Act 1997 (as amended) the board have appointed an internal audit function to provide for independent internal oversight and to evaluate and improve the effectiveness of the Credit Union’s risk management, internal controls and governance process.

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CANA CREDIT UNION ANNUAL REPORT 2020

Accounting Records The Directors believe that they comply with the requirements of Section 108 of the Credit Union Act 1997 (as amended) with regard to books of account by employing accounting personnel with appropriate expertise and by providing adequate resources to the financial function. The books of account of the Credit Union are maintained at the Credit Union’s premises at 85/93 Lower Mount Street, Dublin 2.

Events after the end of the reporting period Other than those disclosed in note 20, there are no other material adjusting or non adjusting events after the end of the reporting period which would require disclosure in the financial statements.

Auditors In accordance with Section 115 of the Credit Union Act 1997 (as amended), the auditors EisnerAmper Audit Limited offer themselves for re-election. On behalf of the board

Tony Judd Chairman Date: 16.12.20

Susan Shivnen Secretary

Statement of Board Oversight Committee’s Responsibilities For the year ended 30 September 2020 The Credit Union Act, 1997 (as amended) requires the appointment of a Board Oversight Committee to assess whether the board of directors has operated in accordance with Part IV, Part IV (a) and any regulations made for the purposes of Part IV or Part IV (a) of the Credit Union Act, 1997 (as amended) and any other matter prescribed by the Central Bank in respect of which they are to have regard to in relation to the board.

Colm McCabe Member of Board Oversight Committee Date: 16.12.20

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TIME TO CHANGE

SWITCHER MORTGAGES

AT 2.9% PA (APR 3.1%PA) FIXED FOR 10 YEARS WITH NO PENALTY FOR EARLY REPAYMENT

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CANA CREDIT UNION ANNUAL REPORT 2020

Independent Auditor’s Report to the Members of CANA Credit Union Limited For the year ended 30 September 2020 Opinion We have audited the financial statements of CANA Credit Union Limited (‘the Credit Union’) for the year ended 30 September 2020, which comprise the Income and Expenditure Account, the Balance Sheet, the Statement of Changes in Reserves, the Statement of Cash Flows and the related notes to the financial statements, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is Irish Law, including the Credit Union Act 1997 (as amended), and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. In our opinion the financial statements: • • •

give a true and fair view of the state of the Credit Union’s affairs as at 30 September 2020 and of its income and expenditure and cashflows for the year then ended; have been properly prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and have been properly prepared in accordance with the requirements of the Credit Union Act 1997 (as amended).

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law. Our responsibilities under those standards are described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Credit Union in accordance with ethical requirements that are relevant to our audit of financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (“IAASA”), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where: • •

the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate: or the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Credit Union’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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Other information The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Credit Union Act 1997 (as amended) Based solely on the work undertaken in the course of the audit, we report that: • • •

we have obtained all the information and explanations which we consider necessary for the purposes of our audit; in our opinion proper accounting records have been kept by the Credit Union; and the financial statements are in agreement with the accounting records.

Respective responsibilities Responsibilities of directors for the financial statements As explained more fully in the Statement of Directors’ Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Credit Union’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Credit Union or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 16

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CANA CREDIT UNION ANNUAL REPORT 2020

Further information regarding the scope of our responsibilities as auditor As part of an audit in accordance with ISAs (Ireland), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: •

• • •

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Credit Union’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness of the director’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Credit Union’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Credit Union to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The purpose of our audit work and to whom we owe our responsibilities Our report is made solely to the Credit Union’s members, as a body, in accordance with section 120 of the Credit Union Act 1997 (as amended). Our audit work has been undertaken so that we might state to the Credit Union’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Credit Union and the Credit Union’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

EisnerAmper Audit Limited Chartered Accountants, Statutory Audit Firm Carmanhall Road, Sandyford, Dublin 18 Date: 18 December 2020

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Income and Expenditure Account For the year ended 30 September 2020 2020

2019

€

1,600,509

1,662,375

Note Income Interest on members’ loans Other interest and similar income Net interest income

208,613 1,809,122

330,554 1,992,929

Other income

9,580

43,577

1,818,702

2,036,506

354,875

391,707

786,903

854,214

47,947

50,710

Total income Expenditure Employment costs

Other management expenses (Schedule 1) Depreciation Net impairment losses/gains on loans to members

(19,405)

(29,987)

1,170,320

1,266,644

Surplus for the financial year

648,382

769,862

Other comprehensive income

Total comprehensive income

648,382

769,862

Total expenditure

The financial statements were approved, and authorised for issue, by the Board on 16.12.20 and signed on its behalf by:

Tony Judd Colm McCabe Chairperson Board Oversight Committee

TOTAL INCOME

Adie Walsh Manager

1,818,702

2020

2,036,506

2019

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CANA CREDIT UNION ANNUAL REPORT 2020

Balance Sheet For the year ended 30 September 2020 Note ASSETS

2020

2019

€

Cash and cash equivalents

24,860,630

18,675,272

Deposits and investments

26,054,372

27,230,089

Loans to members

28,752,021

27,837,370

Provision for bad & doubtful debts

(240,532)

(247,913)

Debtors, prepayments and accrued income

2,138,486

1,868,914

Tangible fixed assets

41,505

47,066

81,606,482

75,410,798

Total Assets LIABILITIES Members’ shares

69,570,118

63,841,989

Budget accounts

424,089

269,547

Creditors and accruals

226,212

247,196

Total Liabilities

70,220,419

64,358,732

Total Assets less Total Liabilities

11,386,063

11,052,066

9,293,040

8,644,658

260,000

Reserves Regulatory reserve Operational risk reserve Realised reserves Total Reserves

1,833,023

2,147,408

11,386,063

11,052,066

The financial statements were approved, and authorised for issue, by the Board on 16.12.20 and signed on its behalf by:

Tony Judd Colm McCabe Chairperson Board Oversight Committee

Adie Walsh Manager

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Statement of Changes in Reserves For the year ended 30 September 2020 Regulatory Operational reserve risk reserve (2) (1) Opening balance at 1 October 2018

€

8,244,658

260,000

Total comprehensive income for the year Dividends paid during the year (Note 5) Transfer between reserves

Realised reserves (3) €

Total reserves €

2,352,231 10,856,889 769,862

769,862

(574,685)

400,000

(400,000)

Closing balance at 30 September 2019

8,644,658

260,000 2,147,408 11,052,066

Opening balance at 1 October 2019

8,644,658

260,000

2,147,408 11,052,066

Total comprehensive income for the year

648,382

Dividends & loan interest rebate paid during the year (Note 5)

(314,385)

648,382

(648,382)

Transfer between reserves Closing balance at 30 September 2020 (1) (2)

(3)

9,293,040

260,000 1,833,023 11,386,063

The regulatory reserve of the credit union as a percentage of total assets as at 30 September 2020 was 11.4% (2019: 11.46%) which exceeds the Credit Union’s regulatory reserve requirement of 10%. In accordance with Section 45 of the Credit Union Act 1997 (as amended) CANA Credit Union Limited has put in place an operational risk reserve. The Board did not deem an additional transfer from the realised reserves to the operational risk reserve necessary during the current period (2019: nil). The Board of CANA Credit Union Limited transferred €648,382 of its realised reserves surplus to its regulatory reserve in order to meet its regulatory reserve requirements (2019: €400,000).

TOTAL RESERVES FOR 2020

€11,386,063 20

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CANA CREDIT UNION ANNUAL REPORT 2020

Statement of cash flows For the year ended 30 September 2020 2020

2019

€

11,763,318

11,642,445

Cash flows from operating activities Loans repaid by members Loans granted to members Loan interest received Investment income received Other income received Bad debts recovered Dividends & Interest Rebate paid Operating expenses including employment costs (Increase)/decrease in receivables Decrease in liabilities

(12,697,886) (13,738,471) 1,588,141

1,668,645

250,782

370,093

9,580

43,577

31,941

72,745

(314,385)

(574,686)

(1,141,778)

(1,245,921)

(299,373)

166,580

(20,984)

(11,699)

(830,644)

(1,606,692)

(42,386)

(20,574)

Net cash flows from financing activities

1,162,796

(338,142)

Net cash flows from investing activities

1,120,410

(358,716)

20,421,518

18,884,035

2,063,017

2,017,343

Net cash flows from operating activities Cash flows from investing activities Purchase of property, plant and equipment

Cash flow from financing activities Members’ shares received Members’ budget account paid in Members’ shares withdrawn

(14,693,389) (17,343,573)

Members’ budget accounts withdrawn

(1,895,553)

(1,995,869)

Net cash flows from investing activities

5,895,593

1,561,936

Net increase / (decrease) in cash and cash equivalents

6,185,359

(403,472)

Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

18,675,271

19,078,743

24,860,630

18,675,271

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Notes to the Financial Statements For the year ended 30 September 2020 1. Legal and regulatory framework

CANA Credit Union Limited is established under the Credit Union Act 1997 (as amended). The Credit Union is registered with the Registry of Credit Unions and is regulated by the Central Bank of Ireland.

2. Significant Accounting policies 2.1. Statement of compliance and basis of preparation

The financial statements have been prepared in accordance with the historical cost convention modified to include certain items at fair value. The financial reporting framework that has been applied in their preparation is FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) as issued by the Financial Reporting Council.

2.2. Currency

The financial statements are prepared in Euro (€), which is the functional currency of the Credit Union. Monetary amounts in these financial statements are rounded to the nearest Euro.

2.3. Going concern

The financial statements are prepared on the going concern basis. The Directors of CANA Credit Union Limited believe this is appropriate as the Credit Union: • • •

is consistently generating annual surpluses; is maintaining appropriate level of liquidity in excess of minimum legislative requirements; and has reserve levels which are above the minimum requirements of the Central Bank of Ireland.

2.4. Income recognition

Income is recognised to the extent that it is probable that the economic benefits will flow to the Credit Union and the revenue can be reliably measured. Income is measured at the fair value of the consideration received. The following criteria must also be met before revenue is recognised:

Interest on Members’ loans Interest on loans to members is recognised using the effective interest method.

Investment income Investment income is recognised on a accruals basis using the effective interest method.

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CANA CREDIT UNION ANNUAL REPORT 2020

Notes to the Financial Statements (Continued) For the year ended 30 September 2020

Other income Other income such as transaction and maintenance fees on budget accounts and the car draw arises in connection with specific transactions. Income relating to individual transactions is recognised when the transaction is completed.

2.5. Dividends to Members and loan interest rebates

Dividends on shares and loan interest rebates Dividends are made from current year’s surplus or reserves set aside for that purpose. The Board’s proposed distribution to members each year is based on the dividend policy of the Credit Union.

The Credit Union recognises dividends when approved at the Annual General Meeting.

The rate of dividend recommended by the board will reflect inter alia: • • • • •

the Board’s responsibility to ensure that members’ savings are safeguarded; the Credit Union’s regulatory reserve requirements; the macro economic environment and the returns available for similar savings products in the Irish financial services sector; the Board’s desire to maintain dividends at a sustainable level on a ongoing basis; and members’ legitimate dividend expectations.

2.6. Taxation

The Credit Union is not subject to income tax or corporation tax on its activities.

2.7. Cash and cash equivalents

Cash and cash equivalents comprise operating cash on hand and cash deposited with banks with original maturity of less than or equal to three months.

2.8. Financial instruments

The Credit Union has elected to apply in full, the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments’ of FRS 102 to its financial instruments. Financial instruments are recognised when the Credit Union becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when, and only when, there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets and liabilities are classified according to the substance of the contractual arrangements entered into.

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020 2.9.Basic financial assets

Basic financial assets are initially measured at the transaction price including transaction costs, and are subsequently carried at amortised cost using the effective interest method. Basic financial assets include the following:

i) Loans to Members Loans to members are financial assets with fixed or determinable payments. Loans are recognised when cash is advanced to members and measured at amortised cost using the effective interest method.

ii) Deposits and investments held at amortised cost Investments designated on initial recognition as held at amortised cost are measured at amortised cost using the effective interest method less impairment. This means that the investment is measured at the amount paid for the investment, minus any repayments of the principal; plus or minus the cumulative amortisation using the effective interest method of any difference between the amount at initial recognition and the maturity amount; minus, in the case of a financial asset, any reduction for impairment or uncollectability. This effectively spreads out the return on such investments over time and does take account immediately of any impairment in the value of the investment.

iii) Central Bank deposits Credit Unions are obliged to maintain certain deposits with the Central Bank. These deposits are technically assets of the Credit Union but to which the Credit Union has restricted access. The funds on deposit with the Central Bank attract nominal interest and will not ordinarily be returned to the Credit Union while it is a going concern. In accordance with the direction of the Central Bank, the amounts are shown as current assets and are not subject to impairment reviews.

iv) Prepayments Other receivables such as prepayments are initially measured at transaction price including transaction costs and are subsequently measured at amortised cost using the effective interest method.

2.10.Other financial assets

Investments held at fair value The Credit Union initially recognises its complex investments at its fair value. At the end of each reporting period, the Credit Union measures these investments at fair value and recognise changes in fair value in profit or loss. The Credit Union uses the following hierarchy to estimate the fair value of these investments:

Level 1 fair values. The best evidence of fair value is a quoted price for an identical asset in an active market. Quoted in an active market in this context means quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted price is usually the current bid price.

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020

Level 2 fair values. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the entity can demonstrate that the last transaction price is not a good estimate of fair value (e.g. because it reflects the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale), that price is adjusted.

Level 3 fair values. If the market for the asset is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, an entity estimates the fair value by using a valuation technique. The objective of using a valuation technique is to estimate what the transaction price would have been on the measurement date in an arm’s length exchange motivated by normal business considerations.

2.11.Impairment of financial assets

Financial assets, other than those held at fair value, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the expected cash flows discounted at the asset’s original effective interest rate. Losses expected from future events are not recognised.

If there is objective evidence of impairment, loss is recognised in the Income and Expenditure Account immediately. Objective evidence that a financial asset or group of assets is impaired includes observable data about the following loss events: • • • • •

significant financial difficulty of the member or investment issuer; a breach of contract, such as a default or delinquency in interest or principal payments; the Credit Union, for economic or legal reasons relating to the Member’s or investment issuer’s financial difficulty, granting a concession that the Credit Union would not otherwise consider; it has become a probable that the Member or investment issuer will enter bankruptcy or other financial reorganisation; and observable data indicating that there has been a measurable decrease in the estimated future cash flows from a group of loans.

In the case of impairment of loans to members, the loans are assessed collectively in groups that share similar credit risk characteristics except for individually significant loans which are assessed on a loan by loan basis for impairment.

Investments are assessed for impairment individually.

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the Income and Expenditure Account.

2.12.De-recognition of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled; b) the Credit Union transfers to another party, substantially all of the risks and rewards of ownership of the financial asset; or c) the Credit Union, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

In the case of loans to members, loans are derecognised, when the right to receive cash flows from the loans have expired, usually when all amounts outstanding have been repaid by the member. CANA does not transfer loans to third parties.

2.13.Basic financial liabilities

Basic financial liabilities are initially recognised at the transaction price, including transaction costs, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities are subsequently carried at amortised cost using the effective interest method.

i) Members’ shares and deposits Members’ shares and budget accounts are redeemable and therefore are classified as financial liabilities. They are initially recognised at the amount of cash deposited and subsequently measured at amortised cost.

ii) Creditors Other creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Other creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.14.De-recognition of financial liabilities

Financial liabilities are derecognised when the obligations of the Credit Union specified in the contract are discharged, cancelled or expire.

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CANA CREDIT UNION ANNUAL REPORT 2020

Notes to the Financial Statements (Continued) For the year ended 30 September 2020 2.15.Tangible fixed assets and depreciation

Tangible fixed assets comprises items of property, plant and equipment, which are stated at cost, less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Depreciation is provided to write off the cost of each item of property, plant and equipment, less its estimated residual value over its estimated useful life. The categories of property, plant and equipment are depreciated as follows:

Computer equipment 33.3% Straight Line Office equipment 20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the Income and Expenditure Account.

2.16.Impairment of tangible fixed assets

At each reporting end date, the Credit Union reviews the carrying value of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Credit Union estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value of the asset less costs to sell and the asset’s value in use (“VIU”). VIU is the present value of the future cash flows expected to be derived from the asset. In assessing VIU, the estimated future cash flows to be derived from continuing use of the asset and from its ultimate disposal are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the Income and Expenditure Account.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the Income and Expenditure Account.

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020 2.17. Employee benefits

Pension Scheme CANA Credit Union Limited participates in an industry-wide pension scheme for employees (The Irish League of Credit Unions Republic of Ireland Pension Scheme). This is a funded defined benefit scheme with assets managed by the Scheme’s trustees.

The scheme is a multi-employer Scheme and due to the nature of the Scheme it is not possible for CANA Credit Union Limited to separately identify its share of the Scheme’s underlying assets and liabilities. Consequently, it accounts for the Scheme as a defined contribution plan, in accordance with FRS 102.

The Pensions Act requires the trustees of the Scheme to assess whether it could meet a certain prescribed standard, known as the Minimum Funding Standard. This assesses whether, if the scheme was wound up on a specified theoretical valuation date, it could satisfy the Funding Standard at that date. Following the Scheme’s actuary certifying a Minimum Funding Standard deficit in the Scheme in 2009, CANA Credit Union Limited, the ILCU Group and the other credit unions participating in the Scheme entered into a funding agreement with the Scheme that was designed to ensure that, the Scheme could be reasonably expected to satisfy the Minimum Funding Standard by a specified future date (1 March 2019). This funding plan runs up until 2019 and was approved by the Pensions Authority. CANA Credit Union Limited has paid the contributions payable under this funding agreement.

As part of the above solvency assessment process, the Scheme actuary must carry out a separate valuation under the Minimum Funding Standard every 3 years and produce a funding certificate for submission to the Pensions Authority within 9 months of the effective date of the valuation. The purpose of the certificate is to certify whether or not the assets of the scheme at the effective date are sufficient to meet the liabilities of the scheme based on the assumption that the scheme was wound up at that date. The most recent Actuarial Funding Certificate was effective as at 1 March 2018 and it certified that the Scheme satisfied the funding standard. Further, the Actuary was reasonably satisfied that as at 28 February 2018 the scheme can be expected to satisfy the funding standard as specified in Section 44 of the Pensions Act, 1990, at 1 March 2019, being the date specified by the Pensions Authority under Section 49(2) (a) of the Act for the purpose of the existing funding proposal.

An actuarial review of the fund is normally carried out every three years by the Scheme’s independent, professionally qualified actuary. The actuarial review considers the past and future liabilities of the scheme. The last completed triennial actuarial review was carried out with an effective date of 1 March 2017 using the Projected Unit valuation method. The principal actuarial assumption used in the valuation was the investment return would be 1.75% higher than the annual salary increases. The market value of the scheme’s assets at 1 March 2017 was €216m. The actuarial valuation disclosed a past service deficit of €6.4m at 1 March 2017 calculated under the Ongoing Actuarial Valuation method. This valuation method assumes that the Scheme will continue in existence for the foreseeable future.

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020

The assumptions used in the actuarial review to determine the past service deficit differ from the assumptions that would be used to determine the liabilities for defined benefit obligations under FRS102. This actuarial review recommended that the rate agreed under the funding proposal, 27.5% of pensionable salary, continues to be paid. The cost of risk benefits is paid in addition to this rate giving a total contribution rate of 30% of Pensionable Salary. The 2020 actuarial review is underway and is expected to be concluded by 30 November 2020.

Other Employee Benefits The costs of short-term employee benefits, including holiday pay, are recognised as a liability and as an expense (unless those costs are required to be recognised as part of the cost of tangible fixed assets) over the period they are earned.

Termination benefits are recognised immediately as an expense when the Credit Union is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.18.Reserves

Retained earnings are the accumulated surpluses to date that have not been declared as dividends returnable to members. The retained earnings are subdivided into realised and unrealised in accordance with the Central Bank Guidance Note for Credit Unions on Matters Relating to Accounting for Investments and Distribution Policy.

i) Regulatory reserve The Credit Union is required to maintain and establish a minimum regulatory reserve of at least 10% of the assets of the Credit Union in accordance with Credit Union Act 1997 (Regulatory Requirements) Regulations 2016.

ii) Operational Risk reserve In accordance with section 45 of the Credit Union Act 1997 (as amended) the Credit Union established an operational risk reserve which is separate, distinct and in addition to the reserves the Credit Union is required to hold in its Regulatory reserve. The amount held in the operational risk reserve is the predicted impact of operational risk events that may have a material impact on the Credit Union’s business.

iii) Realised Reserves Realised reserves are the accumulated realised surpluses to date.

2.19.Provisions and contingencies

Provisions are recognised when the Credit Union has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made.

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020

Contingent liabilities are possible obligations arising from past events, whose existence will be confirmed only by uncertain future events, or present obligations arising from past events that are not recognised because either an outflow of economic benefits is not probable or the amount of the obligation cannot be reliably measured. Contingent liabilities are not recognised but information about them is disclosed unless the possibility of any outflow of economic benefits in settlement is remote.

The Credit Union does not disclose information about a provision or contingent liability for a particular matter where disclosure of the information can be expected to prejudice seriously the Credit Union’s position in the matter.

Use of estimates and judgements

The preparation of financial statements requires the use of certain accounting estimates. It also requires the Directors to exercise judgement in applying CANA Credit Union Limited’s accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements are disclosed below:

i) Provision for bad and doubtful debts The Credit Union’s accounting policy for impairment of financial assets is set out in accounting policy in note 2.11. The estimation of loan losses is inherently uncertain and depends upon many factors, including loan loss trends, credit risk characteristics in loan classes, conditions in various sectors of the economy to which the credit union is exposed, and other external factors such as legal and regulatory requirements.

Credit risk and loss is identified, assessed and measured through the application of the Credit Union’s accounting policy. The estimated methodology used to apply this policy incorporates provisions calculated based upon:

a) Grouped assessment – Transition rate methodology The transition rate methodology determines, for a defined period, the pattern or trend of deterioration (or “roll”) or improvement of loans for a given arrears profile to a period at which loss on the loan (100% provision) is deemed to have occurred (arrears of 15 weeks or more).

This observable historical deterioration pattern is used to determine transition rates and thereafter Probabilities of Default rates (“PD”) which are applied to the net loan balance of loans (i.e. gross loans net of attached savings), at a point in time, to determine the appropriate provision for bad and doubtful debts at that time.

b) Individually significant loans Having calculated a loan provision using the grouped assessment, additional testing is undertaken upon loans considered individually significant and loans deemed unsuitable for the grouped assessment. Individually significant loans are assessed for objective evidence of impairment. Where objective evidence of impairment is identified, a Discounted Cash Flow (“DCF”) is performed to determine a revised net present value for these loans.

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020

Loan loss provisioning is monitored by the Credit Union, and the Credit Union assesses and approves its provisions and provision adequacy on a quarterly basis. If a loan is impaired, the impairment loss is the difference between the carrying amount of the loan and the present value of the expected cash flows discounted at the asset’s original effective interest rate taking account of pledged shares and other security as appropriate. After a period of time, when it is concluded that there is no real prospect of recovery of loans / part of loans which have been subjected to a specific provision, the Credit Union writes off that amount of the loan deemed irrecoverable against the specific provision held against the loan.

ii) Determination of depreciation, useful economic life and residual value of tangible fixed assets The annual depreciation charge depends primarily on the estimated useful economic life of each type of asset and, in certain circumstances, estimates of residual values. The Directors review the useful lives on an annual basis and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charge for the financial year.

Other interest income and similar income 2020 € 208,613 208,613

Investment income Total interest and similar income

208,613

2019 € 330,554 330,554

2020 330,554

2019

THE CREDIT UNION IS REQUIRED TO MAINTAIN AND ESTABLISH A MINIMUM REGULATORY RESERVE

OF AT LEAST 10% OF THE ASSETS

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020 5.

Dividends The dividend and loan interest rebate are formally proposed by the Directors after the year end and are confirmed at an AGM of the members. As a result, the proposed dividend and loan interest rebate for the current year does not represent a liability at the Balance Sheet date and the dividend included in the Statement of Reserves in the current year relates to dividends paid to members in relation to the prior year. The dividends for the current and prior year periods were as follows:

Dividend paid during the year Dividend rate: Members’ shares (gross) Interest Rate Rebate paid during the year Interest Rebate Interest rebate rate: Members’ loans

2020 € 314,385

2019 € 312,375

0.50%

262,311

15%

Proposed dividends and loan interest rebates The Directors are not proposing a dividend in respect of the year ended 30 September 2020 (2019: €314,385 (0.50%)). There is no loan interest rebate being proposed for the year ended 30 September 2020 (2019: no loan interest rebate).

Other Income Entrance fees E.C.C.U rebate Other income Total other income

2020 € 621 8,959 9,580

2019 € 754 31,441 11,382 43,577

CHILDRENS’ SAVINGS ACCOUNT CANA Credit Union offers you an easy way to save for your children’s future. All you have to do is complete a Children’s Membership Application Form, and send into the credit union office. 32

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CANA CREDIT UNION ANNUAL REPORT 2020

Notes to the Financial Statements (Continued) For the year ended 30 September 2020 7.

Employees and employment costs 7a. Number of employees The average monthly number of employees during the year was: 2020 Number Management 1 Administration 4 Total 5 7b. Employment Costs

Wages and salaries Pension costs Total employment costs

2020 € 310,680 44,195 354,875

2019 Number 1 6 7

2019 € 344,825 46,882 391,707

7c. Key management personnel The Directors of CANA Credit Union Limited are all unpaid volunteers. The key management team for CANA Credit Union Limited includes the directors, the Credit Union manager and other senior staff. The number of key management for the financial year to 30 September 2020 amount to 13 (2019: 13). The remuneration of key management personnel was as follows:

Short term employee benefits paid to key management Contributions to defined benefit pension schemes Total key management personnel compensation

2020 € 136,835

2019 € 133,472

28,595 165,430

25,364 158,836

Short-term employee benefits include wages, salaries, social security contributions and paid annual leave.

TOTAL EMPLOYMENT COSTS FOR 2020

€354,875

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020 8.

Cash and cash equivalents 2020 € 3,085,227 21,775,403 24,860,630

Cash balances Short term deposits with banks Total cash and cash equivalents

2019 € 3,816,025 14,859,247 18,675,272

Short term deposits with banks are deposits with original maturity of less than or equal to three months. All other deposits with banks are included under Investments in the Balance Sheet and disclosed in note 10.

Tangible fixed assets Tangible fixed assets comprise the following property, plant and equipment:

Cost At 1 October 2019 Additions Disposals At 30 September 2020 Depreciation At 1 October 2019 Charge for year Disposals At 30 September 2020 Net book Value At 30 September 2019 At 30 September 2020

Computer Equipment €

Office Equipment €

Total

182,149 32,522 (17,166) 197,505

197,838 9,864 (7,820) 199,882

379,987 42,386 (24,986) 397,387

(147,589) (41,420) 17,166 (171,843)

(185,332) (6,527) 7,820 (184,039)

(332,921) (47,947) 24,986 (355,882)

34,560 25,662

12,506 15,843

47,066 41,505

€

TOTAL DEPOSITS AND INVESTMENTS FOR 2020

€26,054,372 34

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CANA CREDIT UNION ANNUAL REPORT 2020

Notes to the Financial Statements (Continued) For the year ended 30 September 2020 10. Deposits and Investments Deposits and investments at the current and prior Balance Sheet date have been classified as basic financial instruments and are measured at amortised cost as appropriate and comprised of the following: Basic Financial Instruments Irish and EMU State Securities Accounts in Authorised Credit Institutions (Irish and Non-Irish based) Deposit Protection and Minimum Reserve Accounts Total investments at amortised cost

2020 € 1,460,615 22,107,817

2019 € 2,968,620 22,775,510

1,485,940 25,054,372

485,959 26,230,089

Investments at the current and prior Balance Sheet date have been classified as other financial instruments and are measured at fair value through profit or loss and comprised of the following: Other Financial Instruments Bank Bonds (Level 3 - fair value hierarchy) Total investments at fair value cost through profit or loss Total Deposits and Investments

2020 € 1,000,000

2019 € 1,000,000

1,000,000

26,054,372

27,230,089

ONLINE SERVICES HAVE YOU REGISTERED FOR OUR ONLINE SERVICE YET? Online access, anytime anywhere Transfer funds Manage your accounts Check your balance E-statements and much more 35

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020 10. Deposits and Investments (cont’d) Set out below is a summary of the Credit Union’s investment portfolio, analysed by the credit rating of deposit investment / counterparty: Credit rating of deposit/investment counterparty:

2020 € 10,446,554 2,200,000 500,000 4,000,000 999,646 7,908,172 26,054,372

2019 € 9,454,578 1,000,000 3,393,860 5,503,692 7,877,959 27,230,089

As at 1 October Advanced during the year Repaid during the year Loans written off Gross loans to Members

2020 € 27,837,370 12,697,886 (11,763,318) (19,917) 28,752,021

2019 € 25,779,213 13,738,471 (11,642,445) (37,869) 27,837,370

Loan provision Individually significant Grouped assessed loans Loan provision As at 30 September

(69,528) (171,004) (240,532) 28,511,489

(10,356) (237,560) (247,916) 27,589,454

A+ A AA2 BBB+ BBB BBBBB+ BB Total investments

11. Loans to members

At 30 September 2020, CANA Credit Union Limited had 31 loans outstanding from members on which first charges over properties were held. Excluding these loans, CANA Credit Union Limited does not have any mortgage type loans and as a result all remaining loans to members are unsecured, except that there are restrictions on the extent to which borrowers may withdraw their savings whilst loans are outstanding. There are maximum amounts set down under legislation in terms of the amount a member can borrow from the Credit Union. 36

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CANA CREDIT UNION ANNUAL REPORT 2020

Notes to the Financial Statements (Continued) For the year ended 30 September 2020 11. Loans to members (Continued) The carrying amount of loans to members represents CANA Credit Union Limited’s maximum exposure to credit risk. The following table provides information on the credit quality of loan repayments. Where loans are not impaired it is expected that the amounts repayable will be received in full.

Credit quality of loans

Gross Loans Not Impaired

2020 Amount Proportion of loan book € % 28,398,091 98.77%

2019 Amount Proportion of loan book € % 27,497,769 98.78%

Gross Loans Impaired Between 5 and 8 weeks past due 276,806 Between 9 and 12 weeks past due 34,551 Between 13 and 16 weeks past due 12,925 Between 17 and 20 weeks past due 13,791 Between 21 and 24 weeks past due 1,510 25 or more weeks past due 14,347 Total gross loans 28,752,021

0.96% 195,972 0.12% 29,783 0.04% 43,166 0.05% 28,222 0.01% 11,466 0.05% 30,992 100% 27,837,370

0.70% 0.11% 0.16% 0.10% 0.04% 0.11% 100%

Less: Loan provisions Individually significant loans Grouped assessed loans Total provisions

0.24% 0.59% 0.83%

0.04% 0.85% 0.89%

Total carrying value

(69,528) (171,004) (240,532) 28,511,489

(10,356) (237,560) (247,916) 27,589,454

Factors that are considered in determining whether loans are impaired are discussed in note 3, dealing with the use of estimates and judgements. Loans which are neither past due nor impaired are reviewed on a quarterly basis. The Credit Union has not identified any material matters which impact upon the credit quality of these assets.

GROSS LOANS 30TH SEPTEMBER 2020 €28M

UP €1M

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020

12. Provision for bad and doubtful debts

As at 1 October Provision for loan losses made during the year Provisions reversed during the year As at 30 September

2020 € 247,913 (7,381) 240,532

2019 € 243,024 4,889 247,913

2020 € (31,941) (7,381)

2019 € (72,745) 4,889

19,917

37,869

(19,405)

(29,987)

2020 € 51,586 1,967,444 79,468 39,988 2,138,486

2019 € 60,857 1,658,800 121,637 27,620 1,868,914

13. Impairment gains on loans to members

Bad debts recovered during the year Reduction in loan provisions during the year Loans written off during the year Net impairment gains on loans to members recognised for the year

14. Prepayments and accrued income

Overdrawn Budget Balances Prepayments and other debtors Accrued investment income Accrued loan interest income

Overdrawn budget balances refer to accounts on which members owed amounts to the Credit Union as at the financial year end.

Overdrawn Budget Balances (€51,586 )

2020

Prepayments and other debtors (€1,967,444) Accrued investment income (€79,468) Accrued loan interest income (€39,988)

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CANA CREDIT UNION ANNUAL REPORT 2020

Notes to the Financial Statements (Continued) For the year ended 30 September 2020 15. Members’ shares

As at 1 October Received during the year Withdrawn during the year As at 30 September Regular share accounts Term share accounts

2020 € 63,841,989 20,421,518 (14,693,389) 69,570,118

2019 € 62,301,527 18,884,035 (17,343,573) 63,841,989

69,570,118 69,570,118

63,841,989 63,841,989

Members’ regular shares are repayable on demand except for shares attached to loans. Member term accounts maturity is detailed below. Attached and unattached shares are as follows:

Unattached shares Attached shares Total Members’ shares

2020 € 61,992,444 7,577,674 69,570,118

2019 € 54,262,648 9,579,341 63,841,989

Consequently, €61,992,444 of Members’ shares are repayable on demand.

16. Members’ budget accounts

As at 1 October Received during the year Withdrawn during the year Movement in overdrawn budget balances (note 14) Movement in members’ current accounts As at 30 September

2020 € 269,547 2,063,017 (1,895,553) (9,271) (3,651) 424,089

2019 € 248,905 2,017,343 (1,995,869) (4,842) 4,010 269,547

SHARES 30TH SEPTEMBER 2020 €69M

UP €6M

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020 17. Creditors and accruals

PAYE/PRSI Other creditors & accruals Total other creditors and accruals

2020 € 7,279 218,933 226,212

2019 € 8,171 239,025 247,196

18. Additional financial instruments disclosures 18a. Financial risk management CANA manages its members’ shares and loans to members so that it earns income from the margin between interest receivable and interest payable. The Credit Union invests excess funds with a view to ensuring that the return from members’ loans and investments is adequate to meet the overheads of the Credit Union and provide a reasonable return to members on shares and deposits. The Credit Union has a risk register in place to help the Directors manage the various risks arising from its activities to include the issuing of loans to members and investing the excess funds of the Credit Union. The main financial risks arising from CANA’s activities are credit risk, liquidity risk, and interest rate risk. The Board reviews and agrees policies for managing each of these risks, which are summarised below. i) Credit risk Credit risk is the risk that a borrower will default on their contractual obligations relating to repayments to CANA, resulting in financial loss to the Credit Union. In order to manage this risk the Board approves the CANA’s lending policy, and all changes to it. Loan applications are assessed with reference to the lending policy in force at the time. Subsequently, loans are regularly reviewed for any factors that may indicate that the likelihood of repayment has changed. Credit risk on members’ loans is disclosed in note 11. The Credit Union complies with section 12 of the Credit Union Act, 1997(Regulatory Requirements) Regulations 2016. This regulation: • • • •

restricts the concentration of lending by the Credit Union within certain sectors or to connected persons or groups; restricts the absolute amount of lending to certain sectors to a set percentage of the regulatory reserve; restricts the loan duration of certain loans to specified limits; and requires specified lending practices to be in place where loans are made to certain sectors such a commercial loans, community loans and loans to other credit unions

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CANA CREDIT UNION ANNUAL REPORT 2020

Notes to the Financial Statements (Continued) For the year ended 30 September 2020 18. Additional financial instruments disclosures (cont’d)

The Credit Union’s cash at bank and investments are also exposed to credit risk and the Credit Union mitigates the risk by only placing investments with financial institutions where the counterparties have strong credit ratings and using investment products authorised by the Central Bank. The credit ratings of the financial institutions where investments are held are disclosed in note 10. ii) Liquidity risk CANA’s policy is to maintain sufficient funds in liquid form at all times to ensure that it can meet its liabilities as they fall due. The Credit Union adheres on an ongoing basis to the minimum liquidity ratio and minimum short term liquidity ratio as set out in the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016. The Credit Union’s liquidity ratio as at 30 September 2020 was 36.74% (2019: 27.38%). iii) Market risk Market risk is generally comprised of interest rate risk, currency risk and other price risk. CANA conducts all its transactions in Euro and does not deal in derivatives or commodity markets. Therefore, the Credit Union is not exposed to any form of currency risk or other price risk. Interest rate risk is the risk that future cash flows of a financial instrument fluctuate because of a change in market interest rates. The Credit Union manages interest rate risk via its business model of maintaining the vast majority of its liabilities as non-interest bearing (i.e. member shares). The Credit Union receives variable interest income from its loans to members, a combination of variable and fixed interest income from its deposits and investments. Dividends are also payable to members but these do not constitute interest payments. The Credit Union is not exposed to any material interest rate risks relating to the mismatch of interest rates on its financial assets and liabilities. The Credit Union’s main interest rate risk relates to its exposure to low yielding money market and bond products which are currently available in the current low interest rate environment. Consequently, the Credit Union’s investment income has decreased during the year. Set out below is a sensitivity analysis for the Credit Union’s interest rate risk disclosing the impact on profit or loss and total reserves for a 10% increase and 10% decrease in interest rates on its investment portfolio. The interest income on members’ loans has not been adjusted on the basis that interest rates do not tend to vary. 2020 Actual

Investment income Surplus for the financial year Total reserves

€ 208,613 648,382 11,386,063

Effect of 10% increase € 229,474 669,243 11,406,924

Effect of 10% decrease € 187,752 627,521 11,365,202

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Notes to the Financial Statements (Continued) For the year ended 30 September 2020 18. Additional financial instruments disclosures (cont’d) 18b. Interest rate disclosure

2020 Amount

2020 Average interest rate € %

2019 Amount

2019 Average interest rate € %

Financial assets Gross loans to members

28,752,021

5.65%

27,837,370

6.43%

Financial liabilities Members’ shares

69,570,118

63,841,989

18c. Liquidity risk disclosures All of the financial liabilities of the Credit Union are repayable on demand except for some members’ shares attached to loans.

19. Capital The Credit Union maintains sufficient reserves to buffer the credit union against unforeseen losses. The Credit Union’s regulatory reserves meet the minimum requirement set down by the Central Bank, and are 11.4% of the total assets at the balance sheet date. The Credit Union’s total capital reserves at 30 September 2020 were €11m (13.96% of total assets) (2019: €11m and 14.66% of total assets).

20. Events after the end of the reporting period There are no material adjusting or non adjusting events after the end of the reporting period which would require disclosure in the financial statements.

21. Contingent liabilities The ILCU is seeking payment from CANA of €133,108 (2019: €133,108) in relation to the ILCU Savings Protection Scheme and also an amount of €31,467 in respect of the National Advertising Campaign (NAC). CANA have been served with a “Notice to Refer to Arbitration” in relation to this matter. CANA have responded through their solicitors challenging the legal basis for the ILCU claim and noting that a similar claim is currently before the High Court for determination. Rather than having the same matter disputed in two separate forums CANA have written to the ILCU through their solicitors proposing that we await the courts determination on whether the defendant in the High Court proceedings is found liable to pay the SPS and NAC contributions which the ILCU allege are due and owing. If the court determines that the SPS and NAC are payable by the defendant CANA has agreed to be bound by that determination and discharge the sum of €164,575. CANA had not received a response to the proposal from the ILCU at the date of signing the financial statements.

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CANA CREDIT UNION ANNUAL REPORT 2020

Notes to the Financial Statements (Continued) For the year ended 30 September 2020

CANA believe this liability to be possible but not probable and, accordingly, no provision for any liability has been made in these financial statements.

22. Capital commitments There were no capital commitments either contracted for or approved by the Board at the year end.

23. Insurance against fraud The Credit Union has insurance against fraud in the amount of €5,200,000 (2019: €5,200,000) in compliance with Section 47 of the Credit Union Act 1997 (as amended).

24. Related party transactions (i) Disclosures required by FRS 102 Loans During the year, loans were advanced to Directors and the management team of the credit union (to include their family members or any business in which the Directors or management team had a significant shareholding) in the amount of €13,000 (2019: €20,000). These loans were approved in accordance with the Credit Union’s lending policy and the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016. The loans outstanding from these parties at 30 September 2020 were €30,795 (2019: €76,951). These loans amounted to 0.10% of total gross loans due at 30 September 2020 (2019: 0.28%). There were no provisions against the loans due from the Directors and the management team at the current or prior Balance Sheet date. Shares The total share transactions by related parties during the year were €82,320 (2019: €45,931). The total amount of shares held by related parties at the year end was €544,502 (2019: €462,182). (ii) Disclosure required by Section 47(1)(b) of the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 Total loans outstanding to Directors and the management team of the Credit Union (to include their family members or any business in which the Directors or management team had a significant shareholding) at 30 September 2020 were €30,795 (2019: €76,951). These loans amounted to 0.10% of total gross loans outstanding at 30 September 2020 (2019: 0.28%).

25. Approval of Financial Statements The financial statements were approved, and authorised for issue, by the Board on 16.12.20

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Financial Statements

For the year ended 30 September 2020 Non-statutory financial information (unaudited) The following information does not form part of the statutory financial statements and consequently is not audited.

SCHEDULE 1 - OTHER MANAGEMENT EXPENSES 2020 € 6,715 246,114 6,854 21,420 16,215 46,615 46,268 11,016 102,230 22,798 52,797 49,332 56,823 15,380 110 14,628 71,588 786,903

Staff training E.C.C.U. insurance Rates General insurance Repairs and maintenance Printing, postage and stationery Advertising Telephone Computer costs Convention and seminar expenses Legal and professional Audit Bank charges General expenses Cash (over)/short Affiliation fees Regulatory levy Total per Income and Expenditure Account

2019 € 13,818 236,056 8,952 19,512 8,364 66,678 77,046 4,779 69,949 22,955 77,498 37,533 41,507 19,161 (81) 19,088 131,399 854,214

786,903 2020 854,214

2019

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OUR

CANA CREDIT UNION ANNUAL REPORT 2020

STANDARD LOAN RATE HAS BEEN

REDUCED TO JUST

5.9% (6.1% APR)

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Credit Committee Report Notwithstanding the pandemic CANA is still providing a full service to its members and loan applications are being processed as normal behind closed doors. The vast majority of loan applications are processed on the day of receipt and our loan approval rate is 98%.

98% APPROVAL RATE

3% GROWTH IN

LOAN BOOK

Demand for new loans fell dramatically in the early stages of the pandemic but recovered well from June onwards. We issued 1,773 loans with an aggregate value of €12,697,886 and while both figures are down on the previous year, we did manage to achieve growth of 3% in the loan book.

€12,697,886 LOANS GRANTED

We would like to remind members and in particular the new members who joined during the year that you don’t have to be a member of CANA for any particular length of time or have saved any particular amount prior to applying for a loan. Decisions on loan applications are based on a person’s ability to repay and their credit record on the Central Credit Register and/or the Irish Credit Bureau. We are also continuing to accept applications for Switcher Mortgages at 2.9% p.a fixed so if you are thinking of changing your mortgage provider why not consider CANA. Full details on our website www.canacu.ie

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CANA CREDIT UNION ANNUAL REPORT 2020

Credit Control Committee Report The Credit Control Committee met regularly over the past year to follow up on any loans that had fallen into arrears. The majority of CANA members continue to repay their loans in accordance with the agreed terms. During the past year we received a small number of requests to reschedule loans where family income was impacted by the pandemic. In all such cases we endeavour to accommodate our members. The Credit Control Committee continued to meet on a quarterly basis to conduct loan book reviews to determine the quality of the lending and make recommendations to the Board in respect of bad debt provisions. We would like to remind members that we are obliged to consult with the Central Credit Register (CCR) prior to granting any loans. This register is mandatory and financial institutions including CANA are obliged by law to provide details of all loans granted over €500. The information provided will include personal details such as a borrower’s name, address, date of birth and PPSN. The borrower’s loan information is stored securely on the CCR and is used to create a credit report i.e., a record of the borrower’s payment history on any borrowings they may have. Lenders may only access a borrower’s credit report: • • •

when considering an application for a new loan if there is a request to change the terms of a loan, or if a loan has fallen into arrears

Further details of the CCR are available @ www.centralcreditregister.ie and also www.canacu.ie Members who are planning to take unpaid leave during the year will need to set up a standing order from their bank account to meet their loan repayments while off payroll. This will prevent the loan going into arrears and an adverse report being filed with the Irish Credit Bureau and the CCR.

THINKING OF CHANGING YOUR CAR? WHY NOT COME TO CANA AS OUR LENDING RATE IS JUST 5.9% (6.1% APR) 47

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Membership Committee Report The Membership Committee are happy to report on another promising year in light of all the difficulties presented in 2020. Sadly, we were unable to get out to Revenue offices around the country for promotional days or car draws due to ongoing restrictions. We nonetheless have been working behind the scenes through Newsletters, Ezines and Social Media to make sure we can stay connected to all of our members and potential members. We are happy to report that we joined 450 new members in the 2020 Financial Year. We’re hopeful that we will soon be able to see our members on the road however until then we hope that existing members will encourage their colleagues and family who are not already a part of CANA Credit Union to join. Our €20 New Membership promotion is still ongoing and is a little thank you to new members for joining. Please visit our website at www.canacu.ie for more information or you can always contact us at (01) 676 6151. We would like to thank all of our Liaison Officers for their continued support and we hope that we will be able to resume our visits soon. Until we meet again.

TOTAL MEMBERSHIP AT 30TH SEPTEMBER 2020 WAS

10,602

450

NEW MEMBERS JOINED

THINKING OF FURTHERING YOUR EDUCATION? 48

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WHY NOT COME TO CANA AS OUR LENDING RATE IS JUST 5.9% (6.1% APR)

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CANA CREDIT UNION ANNUAL REPORT 2020

Board Oversight Committee’s Annual Report 2020 The members of the Board Oversight Committee are elected at AGM to generally have an overview of the running of the Credit Union and to fulfil specific functions. Under Section 76M of the Credit Union and Co-Operation with Overseas Regulators Act (CUCORA) 2012 the responsibility of the Board Oversight Committee is to assess that the Board of Directors has operated in accordance with (a) Part IV and Part IV (a) of the Credit Union Act, 1997 (as amended) and (b) Any other matter prescribed by the Central Bank in relation to the Board of Directors. In this respect the Board Oversight Committee are satisfied that the Board of Directors has operated in accordance with Part IV and Part IV (a) of the Credit Union Act, 1997 (as amended) and are not aware that any matter has been prescribed by the Central Bank in relation to the Board of Directors. In accordance with the Car Draw Rules the Board Oversight Committee also provided supervision of the monthly Car Draws. Colm McCabe

Liam Cotter

John O’Leary

Nomination Committee Report AGM 2020 Under Section 56 (B) of the Credit Union and Co-Operation with Overseas Regulators Act 2012 the Nomination Committee are responsible for identifying candidates for appointment to the Board of Directors and accepting nominations of candidates proposed to be appointed to the Board of Directors. Under Central Bank Regulations nominations for the Board of Directors and Board Oversight Committee cannot be accepted at AGM. Under CANA’s rotation policy there will be elections at 2020 AGM to fill 5 vacancies on the Board of Directors and 1 vacancy on the Board Oversight Committee. The following people will be seeking election at AGM to the Board of Directors for a 3-year period – Garvan O Keeffe, John Maher, Susan Shivnan, Sarah Cox and Tom McManus. John O Leary will be seeking re-election to the Board Oversight Committee. . If you are interested in getting involved with CANA expression of Interest forms can be found on CANA ‘s web site www.canacu.ie. The nominations committee thanks the manager Adie and her team for their help and support throughout the last year. Jonathan McCrohan

Nuala Larkin

Angela Creighton

Eilish Doyle

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CANA House, 85/93 Lower Mount Street, Dublin 2. D02 VP79 T: (01) 6766151 or (01) 6623946 E: info@canacu.ie

www.canacu.ie

CANA Credit Union Limited is regulated by the Central Bank of Ireland

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