The Security of Credit Union's Finances in difficult times...


 (You need to know that your money is in safe hands in the Credit Union)


How do we do it?

  • The Law stipulates that any UK credit union must deposit its cash collections in an 'Authorised Bank'

Kilrea & District No.5 Credit Union fully complies

 

  • The Law stipulates that only people internally vetted by the credit union can handle money, documents, etc.

Kilrea & District No.5 Credit Union fully complies

 

  • Books and papers within the credit union office must be scrutinised by appointed Internal Auditors on a regular basis

Kilrea & District No.5 Credit Union fully complies

 

  • A proper monthly finance report must be given to and accepted by the credit union's Board of Directors 

Kilrea & District No.5 Credit Union fully complies

 

  • An annual set of  accounts must be made and checked by a Chartered Accountant for presentation at the Annual General Meeting

Kilrea & District No.5 Credit Union arranges this

 

  • Every Member is invited to attend the Annual General Meeting to see and understand what is happening with their shares

 

 

  • Every UK credit union must insure their business against internal fraud using approved Fidelity Bond Insurance

Kilrea & District No.5 Credit Union fully complies

 

  • Credit Unions in Northern Ireland are advised to have 'Share Protection' to provide cover in the event of 'weak' management.

 

 

  • Credit Unions in Northern Ireland are regularly inspected by the Registrar of Companies & Friendly Societies

Kilrea & District No.5 Credit Union is inspected regularly - This function is currently transferred to the FSA.

 

  • Since March 2012 the regulation of all Northern Ireland's Credit Unions transferred to the FSA. There will be a transition period of one year to allow for adjustments to procedures. There will be some more work for Credit Unions to demonstrate fiscal integrity. Members' funds will be 100% guaranteed by the FSA in the unlikely event of the failure of a Credit Union. 

Kilrea & District No.5 Credit Union is embracing these on-going reforms as a matter of course.

 

 

Ayn Rand

Money is the barometer of society’s virtue.

 A creative man is motivated by his desire to achieve,

not by his desire to beat others…..