1. Ervia Employees’ Credit Union Induction
Spring 2016
Final Version

2. Content Slide No Ethos & History 3 Current Status of EECU 5
How the EECU Works & its Structure 10
Roles 13
Membership 19
Savings 22
Loans
Car Draws 30
Office Hours & Administration 32
Deductions from Wages & Salaries 33
Loans, Savings & Death Insurances 34
Regulation, Risk & Compliance 37
Anti Money Laundering 41
Training & CU Learn 44
Role of Agents & Volunteers 46
Summary

3. Ethos & History of EECU

4. Ethos of EECU History of EECU
The EECU operates for the benefit of Ervia employees and retired staff members. It allows the employees and retired staff members to come together to save and borrow money at low rates, and is operated on a not-for-profit basis, with surpluses being used to provide/enhance members services, improves financial reserves or paid out as dividends.
History of EECU
The Ervia Employees’ Credit Union was originally established in March 1985 as Dublin Gas Employees’ Credit Union.
By mid August 1985 it had 400 members and £50k in savings
In 1986 as a result of the Receivership in Dublin Gas it lost 50% of its membership
Initially all the accounting was done manually before becoming computerised in 1987.
In 1989 the Registrar of Friendly Societies allowed it to extend its membership to Pensioners/Retired staff of Dublin Gas
In 1990 it was renamed Bord Gáis Employees’ Credit Union with all staff from the various areas and locations of Bord Gáis Éireann eligible to join. Membership now stood at 550 with savings in excess of £1.1 million.
In 2014 Bord Gáis Energy was sold to Centrica and Bod Gáis Éireann ceased to exist. It was replaced in the main by Ervia, which also include Irish Water. At the Annual General Meeting held in January 2015 it formerly adopted the name Ervia Employees’ Credit Union

5. Current Status of EECU

6. Ervia Employees’ Credit Union
The Credit Union is a registered company and is regulated by the Financial Services Regulator (The Central Bank) under the Companies and Credit Unions Acts
It is affiliated to the Irish League Of Credit Unions and is a member of Chapter 21
It is set up on a ‘Common Bond’ basis, meaning that if you are an Ervia employee or retired staff member, you are eligible to apply for membership
Members in Bord Gáis Energy at the time of its sale still remain as members
The Numbers
Number of Current Members – 1108
Number of Members in Car Draw – 867
Number of Loans – 358 (some members have more than one loan)
Number of Loans in arrear - 6

7. Current Status of EECU Investment Profile Assets of €11.78m
Loans of €2.92m (24.8% of Assets)
Investments of €8.85m
Shares €10.23m
Car Draw Account €10k
Accrued Expenses €20k
Reserves of €1.51m
Investment Profile

8. Strategic Plan 2016 -2018 – Main Goals
Marketing
Increase Membership by 70 Members per year
Increase the level of loans annually
Implement outcomes of members survey
HR & Operations
Recruit and develop more Agents & Volunteers
Develop the various Committees & their Functions
Develop Succession Planning
Develop IT function and ensure Disaster Recovery is available and regularly tested
Financial Plan
Improve Income & Net Profit and Control Expenditure
Grow Assets to €13.67m with a Net Asset increase of €1.6m
Grow new loans to €2.4m per annum and the Loans to Asset Ratio to 28.3%
Maintain a Minimum Dividend of €0.5% over the period.

9. Strategic Plan 2016 -2018 – Main Goals (Cont)
Internal Audit, Risk & Compliance
Full Audit Plan and Quarterly reporting to Board
Continuous Risk Assessment & Risk & Compliance Officer Reports Monthly to Board
Ensure EECU has good governance and complies with regulatory requirements including PRISM (Probability, Risk and Impact System. Quarterly Report to Board
Balanced Score Card
Use the Balance Scorecard as a tool to monitor progress in achieving strategic objectives.
Elements of the Scorecard are - Financial, Customer, Internal Process and Learning & Growth.
Overall Aim
EECU seeks to remain Independent. The Board believes this is the best way to meet members needs and provide the best service at the current time.

10. How the EECU Works & Its Structure

11. Model of How the Credit Union Works
Members Shares (Savings)
Community Pool of Shares (Savings)
Loans to Members
Investments
Interest
Income
Credit Unions Income
Less Operational Expenses
Gross Dividends
Surplus
(Nett Income)
Reserves
Less DIRT
Members Services
Statutory
Reserves
Other
Reserves
Nett Dividend

12. Structure of Ervia Employees Credit Union
External Auditors
MEMBERS
BOARD of Directors
Internal Auditor
Board Oversight Committee
Manager
Risk & Compliance
Lending & Members Services
Finance & Back Office
Credit Committee
Credit Control Committee
Investment Committee
Nominations Committee
PR & Membership Committee
Training
Anti Money Laundering IT
The Board of Directors consists of Eleven (11) members all of whom act in a voluntary capacity
Three (3) of the Directors hold officer positions – Chairman, Vice Chairman and Secretary
The Credit Union is staffed by a Manager and Office Administrator, both part-time positions
The Credit Union also employs a part-time Risk & Compliance Officer and an Internal Auditor
It also has nine (9) committees/functions who look after various aspects of the Credit Union
Board Oversight Committee, 3 members are elected at the Members AGM, but are not Board Members
Policies

13. Roles

14. Roles - Who’s Who and What do they do
Chairman
Runs the AGM and Monthly Board Meetings
Vice-Chairman
Deputises for the Chairman
Secretary
Provides notice of and agendas for all Board Meetings & Workshops
Takes and maintains minutes and action register for all Board meetings & AGM
Board Members
Responsible for the control, direction and management of the affairs, funds and records of the Credit Union
Board Oversight Committee
Monitors and reports on the performance of the Board in relation to their obligations under Credit Union legislation
They observe what happens at Board meetings. They may speak or clarify on a point of order or when requested by the Chair of the meeting
They also hold their own monthly meetings and meet with the BOD quarterly.
They may, in certain circumstances, suspend a Director, which may lead to the Director’s removal
Manager
Responsible for the day to day operation of the Credit Union.
Provides Monthly and end of year Financial statements to the Board Auditors and AGM.
Reports and liaises with the Central Bank

15. Office Administrator
Assists the office manager and is responsible for maintaining the day to day records of members accounts.
Liaising with Ervia Payroll Staff and others as required
Risk & Compliance Officer
Responsible for identifying and bring Risk and Compliance issues to the Boards attention and monitoring actions to mitigate.
Anti Money Laundering Officer
All Directors and Officers of the Credit Union must report suspect Money Laundering Activity which the Officer must investigate and report on to the Garda & Revenue Commission
Credit Committee
To review and approve loan applications, generally on a weekly basis.
Look for additional information from applicants if necessary.
Make recommendations to the Board where large loans are being applied for
Credit Control Committee
Ensures the protection of the EECU loan portfolio asset
Reviews any loans that fall into arrears and take action to bring their repayments back on track.
Offers independent financial advisory facility for members who may be experiencing financial difficulties, including rescheduling of loans
All cases are dealt with sympathetically and in confidence

16. Investment Committee
Oversees the Investment Assets of the EECU
Work with Goodbody’s Investments to maximise the return on the EECU Investment Portfolio
Ensure there s a good spread of investments with various Financial Institutions and over the short to medium term
Ensure Investments are in line with Financial Regulators requirements
Nominations Committee
Responsible for identifying Potential Board Members, Agents and Volunteers
Responsible for the management of the appointment of Directors, Board Oversight Committee, Agents and Volunteers (including Fitness and Probity reviews)
Responsible for succession planning for the Board, Oversight Committee, Agents and Volunteers.
PR & Membership Committee
Marketing the benefits of the Credit Union to the Employees and Retired Staff of Ervia with a view to growing membership
Marketing the savings and loan facilities of the Credit Union to grow its the financial assets and loan book.
Communicating general information and news to all members
Ensuring communication channels are available and up to date
Training Officer
Ensuring that all Board members and volunteers undertake the required amount of training.
Promoting the EU learning facilities both for internal and external training.
Arranging internal Training Courses as required or requested

17. Policy Officer
Ensuring the Credit Unions Policies are reviewed and updated as necessary on an annual basis. This includes, identifying monthly, the policies to be reviewed.
Ensuring any new required policies are identified, drafted and signed-off as required.
IT Committee
Ensuring the ongoing development of the Credit Unions IT Systems
Ensuring the integrity, compliance and security of the IT systems
Ensuing the availability of back-up systems and facilities in liaison with the Manger
Ensuring secure access to required IT systems and records
Working with the PR Committee on the ongoing development, updating and maintenance of the Credit Union’s Website.

18. Financial Services Regulator (The Central Bank)
A statutory position of Registrar of Credit Unions was explicitly created within the Central Bank of Ireland to assume responsibility for the regulation of credit unions.
Under the Credit Union Act 1997, (" the 1997 Act") the functions of the Registrar of Credit Unions are to regulate credit unions with a view to the:
‘Protection by each credit union of the funds of its members; and the Maintenance of the financial stability and wellbeing of credit unions generally.’
The Registrar of Credit Unions aim is to promote a financially stable credit union sector that operates in a transparent and fair manner and safeguards its members` funds.
The Registrar of Credit Union uses a combination of off-site analysis and on-site inspections in carrying out the regulatory process.

20. Benefits of Membership
Owned & Controlled by the Current & Retired Ervia Staff Members
A ‘Not for Profit’ organisation – Run for Benefit of Its Members
Personal, Approachable & Caring
A financially sound organisation with over €11m in Assets
Competitive Dividends on Savings
Flexible & Convenient Loans at Competitive Interest Rates (charged on a reducing balance)
Speedy Loan Processing
Savings & Loan Repayments via Payroll Deductions
No Hidden Costs or Fees
Free Life Savings & Loan Protection Insurance
Subject to terms & conditions
Free Death Benefit Insurance
On-line Account Enquiry
Confidentiality
Regulated by The Central Bank

21. Membership Applications & Requirements
Employee & Retired Staff of Ervia (Including Ervia Corporate, Gas Networks Ireland & Irish Water)
You need to supply a copy of a current:
photo id (e.g. Passport, driving licence),
proof of address/residence (e.g. utility bill dated within the last 3 months or current Bank Statement ),
proof of PPSN number (e.g. Payslip, Public Service Card)
One off €1 membership fee applies

23. Savings The Credit Union has the following Savings Products :
Share Accounts – Regular & Special
Regular Savings Account
This historically was for members who wished to save a regular/same amount every fortnight/month and was deducted from Payroll
Before the Budget of October 2014 these accounts were used where members opted to have dividends paid without DIRT deduction.
Special Share Accounts
This historically was for members who wished to save infrequent amounts at irregular intervals and was generally not deducted from payroll
Before the Budget of October 2014 these accounts were used where members opted to have DIRT deductions made before dividends were paid
Special Share Accounts will remain as such unless the member requests in writing to re-designate it as a Regular Savings account
Today there is no difference between the two types of Accounts, but for new members, only the Regular Share Account is now being used, into which members save regular and/or irregular amounts and were DIRT deductions are made before dividends are paid.

24. Savings Special Term Accounts
Dividend paid gross until the maturity post 16th October Thereafter treated as a Regular Share Account. Now closed to new entrants .
Deposit Account
In order to hold a deposit account, a member must have a shareholding of at least €63
The rate of interest on deposit accounts will be variable as approved by the board from time to time and paid annually on 1st October
Interest is paid net of DIRT
All shares are of 1 denomination (€1 saved = 1Share) and all shareholders have equal rights
The maximum amount of savings that can be held by an individual member, whether they have one or a number of accounts, is €100,000
When applying for membership, the member is asked to designate how much they wish to save regularly. The minimum is €5 per fortnight / €10 per month, but members are encouraged to save more.
Saving with the Credit Union allows members to build a profile of their savings ability.
Members can also pay in one off amounts to their savings account. Currently, large one off payments to savings are being discouraged, due to the Reserves requirements that result.
If members wish to increase the amount they regularly save they can do so by ing the ECU office with their request and specifying the amount.
If a Member wishes to withdraw money from their savings (subject to any indebtedness they may have to the Credit Union), they can do so by ing the EECU office with their request.

26. Details.
Only EECU members are eligible to apply for a loan from your credit union.
After saving for 4 weeks a new member is eligible to apply for a first loan.
A member can have a maximum of 3 loans at any one time (with an overall maximum value of €50k)
Maximum pay back period on loans is 5 Years
Types.
Standard Loans - 8% APR
I Year Loans – max 12 Months, 5% APR
Car Loans – max 4 Years, 6% APR
Life Time Event Loans - €10k+, 6% APR
Home Improvement Loans - €15k to €50k, 6%APR
Loans Within Savings –4% APR
Commercial / Business Loans – EECU does accept requests for this type of Loan
Maximum Loan available - €50k
Maximum Loan Period - 5 Years, unless stated otherwise

27. Credit Policy
The provision of loans to members is a primary service of EECU and is funded by savings of Members.
The EECU will work with members in progressing their loan applications and will assist any members who may find themselves in financial difficulties.
The EECU shall at all times adhere to the provisions of the Credit Union Act 1997 (as amended) to 2012 and the terms and conditions as set out in the Standard Rules for Credit Unions. They will also adhere to the provisions of all other relevant Financial and Legal Acts and Directives in so far as they pertain to ECCU.
Loans are granted to applicants on the basis of ‘Credit Worthiness’ and ‘Ability to Pay’.
Documented procedures are in place to be followed in determining the eligibility of the member to borrow and are set out the application and approval process.
The Credit Committee, who generally meet weekly, assess all applications and approve or reject in line with Credit Policy and procedures. In the case of Loan applications greater than €40k, they will forward these to the Board with a their recommendation on approval.
The types of Loan the Credit Union grants are personal loans which are repaid by regular payments from the members’ salary or pension. If a member leaves the Company/EECU with loan amounts outstanding they must either pay the outstanding amount or enter into a Standing Order arrangement.
Credit Control is an integral part of the credit function. The Credit Union has its own Credit Control Committee and a separate credit control policy.
All CREDIT that is granted is done so on the basis that the member is encouraged to save. The recommended minimum savings is €10 per month and that the member savings do not fall below 25% of the outstanding loan amount.

28. Loan Application & Requirements
Together with the Loan Application a member may be requested to supply the following:
3 months payslips
3 months bank statements
Up to date Mortgage statement if applicable.
For large loans the member will be required to complete a Declaration of Health Form.

29. Loan Approval, Contract & Payment
Loan applications are considered weekly by the Credit Committee
If the Loan Application nett. of share and existing loans is greater than €40k, they will go to the monthly Board Meeting for Approval
Approval of a Loan is valid for 60 days, during which time the money must be drawn down
For large loans the member will be required to complete a Declaration of Health Form. This will then have to be approved by ECCU Insurance company before the loan can be granted.
Contract
Once the loan is granted the member will be asked to sign a credit agreement, which will lay down the repayment schedule and terms and conditions.
The Credit Agreements is a legally binding document, being a promise by the member to repay the loan, and to commit to regular repayments.
Once a signed Credit Agreement is received the money will be released.
Payment
Repayments will be deducted from a members fortnightly or monthly payroll
Members must accept that any amendment to fortnightly or monthly loan repayments can only be made with prior agreement of the Credit Union & inline with the Credit Unions Loan Application Policy
Should employment with Ervia cease, member authorises Ervia Payroll to deduct from their final salary/lump sum any outstanding loan balance due to EECU, net of savings/shares held.
In the event that an outstanding balance cannot be fully settled from final salary/lumps sum or EECU savings, the member must undertake future repayment by Bank Standing Order to comply with loan repayment terms, as contracted until loan is paid in full.

30. Car Draws

31. Numbers & Cost When & How
The Car Draw is self financing
With the current number of members paying into the car draw the EECU is able to finance 9 Car Draws every two years.
In 2015, 5 Car Draws took place, currently in 2016, 4 Car Draws are planned
It costs a member €3 per fortnight/ €6 per month to participate in the Car Draw
Members can apply to participate by completing the section on the Membership Application Form or by contacting the EECU office.
Currently the market value of the car that can be won is circa €15k
When & How
The EECU try to carry out the Car Draw at one of the various Ervia office locations; sometimes with the Car being present.
A program has been set up on a EECU computer, into which all participating members details are entered. The Computer then randomly selects the winner.
Dates for 2016 Car Draws are 24th March (Easter), 2nd June (June Bank Holiday), 20th October (International Credit Union Day), 15th December (Christmas)

32. Offices Hours & Administration
The EECU Office is based in Ervia Offices (Irish Water) at Foley Street in Dublin.
The Office is open to members once a week on a Thursday from to 19.00, for phone calls or personal callers
Members can be communicated with at other times, when administration or volunteers are in the Office, but this is not guaranteed.
The Office can be communicated with by or post at any time. For s, members will receive an acknowledgement of its receipt from EECU.

33. Deductions From Wages & Salaries
Deductions for both regular savings and loan repayments are made directly from Ervia Payroll on a fortnightly/monthly basis and paid directly to the Credit Union.
Members must nominate and sign on the Membership Application how much they wish to save on a regular basis. Plus if they wish to pay €3 per fortnight/€6 per month to participate in the Car Draw.
Members must nominate and sign on their Loan Form that they agreed to repay the amount noted for the period specified on a fortnightly/monthly basis

34. Loan, Savings & Death Insurances
The EECU provides free Loan, Savings and Death Benefit Insurance as a Members Service from its Surplus (Income) .
(Subject to Terms& Conditions)

35. Death Benefit Insurance
Loan Insurance*
With this insurance Members have the comfort of knowing that their outstanding loans die with them.
Members over a certain age, with health problems or who require large loans may have to complete a ‘Declaration of Health’ form, which must be approved by the Irish League of Credit Unions before a loan can be processed.
A member could still be granted a loan (e.g. loan within shares) even if the insurance is not granted in total or not at all
Savings Insurance*
Savings Insurance of up to €12,700 is provided at no extra cost.
Insurance cover is provided if at the time of saving the member is under 70 years of age and actively working or if not working, is in good health
The amount of the total that may be made by the Insurance Company is made up of one euro for each euro saved under the age of 55 years, provided that has been maintained as a minimum.
This payment reduces to 75% for savings between 55 & 60, 50% between ages 60 & 65 and 25% between ages 65 & 70.
Death Benefit Insurance
Members who join before their 70th Birthday have death benefit Insurance of €3,250
*Both Loan Savings & Insurance are subject to Terms & Conditions

36. Nomination Form
On joining the Credit Union a member is asked to complete a Nomination Form.
In the event of members your death, the Credit Union will know to whom to pay amounts covered by the Insurance of loans and shares.
A will does not affect this nomination. A valid Nomination Form allows the Credit Union to pay out any monies quickly not having to wait for will probate.
Nomination date must post-date marriage.
It is important that members update their nomination form if circumstances change.
Nomination forms can be obtained from the EECU office or its website

37. Regulation
Risk & Compliance

38. Risk Management System & Role of Risk Management Officer
Regulation
All Credit Unions are regulated by the Central Bank of Ireland (CBI)
RCU (Registry of Credit Unions) is the Regulating body
Regulated under the Credit Union Act 1997 (as amended)
Most recent amendment came into law in December 2015 – more restrictive
- credit union handbook
Irish League of Credit Unions is the representative national body - most (but not all) of credit unions are members (creditunion.ie)
Risk Management System & Role of Risk Management Officer
Identify Risks
Analyse Inherent Risk
Identify Mitigations in place
Determine Residual Risk
Develop Action Plan to manage or reduce Risk:
Risk Policy
Risk Matrix (Appetite for Risk/Scoring Mechanism)
Risk Register
Risk Reports (Monthly to Board)

39. Definition of Compliance
“the risk of legal or regulatory sanction,
material financial loss, or loss to reputation
a credit union may suffer as a result of its failure to comply with laws, regulations, rules, related self regulatory standards and codes of conduct applicable to its activities”*
* Adapted from Basel Committee on Banking Supervision

40. Compliance System and Role of Compliance Officer
Compliance Policy
Compliance Plan
Materiality Statement
Quarterly Compliance Reports to Board
Ongoing Compliance Checks (1997 Act and other legislations, e.g. Data, Revenue etc.)
Annual Compliance Statement prepared and submitted to Central Bank
EECU are members of ILCU Compliance Advisory Service (Annual Subscription)
Templates and Working Documents are provided
Regular legislative updates and Quarterly Forum for Compliance Officer

41. Anti Money Laundering

42. Anti Money Laundering What the Credit Union has to do:
Money Laundering ...the intentional or reckless conversion of tainted property, generated from ‘criminal conduct’ into clean property, so that the criminal origin of the tainted property is difficult to trace.
Legislation - Criminal Justice (Money Laundering & Terrorist Financing) Acts 2010 & 201
Offence of Money Laundering (incl. Assistance) carries an unlimited fine &/or up to 14 years in Prison.
Offence of Breaching the Money Laundering Legislation i.e. Not reporting a suspicion or tipping off, carries an unlimited fine and/or up to 5 years in Prison
The Credit Union Board is ultimately responsible, but everyone in the credit union has a responsibility.
What the Credit Union has to do:
Apply a risk-based approach, based on the size & nature of the Credit Union
Appoint a Money Laundering Officer- MLRO (Currently Phil Duffy)
Ensure Policies, procedures & systems are in place to Apply Customer Due Diligence
Identify beneficial owner, source of funds, occupation purpose of business relationship
Ensure on-going monitoring
Apply Enhanced Due Diligence if appropriate
Report suspicions – if in doubt always report
Keep Records for up to 5 year
Ensure training takes place on an annual basis

43. Anti Money Laundering When determining whether to report ask yourself:
Does the transaction make sense in the context of the member’s business or personal activities?
Is the size of the transaction expected or usual?
Has there been a recent significant change in the pattern of transactions?
Is the total value of a series of transactions substantial?
Is the pattern of repayments on a loan consistent with the member’s earnings?
If doubts / suspicions exist:
Complete Internal Suspicious Reporting form.
Place completed form in MLRO locked file, in Foley Street Office.
Notify MLRO.
MLRO decides if external reporting is required.
MLRO will notify Manager / Board if Enhanced Due Diligence is required.

44. Training & CU Learn

45. Training & CU Learn
EECU Participates in the CU Learn programmes and training of staff & volunteers is undertaken through this.
There are basically 4 programmes under CU Learn:
Irish League of Credit Union (ILCU)Courses
Open schedule workshops on areas of specific Credit Union interest are run Spring & Autumn in various locations. Several are scheduled at weekends or evenings
A range of specific in-house training workshops are also available, that can be run to suit a specific Credit Union
E-Learning Courses
Can be completed on line and cover various topics. They can be stopped, continued and repeated as required
CU Continual Professional Development (CPD)
Specifically developed for the Credit Union
Two categories
Those with professional qualifications e.g. ACCUP, QFA, CUA
‘grandfathered’ under the Financial Regulator’s Minimum Competence Requirements
Pathways
A suite of 6 accredited programmes, designed in conjunction with UCC.
Provides high quality learning that meets the needs of Credit Union Officers

46. Roles of Agents & Volunteers

47. Roles of Agents & Volunteers
EECU covers all employees and retired staff of ERVIA. The geographical spread of its members and potential members cover at least three of the four Provinces of Ireland.
It is a relatively small Credit Union with only one Office in Dublin, which is only open to its members one day a week.
Much of the work of the organisation is done on a voluntary basis.
Agents are EECU representative in their area of Ervia. The “go to person”, from whom members and potential members can get advice & information about the Credit Union.
Agents would also know the particular person to be contacted in the EECU with regards to issues they might not be able to answer themselves.
Volunteers
The EECU is mainly a voluntarily run organisation with just a few part-time staff
Besides the Board Directors who are allocated to various committees and positions, there is a need for a small army of volunteers to help them and the Manager in the day to day operations of the Credit Union.
The EECU needs all sorts of skills to help it run smoothly. And it looks for members with these skills to give 2 or 3 hours of their time per week to assist in various operations.
Operations like, Finance, Credit and Credit Control, IT, Marketing, Training & HR, Administration, Regulation and Compliance etc.

48. Summary

49. Summary
The EECU operates for the benefit of Ervia employees and retired staff members, which is its ‘Common Bond’
While it is a company Credit Union it has a wide geographical spread, with members in 3 or the 4 Provinces of Ireland.
Established in 1985 as Dublin Gas Employees’ Credit Union and became Ervia Employees’ Credit Union in 2014
Currently it has €11.78m in Assets made up of Loans of €2.92m and Investments of €8.85m
It has a Strategic Plan for 2016 to 2018, which was given to the Financial Regulator at end 2015.
It is mainly run on a voluntary basis with just 3 part-time staff.
It has a Board of Directors of 11 members and operates through 9 Committees/Officers which have specific roles and include other volunteers.
There are many benefits to being a member and joining is quick and easy.
Members save money with the Credit Union, which in turn is loaned out to other members at Competitive rates or Invested. The Credit Committee meets weekly to review Loan Applications.
There are various types of loans to suit members needs.
Surplus Income goes into Reserves, Members Services or Dividends.
EECU runs a minimum of 4 Car Draws per annum, which cost members an extra €3 per fortnight to participate in.
The EECU Office is based in Foley Street Dublin, which is open to members every Thursday, & 19.00
Savings, Loan Repayment and Car Draw subscription are deducted directly from Members Wages/Salary.
The EECU provides free Loan, Savings and Death Benefit Insurance as a Members Service from its Surplus Income.

50. Summary
The Credit Union is regulated by the Financial Regulator i.e. The Central Bank.
We are affiliated to the Irish League of Credit Unions (ILCU) and a member of its Chapter 21 that meets monthly.
It has a Risk & Compliance System operated by a Risk & Compliance Officer.
It has a Anti Money Laundering procedures overseen by a Money Laundering Officer.
EECU participates in the Irish League of Credit Unions’ CU Learn training programmes both externally and internally.
To run smoothly it needs the assistance of Agents and Volunteers. Agents are EECU representative in their area of Ervia. Volunteers give 2 or 3 hours of their time/skills per week to assist in various Credit Union operations.