Following the year end (30 September), credit unions are statutorily required to submit the following to RCU:
- AGM Notifications;
- Signed Annual Audited Accounts;
- Year End Return;
- Annual Compliance Statement.
In addition, auditors of credit unions are obliged to report to the RCU in accordance with the provisions of Section 27B of the Central Bank Act, 1997 as amended by the Central Bank and Financial Services Authority of Ireland Act 2004.
Auditors are reminded that in accordance with Section 122 of the Credit Union Act,1997 ("the 1997 Act"), where they have provided a report ("management letter") to a credit union on a matter that has come to their attention during the course of the audit a copy should also be provided to RCU.
Annual General Meeting (AGM) Notifications
The AGM notification must state the date, time and place of the general meeting and include an agenda.
A copy of the annual accounts must be sent to every person entitled to receive notice of the meeting, i.e. the members, the auditor and the Registrar.
The notice must be sent between seven and 21 days before the date of the meeting. The annual accounts comprise:
- an income & expenditure account;
- a balance sheet;
- notes to the accounts; and
- the auditor’s report.
The AGM Notification must be submitted electronically on the Central Bank of Ireland Portal.
AGM’s must be held by the 31st of January following the 30 September financial year end.
Signed Annual Audited Accounts
Under section 124 of the 1997 Act, a credit union is required to submit the annual accounts and a copy of the report of the auditor on the credit unions accounts by 31 March in each year.
A copy of the credit union`s 30 September signed annual audited accounts must be provided to RCU. This must be submitted electronically on the Central Bank of Ireland Portal.
Credit Union Year End Return
Credit unions must submit their 30 September draft audited financial statement's information via the "Draft Financial Statement's" on the Central Bank of Ireland Portal, prior to setting a date for the AGM.
The Final Financial Statement's and the Annual Return, which are part of the Credit Union Year End Return, must be submitted at the latest by 31 March following the 30 September financial year end under Section 124 of the 1997 Act.
The Year End Return information must be submitted electronically on the Central Bank of Ireland Portal.
When completing the return, help is available on +353 (0)1 224 4545 (Monday to Friday 9.30am to 5.00pm) or at [email protected].
Annual Compliance Statement
By 30 November each year, under section 66C of the 1997 Act all credit unions are required to submit an Annual Compliance Statement to the Central Bank within two months of the end of the financial year of the credit union.
The Annual Compliance Statement confirms whether the credit union has:
- acted in compliance with; or
- failed to comply with
the requirements of Part IV of the 1997 Act and any other regulations prescribed under Part IV of the 1997 Act. (The Central Bank has not yet prescribed Regulations under this Part.)
The Central Bank has developed guidance to assist credit unions in the preparation and completion of the Annual Compliance Statement. The Governance Chapter of the Credit Union Handbook ("the Handbook") has been updated to include this guidance on the Annual Compliance Statement. See the updated version of the Governance Chapter of the Credit Union Handbook.
The Annual Compliance Statement Return must be submitted electronically on the Central Bank of Ireland Portal.
When completing the return, help is available on +353 (0)1 224 4545 (Monday to Friday 9.30am to 5.00pm) or at [email protected].
Statutory Duty Confirmations
Auditors must make a written report to the RCU stating whether or not circumstances have arisen that require the auditor to report a matter to the RCU under a prescribed enactment and if such circumstances have arisen, specify those circumstances. (Section 122 of the 1997 Act and Section 33 of the Investment Intermediaries Act 1995 are listed as prescribed enactments for the purpose of this Section of the 1997 Act).
This is an annual requirement and the RCU must receive such reports every year from the external auditor.
The report should be submitted to the RCU within one month of the date of the auditor’s report on the financial statement's, or such extended period as the RCU allows.
The period covered by the statutory duty confirmation commences from the date of issue of the previous declaration. It covers all matters that require the auditor to report to the RCU in respect of the specified period[1].
The Institute of Chartered Accountants in Ireland (“ICAI”), in consultation with the Central Bank of Ireland, prepared Guidance on Reporting to the Central Bank of Ireland.
A pro-forma report to be used by auditors is set out in Miscellaneous Technical Statement M46 issued by the ICAI, in September 2006.
The Statutory Duty Confirmation report must be submitted electronically on the Online Reporting System.
Auditors Management Letters
Section 122 of the 1997 Act sets out the auditor's duty to report certain matters to the Registrar. These duties include reporting where the auditor has reason to believe that:
- there exists circumstances which are likely to affect materially the credit union's ability to fulfil its obligations to its members, or meet any of its obligations under the 1997 Act: or
- there are material defects in the accounting records, systems of control of the business and records of the credit union:or
- proposes to qualify any report which is provided under the 1997 Act
Auditors are reminded that where they have provided a management letter to a credit union on a matter that has come to their attention during the course of the audit a copy should also be provided to RCU.
The auditor's management letter must be submitted electronically on the Online Reporting System.
[1] The wording in the Miscellaneous Technical Statement M46 (Page 4) refers to “all matters”