Slieve Gullion AGM 2022 Booklet

www.slievegullioncu.com

Slieve GULLION

Credit Union Limited

Dear Member

Notice of our 53rd Annual General Meeting (AGM)

Our AGM will be held in the Credit Union office on Wednesday 30 th November 2022 @
8pm. As a community managed organisation, we are always in need of competent volunteers
to help with the running of your local credit union. This year, there are 2 vacancies to be
filled on the Board of Directors and 1 Supervisor position. Nomination forms are available at
the Credit Union Office. All nominations must be in writing and signed by both a proposer
and seconder. The proposer, seconder and nominee must be members of the Credit Union.
Completed nomination forms must reach us at least 14 days before the date of the AGM.

At the AGM you will be required to approve the following:

A) This year’s dividend and rebate

B) Election of Officers & Auditors

C) Deduct League Affiliation fees of £1 per individual adult member

D) This year’s contribution to the International Foundation (£500)

With prices of fuel, utilities and groceries soaring since the beginning of 2022, households all
over Northern Ireland are struggling to manage the rising costs of living. Some of the biggest
price hikes in decades have put enormous strain on household budgets. With further utility bill
increases planned in the coming months, Credit Unions are there to offer members support,
and are committed to working with them to see how they can help.

It is expected that many households will face financial struggles, and may look to short-term
credit to help, which can have extremely high rates of interest and charges. Slieve Gullion
Credit Union is committed to offering access to affordable credit to all our members and urge
those who might have previously relied on doorstop lenders to come and talk to us!

The year-end accounts and reports will be available from our office and on our website 2
weeks before the AGM.

Seán Mac an tSaoir
Hon. Secretary

Slieve Gullion Credit Union Limited is authorised by the Prudential Regulation Authority and regulated by the

Financial Conduct Authority and the Prudential Regulatory Authority under registration number 573711.

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APPLYING FOR A LOAN WITH
SLIEVE GULLION CREDIT UNION
LIMITED IS SO EASY!!!

- For Loan Appointments phone 028 3088 8768
- Apply in person. Most loans approved on the same day.

Our loan Products:
Standard Variable Loan rate - 12% (12.68% APR)
*Instant Loan below £1,000 - 12% (12.68% APR)
Loans borrowed within shares - 6% (6.17% APR)

Home Heating Loan - 6% (6.17% APR)
Loans over £10,000 - 7% (7.23% APR)
Loans over £15,000 - 7% (7.23% APR)

(Borrow up to 10 years)

* Loans are subject to the member having a satisfactory repayment history.
These loans have a maximum term of 12 months.

How much can I borrow? above shares with no confirmation of
Maximum loan is £50,000 above shares income or bank statements required
if you have a proven satisfactory
A small sample of what repayment history with the Credit Union
we lend for.... and a satisfactory credit check.
- Home Improvements
- Car Purchase - Instant approval on loans within shares.
- Personal expenses
- Holidays - Instant approval on Winter Fuel loans
- Weddings maximum amount £500, provided you
- Farm stock purchases have a proven repayment history or a
- Education satisfactory savings record.
- Medical expenses
- Loan applications £4,000 above shares:
The loan process the member will meet with the loans
Loan application forms need to be officer in the privacy of a loan interview
completed, they must be accompanied by room, applications to be supported by up
up to date ID and proof of address to date payslips/ year end accounts for
- Member must be over the age of 18. self employed members along with the
- Instant approval on Loans up to £4,000 last 3 months bank statements. A credit
check will also be carried out.

- We strive to approve loans as soon as
possible. Many loans will be approved
straight away but larger loans may go to

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the Credit Committee who meet once a - Repayments are calculated on reducing
week so the member will have an answer balance, so you pay less interest with
on the Friday evening or Saturday each repayment.
morning.
- In the event of your death, your loan is
Reasons for loans not being insured – subject to terms, conditions and
approved eligibility criteria – at no direct cost to
you.
- No proven repayment capacity provided.
- You can pay off your loan early, make
- Member is currently in arrears or has a additional lump sum repayments or
poor repayment history. increase your regular repayments,
without a penalty.
- Existing loan has just been recently
rescheduled. - Other lenders may charge you extra for
paying them back faster!
- Increasing loan balance.
- Last year we were delighted to give our
- Negative information on Experian credit borrowers a 16% interest rebate on the
check. interest they paid over the previous 12
months.
- The loan is not for a productive or
provident reason. Loans are subject to approval. Terms and conditions
apply. Slieve Gullion Credit Union Limited is authorised
Remember by the Prudential Regulation Authority and regulated
by the Financial Conduct Authority and the Prudential
- There are no administration charges, Regulation Authority
hidden fees or transaction charges.

- Our interest rates are fair and reasonable
and capped by law.

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Online Access
available!!

Slieve Gullion Credit Union are delighted to say we have successfully rolled out online
access during the last year. To date there has been a steady stream of members availing
of this service and it has proved very popular.

The main benefits of this service are as follows:
• View your current balances at any time
• Access and print your statements and define the periods required
• Add or remove bank accounts from your member profile
• Make online withdrawals (subject to cleared funds)

Online registration instructions:
• Open a web browser and go to our website www.slievegullioncu.com
• Click on Online Access (see Below)
• Choose register and complete the necessary fields
• You will then be texted and emailed 2 separate 6-digit activation codes

(please check your spam email)
• Click on activate and complete the required fields and create a 4-digit pin this will

become your login pin
• Go to login and enter your membership number and the pin you just created
• Enjoy the services!
Download the Slieve Gullion Credit Union App to your phone now!

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ONLINE ACCESS AVAILABLE
via OUR WEBSITE OR APP
www.slievegullioncu.com

View your balance Access your account 24/7 Bank transfers View statements

Please note that in order to register successfully you must have your mobile phone number and email
address already on your account proole. If you need to add these details please contact the office

before you attempt to register for online access.

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Insurance Life savings insurance is paid by Slieve
Gullion Credit Union on behalf of its
Loan Protection Insurance members. There is no additional direct
cost to you, the member. The amount
Loan protection insurance is the cover of insurance benefit which an eligible
Slieve Gullion Credit Union Limited takes member is entitled to is in direct proportion
out on the lives of eligible members with to the savings and the age of the member.
loans. Subject to a maximum benefit (£10,000),
every £1 you save before the age of 55
What are the benefits of cover? provides £1 of insurance. So, if you are
54 years of age with £2,000 saved in
Should a member with an outstanding your account, an insurance benefit of
loan balance die, the balance is repaid £2,000 will be paid out on your death
in full, subject to terms and conditions along with your savings of £2,000,
and certain cover limits which apply. You subject to eligibility terms and conditions.
should enquire when making your loan
application to see if you are eligible. Once you are over 55 years of age, each
£1 you save with Slieve Gullion Credit
If you are an eligible member, this means Union Limited provides the following
that you can borrow from Slieve Gullion insurance benefit:
Credit Union Limited in the full confidence
that your dependents will not be obliged • £1 saved between 55 – 59 years of age
to repay any outstanding loan balance in provides 75p insurance benefit.
the event of your death. Please check with
us for full details of cover under our loan • £1 saved between 60 – 65 years of age
protection policy. provides 50p insurance benefit.

Is the loan eligible for cover? • £1 saved between 65 – 69 years of age
provides 25p insurance benefit.
When borrowing from us, a loan is
eligible for cover if: • No insurance is payable on amounts
saved after your 70th birthday.
• The borrower has not reached
their 85th birthday Once earned, your insurance remains in
force as long as you leave your savings in
• The borrower can confirm they can your credit union account. Withdrawals
actively and regularly perform all the may affect the amount payable.
usual duties of their occupation and
Are the savings eligible for cover?
• Further terms and conditions can apply.
Please feel free to ask us for details. Your savings are eligible for insurance if
they were lodged:
Life Savings Insurance
• Before your 70th birthday
Life savings insurance is the life insurance
cover Slieve Gullion Credit Union Limited • When you were actively at work and
takes out for all eligible members as an regularly performing all the usual duties
additional incentive to save regularly and of your occupation or when you were in
maintain savings with the credit union. good health, and

What are the benefits of cover? • Further terms and conditions can apply.
Please ask us for details.
The amount paid out in the event of a
member’s death will depend on your age
and how much you saved with Slieve
Gullion Credit Union Limited over the
years.

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Please note that Slieve Gullion Credit Union About ECCU Assurance Company Limited
Limited can only pay out up to a maximum
of £20,000 from 15th January 2021 to the ECCU is owned by the Irish League
nominated person/s. Any amounts above of Credit Unions (ILCU) under trustee
the £10,000 (including insurance) will form arrangements.
part of your estate and will require letters of
probate from your solicitors. It is the policy of ECCU to return to the
movement as much as possible of its
Death Benefit Insurance premium income. This it does by way of
claims paid, claims experience refunds,
The main purpose of the Death Benefit and commission to the ILCU.
Insurance (DBI) is to provide basic life
cover to you, our member, and is currently Since its foundation, and in conjunction
free of charge for all members. with the ILCU and credit unions, ECCU
has sought to widen as far as possible, the
The cover is offered as a rider (or cover provided to members and to simplify
endorsement) to the Life Savings Insurance policy conditions.
Policy.
*Note:
Insurance is underwritten by ECCU
Assurance Company Limited. An eligible member is one who maintains at all times
a minimum balance in their Ordinary Share Account
This insurance cover gives your family of £5.00, is aged 16 years+ and joined Slieve Gullion
added security and reduces your worry
about the future. Credit Union Limited before the age of 70.

Currently the level of DBI provided by
Slieve Gullion Credit Union is £1,500.

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Minor Slieve GULLION
Accounts
Credit Union Limited

Children under the age of 16 cannot be members of a credit union.
However, their parent or legal guardian may open a deposit account for
them. To do so, the following conditions must be met:

• The adult opening the account must be the parent or legal guardian of the child who is
under 16 years of age.

• The parent or legal guardian must visit our office and complete an application form.

• They must also present the child’s original long form birth certificate (and adoption
papers, if appropriate), up to date photographic identification and proof of address for
the parent or guardian, and the first lodgement.

• If the child is over the age of seven he/she also signs the application form.

• Only the parent/guardian named on the application as the signing parent/guardian is
able to operate the minor account.

• If the child is over the age of seven he/she must also sign any withdrawal forms
alongside the signing parent/guardian.

• Minor accounts are trust accounts for children. As such, we encourage regular savings.

• All withdrawals must be for the benefit of the child.

• Under the age of seven all withdrawals must be approved and are at the discretion of
the Board of Directors.

• Savings in the minor’s account attract interest which is paid annually following the
AGM. The interest is determined by the surplus funds available for distribution.

Transfer to full Membership:

Two months before their 16th birthday, the minor and his/her signing parent or guardian
will receive notification that, upon reaching the age of 16, they will be required to either
withdraw the savings balance in their minor account or join the credit union. A Member
Application and Consent to Use and Disclosure of Information/Data Protection Form will
be enclosed. If the minor takes no action, he/she will be deemed to have applied for
membership. If they do not indicate their wish to withdraw their savings balance, we
will upon their 16th birthday, deduct the £1.00 entrance fee and transfer their savings
into a new account in their name. In order to activate their account, the 16 year old must
visit our office with their signing parent or guardian, return their completed Membership
Application and Consent to Use and Disclosure of Information/Data Protection Form, and
provide two acceptable forms of identification.

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Slieve GULLION

Credit Union Limited

FROM 1ST OCTOBER 2021
TO 30TH SEPTEMBER 2022

WE ISSUED £4,212,806
IN LOANS

Thank You

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