USEFUL LINKS

SERVICES TO IRISH CREDIT UNION SUPERVISORY COMMITTEES

As Section 60(1)(b) below indicates, the functions of the Supervisory committee are now very time consuming. As a consequence, we provide services to credit union supervisory committees, assisting them to carry out their duties.

We undertake detailed reviews on behalf of Supervisory committees and issue reports detailing all matters arising. We provide custom services to each committee we are engaged by.

2008 World Credit Union Conference

July 13 -16 July, 2008- Hong Kong

FINANCIAL REGULATOR GUIDANCE NOTE ON INVESTMENTS BY CREDIT UNIONS -download here

CREDIT UNION ACT 1997 -download here

Please read important disclaimer

EU SAVINGS DIRECTIVE RETURN

Contact VIMA Offices on 042 9353300

Council Directive 2003/48/EC of 3 June 2003, which deals with the taxation of savings income in the form of interest payments, seeks to ensure that individuals resident in an EU Member State who receive savings income from another Member State are taxed in the Member State in which they are resident for tax purposes.  The Directive is transposed into national law in Chapter 3A of Part 38 of the Taxes Consolidation Act 1997 (inserted by the Finance Act 2004).

Guidance notes available on www.revenue.ie

REVENUE FORM 8E RETURN

Return by Relevant Deposit Takers of Special Term Accounts opened during the year

Click to download form- www.revenue.ie

Relevant deposit taker means:
(a) A person who is a holder of a licence granted under Section 9, Central Bank Act 1971, or a person who holds a licence or other
similar authorisation under the law of any other Member State of the European Communities which corresponds to a licence granted
under that section,
(b) A Building Society,
(c) A Trustee Savings Bank within the meaning of the Trustee Savings Banks Acts 1963 to 1989,
(d) A Credit Union,
(e) The Post Office Savings Bank.

Special Term Account means a Special Term Account as defined by Section 256(1) Taxes Consolidation Act 1997.
Long Term Account means an account opened by an individual with a relevant deposit taker on terms under which the individual has agreed
that each relevant deposit held in the account is to be held in the account for a period of not less than five years.
Medium Term Account means an account opened by an individual with a relevant deposit taker on terms under which the individual has
agreed that each relevant deposit held in the account is to be held in the account for a period of not less than three years.

Section 60 (1) (b) Credit Union Act 1997

Without prejudice to the generality of section 58 (1), the Supervisory Committee of a credit union shall make or cause to be made, not less than twice in the period before the next annual general meeting, an examination of the books and documents of the credit union and that examination shall include an inspection of securities, cash accounts and all records relating to loans;

ACCOUNTING FOR PROPOSED DIVIDENDS

FRS 21 (IAS 10) - click here for details

The FRS removes the requirement to report dividends proposed after the balance sheet date in the profit and loss account and instead requires disclosures in the notes to the financial statements.  This accords with the now generally accepted view that dividends declared after the balance sheet date should not be reported liabilities.