AGM 2010 - Chairperson's address.

Annual General Meeting, 10th December, 2010

Report of the Chairperson - Derval Fitzpatrick.

On behalf of the Board of Directors I would like to welcome you to the 43rd AGM this evening. This has been

a year of continuous turmoil in the financial markets and our country dealing with a serious financial crisis,

affecting all aspects of our economy.

Credit Unions have had to face many challenges this year, from changes in regulation to unfortunate

situations that many Credit Union members find themselves in, mostly through no fault of their own.

Unfortunately, these challenges are likely to continue next year.

The regulatory and compliance environment in which Credit Unions now operate continues to evolve.

Guidelines published by the Financial Regulator/Central Bank place specific obligations on the Board

of Directors. They also identify aspects of Credit Union activity which must be continuously monitored

and evaluated. It is no mean feat the despite the high standards required by the Financial Regulator/

Central Bank, your Credit Union continues to be very strong in exceeding all requirements. It is for

this reason that we are in a position to propose a 2% dividend this year.

Some highlights that confirm this positive outlook are as follows:

Total income increased by €382,000.00 this year.
Excess of income over expenditure was just over €1 million.
Total assets increased by just over €1 million - mainly due to an increase in member's
shares.
After distributions, total reserves have increased by just over €200,000.00.
A dividend of 2% is proposed.

Our website, www.kanturkcu.ie, are our car draw are both up and running. In fact, tonight we will

shortly find out who the winner of this year's car will be.

We are very pleased with the take up and positive reaction to our website - we would urge all

members to visit www.kanturkcu.ie - you can view recent news, download forms and even look

up your accounts.

On behalf of all those involved in Kanturk Credit Union I wish to thank the Directors who are

retiring this year. The time and dedication given to their voluntary roles is to be commended.

Sadly, last month a founding member and the first Manager of Kanturk Credit Union, Peter Walsh,

passed away. His contribution to, and involvement in this Credit Union, led to its growth and

development - quite an admirable achievement. He always attended the AGM and he is missed here

tonight. On your behalf, I would like to extend our sympathy to his son, Michael, and Peter's family.

Finally, I wish to express my sincere gratitude to the Manager and staff of Kanturk Credit Union

for their commitment, diligence and hard work this year.

I wish to thank my fellow Directors and Supervisors for the co-operation, dedication and commitment.

It is important to note that all give of their time voluntarily. A special thanks to you, our members,

for your continued support and loyalty to Kanturk Credit Union.

Thank you for your attendance here tonight and I wish you a happy Christmas.

Derval Fitzpatrick. Chairperson.

Kanturk Credit Union Limited