STATEMENT OF CHANGES IN RESERVES for the year ended 30 September 2025
The Regulatory reserve of the Credit Union as % of total assets as at 30th September 2025 was 10.75% (2024: 10.62%), in excess of the required limit of 10%. Following commencement of S13 of the 2012 Act, the requirement for Credit Unions to transfer 10% of their annual surplus to their statutory reserve (now known as the Regulatory reserve) each year has been removed. Notwithstanding this, the Board of Altura Credit Union Limited made a transfer in the current year of €2,140,637 (2024: €1,000,000) to its Regulatory reserve, together with €7,419,363 from the Reserve arising on the Transfer of Engagement, to its Regulatory Reserve. Following the Transfer of Engagement during the year, the Regulatory reserve increased by €7,419,363 & the Operational Risk reserve increased by €500,000, to reflect the Regulatory Reserve and Operational Risk reserves of the transferor credit union at the date of Transfer of Engagement. In accordance with S45 of the Credit Union Act 1997, as amended Altura Credit Union Limited have put in place an Operational Risk reserve. There were no transfers from the Distribution reserve to the Operational Risk reserve in the current year (2024: Nil). The Operational Risk reserve as a percentage of the total assets as at 30th September 2025 was 0.41% (2024: 0.34%). The Board introduced Other Realised Reserve in the current year. There was a transfer of €875,000 (2024: Nil) to Other Realised Reserve, in addition to the €375,000 arising from the Transfer of Engagement with Baltinglass Credit Union. The balance consists of a Dividend Reserve of €750,000 and a Development Reserve of €500,000
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