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Central Treasury Trust

Central Treasury Trust. Regional Information Meetings May 06. Central Treasury Trust. Background Response to Feasibility Study Evolution and progress for current investments Central Treasury Trust - ILCU Credit Union Movement Proposal Facilitated by Davy Authorised by the Regulator

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Central Treasury Trust

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  1. Central Treasury Trust Regional Information Meetings May 06

  2. Central Treasury Trust Background Response to Feasibility Study Evolution and progress for current investments Central Treasury Trust - • ILCU Credit Union Movement Proposal • Facilitated by Davy • Authorised by the Regulator • Compliant with The Order

  3. Central Treasury Managed Fund (Fund of Funds) Short-Term Liquidity Fund (up to 15 months) Medium-Term Fund (1 - 5 years) Long-Term Fund (5 – 10 years) Central Treasury Trust • Phase 1 = Convert CIM Ongoing Fund into CTT on May 18th • Phase 2 = Direct investment into other sub-funds at a later stage • (Note no CIM transactions can be processed on May 18th or 19th due to conversion to CTT)

  4. Central Treasury Trust • Only fund of its type fully compliant and authorised by the Regulator • Separate Legal Entity – Monitored independently by Northern Trust • Daily Liquidity • Professionally managed • Diversification of counterparty risk • Asset Allocation • Risk Adverse – No Equities, Property or Hedge Funds, fx currency • All investments held to maturity are capital guaranteed

  5. Central Treasury Trust • Role of Northern Trust • Administration = Fund accounting • purchase (lodgements) & sale (withdrawals) of funds/units • calculating NAV & income/interest • maintaining register of unit holders • cash settlement to/from counterparties • prepare unit trust accounts for auditors • Trustee & Custodian • legal owner of funds assets on behalf of the investors • holds funds assets in custody on behalf of the investors • One of largest Fund Administrators in world • 97 countries & €2.6tr under management

  6. Central Treasury Trust Key Changes for Credit Unions • Cut Off Times • Instruction Forms • Contract Notes • CIM Statements

  7. Central Treasury Trust Key Changes - Cut Off Times • Instructions will continue to be sent to ILCU • (not to Davy or NT) • Funds will continue to be sent directly to/ received from the ILCU bank account at BOI Rathfarnham Shopping Centre Dublin 14 • Bank account no = 46146275 • Sort Code = 900201 • Cheques & Lodgment/Withdrawal instructions to be received by ILCU by close of business evening before dealing day • Lodgements by bank transfer can be done on morning of dealing day once instruction form is in ILCU the day before

  8. Central Treasury Trust Key Changes - Instruction Form • Combines Lodgement, Withdrawal & Transfer instructionforms • New books of instruction forms will be sent to credit unions this week. Must be used from May 18th onwards • Must be received by ILCU by close of business on daybeforedealing (by post or fax) • NB. If form is not sent, NTcannot process the lodgement, withdrawal or transfer • NB. If form is received late, your instruction will not be dealt the next day and will be held over until following day

  9. Central Treasury Trust Key Changes - Contract Notes • Sent by Northern Trust to Credit Unions on dealing day • Provides details of the lodgement or withdrawals and units bought/ sold • Audit trail back to CIM statements at month end • EXAMPLE

  10. Central Treasury Trust Key Changes - CIM Statements • Statements have been re-designed • Looks more like a bank statement with debits and credits • The Ongoing Fund section will be replaced by 2 new sections: • Monthly Cash Statement & • Monthly Unit Transaction Statement

  11. Central Treasury Trust CIM statement – Monthly statement sample

  12. Central Treasury Trust Outstanding Documentation Credit Union Re-investment Mandate – Sent out 25th April • Currently, coupons & maturing amounts are automatically invested into the Ongoing Fund • Post conversion, they will be invested in CTT on receipt of mandate • Completed mandates must be returned a.s.a.p. CTT Conversion forms- • Conversion forms returned from now converted late June • Currently 73% have transferred over ILCU Mandate - Sent out in March 06 • Includes provision for using faxed instructions • Completed mandates should be returned a.s.a.p. • Only 50% received back so far

  13. Central Treasury Trust Summary • Proactive move by ILCU/Credit Unions • In line with Global Standards- successfully introduced to Credit Unions in the United States, Canada & Australia • Monitored & authorised by Financial Regulator • Monitored by Independent Trustee • Professionally Managed Diversified Portfolio • Improved investment opportunities and wider choice

  14. Trustee (Authorised Investments) Order - Update • Registrar formally commenced review August 05 • ILCU held regional consultation meetings Sept 05 • ILCU sent submission to DOF November 05 • ILCU has held 2 meetings with each of • Department of Finance • Registrar of Credit Unions • CUAC • Changes made to Registrars initial document to date not sufficient

  15. Central Treasury Trust • Q&A Session

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