A proposed merger between two credit union providers in the west of the county could see Limerick’s largest credit union collective in operation by next year.
Members of both Cois Sionna Desmond Credit Union Limited and Rathkeale and District Credit Union Limited received a letter from both institution’s Boards of Directors proposing a potential merger.
This merger arises from the belief of the Board of Directors of our credit unions that our members can be better served together and we consider it an ideal opportunity to grow,” the letter states.
The proposal lists a number of advantages for members that the “enlarged credit union” could provide such as: the protection of credit union services in the community as well as investment locally.
It also stresses that it would allow access to a broader range of savings, have stronger financial reserves, provide security of savings and greater efficiencies for members through sharing costs.
The letter states that there are “very challenging times” ahead for credit unions.
Pat Magner, Chairperson of the Rathkeale and District Credit Union told the Limerick Leader that maintaining on-going viability with new regulations and the challenge of attracting new volunteers are some of the key battles facing the Rathkeale-based credit in the current economic climate.
“The combined credit union will have more financial, human and technological resources to provide the services needed,” he stated.
Mr Magner pointed to the provision of current accounts by Cois Sionna Desmond Credit Union, which would be available to existing members of Rathkeale and District Credit Union from day one.
He also stressed that all members would have the advantage of being able to transact their business in any of the 11 offices spread between the two credit union bodies if they become one.
These offices would be based in: Askeaton, Foynes, Glin, Kildimo, Pallaskenry, Shanagolden, Tarbert, Newcastle West, Rathkeale, Croom and Adare.
Members of both credit unions will be asked to approve the merger at the forthcoming Annual General Meeting (AGM) of both institutions, due to take place on December 19.
“If this is approved by the members, then the merger will be completed in the month of January 2023. The credit union would be the biggest in Limerick,” Mr Magner added.
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