PLANS FOR LOCAL CREDIT UNIONS TO MERGE
KENMARE AND KILLARNEY CREDIT UNIONS TO COME TOGETHER
MEMBERS TO BE OFFERED ENHANCED SERVICES
The Boards of Kenmare and Killarney Credit Unions are pleased to announce that the two local credit unions are planning to merge together in a process that is called a ‘transfer of engagements’. This process is subject to Regulatory approval and it is hoped that the process will be completed on 19th May 2015.
This is a welcome development for the credit unions who will now be able to focus on providing enhanced member services in their local communities.Speaking about the proposed merger, Michael Gavin (CEO) from Kenmare Credit Union “assured members that the merger will not mean that services to members will be disrupted or changed. Members will be unaffected by this process and can continue to do business as normal with their credit union. The credit union offices in Kenmare and Killarney will remain open and fully operational”.
Savings at both credit unions remain protected by the Government’s Deposit Guarantee Scheme of up to €100,000 per depositor. By combining resources the merged credit union will have assets of over €92 million, savings of over €79 million and combined reserves of over €12 million.
Pat Delaney (Chairman) from Killarney Credit Union said “Both credit unions recognise and appreciate the loyalty and support of their members. For this we thank you and assure you that together and with your continued loyalty we will continue to make a positive difference. We believe that by merging Kenmare and Killarney Credit Unions, we will strengthen the credit union service offering. We are taking decisions now which will result in enhanced products and services to our members and we are very much looking forward now to the continued role that your local credit union can play in your local community.”
The credit unions have decided to come together in the spirit of co-operation to enhance efficiency and to work together to manage regulatory requirements with the main objective of enhancing service provision to valued members at both credit unions. The credit unions will continue to lead the way in the provision of loans, savings and budgeting services, in essence, accessible and friendly financial services in the local areas of Kenmare and Killarney. The credit unions will work together to grow to meet the increasing demands of members for a wider range of services.
Member information evenings will be held in Kenmare and Killarney on Wednesday 6th May 2015. Alternatively, please call into the credit union and speak to a member of staff who will be happy to speak with you.