Local credit unions to merge
The Boards of Killarney Credit Union and Caherciveen Credit Unions are pleased to announce that the two credit unions are planning to merge. Caherciveen Credit will undertake a “transfer of engagements” and become part of Killarney Credit Union. By combining resources the merged credit unions will have assets of over €140 million, savings of €123 million and combined reserves of under €17 million. The merger is expected to be completed at the end of September, subject to final approval from the Central Bank of Ireland.
Members will be unaffected by this process and can continue to do business as normal with their credit union. This ‘transfer of engagements’ is a welcome development for both credit unions which will now focus on providing enhanced member services in their local communities.
The credit union offices will remain open and fully operational and savings at both credit unions remain protected by the Government’s Deposit Guarantee Scheme of up to €100,000 per depositor.
The decision was taken for the credit unions to come together in order to improve efficiency for members of both credit unions, and so that the credit unions can work together to grow and meet the increasing demands of members for a wider range and depth of services.
The credit union in Caherciveen Credit Union will now operate under a branch network structure with its head office located in Beech Road, Killarney.
The credit unions will also be able to work together to manage regulatory requirements with the main objective of enhancing service provision, and will continue to lead the way in the provision of loans, savings and budgeting services and accessible, friendly financial services in the local areas of South Kerry.
Speaking about the ‘transfer of engagements’, Mark Murphy, CEO of Killarney Credit Union said “Both credit unions recognise and appreciate the loyalty and support of their members. For this we would like to thank our members and assure them that together, and with their continued loyalty, we will continue to make a positive difference. The merging of Killarney and Caherciveen Credit Unions will strengthen the service offering in both locations. We are taking decisions now which will result in enhanced products and services to our members, and we are very much looking forward to the continued role that we will play in the local community. As with every decision taken by this credit union, we were guided by the best interests of our members at all times”.
Membership of the combined credit unions will now stand at 32,000 members and cover most of the South Kerry area. Killarney Credit Union has successfully undertaken a transfer of engagements with Kenmare Credit Union in 2015.
Elma Shine, from Caherciveen Credit Union who will remain as manager of the Caherciveen branch commented “This merger ensures the long term sustainability of the credit union in Caherciveen through cost reductions by economies of scale. It also allows the credit union to have access to greater lending capacity and service offerings. We can assure members that the Caherciveen branch will remain open and our level of service to members will continue” she concluded.