This article is from page 8 of the 2014-08-26 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 8 JPG
CREDIT Union branches in Clarecastle, Ennis and Lissycasey are to amalgamate under a new arrangement that involves over 31,000 customers.
St Francis Credit Union (Ennis), Ss Peter and Paul Credit Union (Clarecastle) and Fergus Credit Union (Lissycasey) are to join together in process called a ‘Transfer of Engagements’.
The three credit unions have a combined membership of 31,180. The combined assets of the three branches total € 151,484,415 million.
The move is being undertaken “in the spirit of co-operation to enhance efficiency and to work together to manage regulatory requirements”, according to Raymond O’Mahony of St Francis Credit Union.
The chairpersons of all three credit unions say the amalgamtion will have no impact on the day-to-day operations and that offices will be retained in all three areas.
Details of the amalgamation are contained in a document circulated last week to credit union members.
Chairman of St Francis Credit Union, Raymond O’Mahony says the three branches have been engaged in a process of negotiations over the past 18 months.
“All three credit unions have examined the benefits of coming 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 the credit unions,” he said.
“Following a considerable amount of work by the three credit unions, we are joining in what is known as a ‘Transfer of Engagements’. This will, we trust, result in a strong, vibrant credit union with an increased membership.”
Mr O’Mahony says he is “confident that the decision to work together with Fergus Credit Union and Ss Peter and Paul Credit Union will result in a strong credit union that will continue to provide efficient and relevant services to the combined membership. We appreciate the loyalty and support that our members have shown to their Credit Union down the years.”
The Transfer of Engagements document states that it is expected that legal requirements relating to the Transfer of Engagements will be completed in the coming month.
An extract from a meeting of the board on August 18 states that the board of directors of St Francis Credit Union resolved to undertake the transfer of engagements of Ss Peter and Paul Credit Union Limited and Fergus Credit Union Limited in accordance with the relevant provisions of the Credit Union Act 1997 (as amended).
The assets and membership of the three branches is as follows:
St Francis Credit Union, Ennis € 100,858,082 (assets), 20,552 (members); Fergus Credit Union, Lissycasey – € 33,018,876 (assets), 4,760 (members); Ss Peter and Paul Credit Union, Clarecastle – € 17,607,457 (assets), 5,868 (members).