THE members of both
Ballyshannon Credit Union and Killybegs Credit Union
have voted overwhelmingly in favour of the merger of
their organisations at special general meetings held
this week.
The merged credit union will have over 12,000
members and total assets of €43 million.
"The enlarged entity will have the financial and
administrative capability to comply with the growing
level of regulatory requirements and will also be
able to develop the wider range of products and
services that their members are looking for now and
into the future," said a spokesperson.
The new credit union will be named Ballyshannon and
Killybegs Credit Union Limited and is expected to be
complete in the next two months.
Nationally, there has been a marked increase in the
number of credit unions voluntarily adopting
restructuring as a means of safeguarding the
provision of credit union services to their members.
The Credit Union Restructuring Board (ReBo)
estimates that by the end of this year almost 60% of
all credit unions nationally, representing 55% of
total sector assets, will have restructured in some
way. |
