Local Business

Dundalk Credit Union and Cuchullain Credit Union planning merger

Credit Unions

David Lynch

Reporter:

David Lynch

Dundalk Credit Union and Cuchullain Credit Union planning merger

Mickey Rafferty, Chair, Cuchullain Credit Union, Billy Doyle, CEO, Dundalk Credit Union, Brigene Litchfield, CEO, Cuchullain Credit Union and Paddy Donnelly, Chair, Dundalk Credit Union

The Boards of Directors of Dundalk Credit Union and Cuchullain Credit Union have announced that they are planning to merge both Credit Unions.

The proposed merger would create one of the largest community credit unions in the country. The combined entity will be one of the largest community credit unions in Ireland with more than 45,000 members and assets approaching €300 million

A statement released jointly today by Dundalk Credit Union and Cuchullain Credit Union said that while the success and growth achieved by both credit unions to date is well documented, the landscape for all credit unions in Ireland has been changing and will continue to change.

According to Paddy Donnelly, Chairman of Dundalk Credit Union: “Both Dundalk Credit Union and Cuchullain Credit Union are mindful of ensuring the long-term provision of services for their members and the wider community. While there have been other credit union mergers across the country, the scale of this proposal promises to be truly transformational for the delivery of credit union services in Dundalk and the surrounding areas. Our number one priority, at all times, is to serve the best interests of all of our members and the community."

Reinforcing those sentiments, Michael Rafferty, Chairman of Cuchullain Credit Union, said: “Our proposed merged credit union will have assets approaching €300m, reserves of €50m and funds approaching €200m available for lending. We will be in a position to broaden our personal, mortgage and business lending offerings to support all of our members and the local community.”

Brigene Litchfield, CEO Cuchullain Credit Union added: “The merged credit union will provide the scale and capacity for investment in new products, services and ICT to meet current and future member needs. It will also provide greater security and opportunities for staff as we grow, introduce new product lines and deliver new services to a larger and growing membership”

Billy Doyle, CEO Dundalk Credit Union, commented: “The proposal is fully supported by the boards and management in each credit union and all are excited at the prospect of realising the benefits and opportunities that will arise from combining our resources”

Members of both credit unions will be asked to approve the proposed merger at Special General Meetings later in the summer. The process will also require confirmation by the Central Bank in line with regulatory and legislative requirements.