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West of Ireland Credit Unions in Proposed Merger

West of Ireland Credit Unions in Proposed Merger

WEST OF IRELAND CREDIT UNIONS IN PROPOSED MERGER

Two of the largest credit unions in the West of Ireland, St Anthony’s & Claddagh Credit Union and St Jarlath’s Credit Union are planning to merge. In an exciting development for the members of both credit unions, the proposed merger would see the creation of one of the largest credit unions in the country with combined assets of almost €500M, 100 staff and almost 100,000 members. Members of both credit unions will be given the opportunity to vote on the proposed merger once the due diligence process has completed. The process will also require confirmation by the Central Bank in line with regulatory and legislative requirements.

Building on an already strong relationship that has seen extensive collaboration on a range of initiatives over the past number of years, the combined credit union would be in a position to expand the products and services available to members across an expanded branch network, provide increased opportunities for staff, continue to support local communities and ensure the long-term provision of credit union services. Over the last 3 years, the credit unions have jointly promoted the highly successful Renovate 360° and Educate 360° branded loans designed specifically for the renovation and education needs of members as well as the hugely popular Connect rewards programme.

“A merger is the obvious choice to build the strength and capacity of both organisations,” says Mark Grogan, Chairperson St Anthony’s & Claddagh Credit Union. “Whilst we are both in positions of financial strength, we have collaborated very successfully in a number of areas in recent years and believe a merger will enable us to deliver an enhanced range of services to our members.”

“Credit unions need to respond to the challenges in the financial services marketplace and deliver to members accordingly,” explains Anna O’Donnell Chairperson St Jarlath’s Credit Union. “The merged credit union will be more sustainable in allowing us to provide a long-term commitment to members, staff and the community. We are very excited about the new opportunities the merger will provide.”

It is hoped that members of both credit unions will be asked to approve the proposed merger at their respective AGMs in 2020.

FURTHER INFORMATION FROM:
John Doyle, CEO St Jarlath’s Credit Union Limited, 093 24645, john.doyle@sjcu.ie
Gerry Joyce, CEO St Anthony’s & Claddagh Credit Union Limited, 091 537200, gerryjoyce@sacu.ie

BACKGROUND INFORMATION

St Anthony’s & Claddagh Credit Union Limited
St Anthony’s & Claddagh Credit Union has three branches (Mainguard Street and Westside in Galway City and another branch in Oughterard, Co. Galway) with 48,000 members. Alongside €213m in assets, it employs 45 people and has 16 volunteers.

St Jarlath’s Credit Union Limited
St Jarlath’s Credit Union has eight branches across North County Galway with 50,000 members.
Alongside €230m in assets, it employs 55 people and has 16 volunteers.

 

 

 

 

 

 

 

 

CUMASC MOLTA DO CHOMHAIR CHREIDMHEASA IARTHAR NA hÉIREANN

Tá dhá cheann de na comhair chreidmheasa is mó in Iarthar na hÉireann, Comhar Creidmheasa Naomh Antoine agus an Chladaigh, agus Comhar Creidmheasa Naomh Iarfhlaith, i mbun pleananna le cumasc. I bhforbairt iontach do bhaill an dá chomhar, leis an gcumasc beartaithe seo cruthófar ceann de na comhair chreidmheasa is mó sa tír, le sócmhainní comhcheangailte de nach mór €500 milliún, foireann de 100 duine agus nach mór 100,000 ball. Tabharfar an deis do bhaill an dá chomhar creidmheasa vóta a chaitheamh ar an gcumasc molta nuair a bheidh an próiseas um dhícheall cuí curtha i gcrích. Mar chuid den phróiseas freisin beidh gá le dearbhú ón mBanc Ceannais de réir na riachtanas rialála agus reachtaíochta.

Ag tógáil ar chaidreamh a bhí láidir cheana féin, ina raibh an dá chomhar i mbun comhoibriú suntasach ar raon tionscnamh le blianta anuas, bheadh an comhar creidmheasa comhcheangailte in ann cur leis na táirgí agus na seirbhísí a gcuirtear ar fáil do bhaill thar ghréasán méadaithe brainsí, níos mó deiseanna a chur ar fáil don fhoireann, leanúint ar aghaidh ag tacú le pobail áitiúla agus a chinntiú go gcuirfear seirbhísí an chomhair chreidmheasa ar fáil ar bhonn fadtéarmach. Le trí bliana anuas, rinne na comhair chreidmheasa, i gcomhar lena chéile, na hiasachtaí brandála rathúla Renovate 360° agus Educate 360° a chur chun cinn, iasachtaí a bhí deartha go speisialta le haghaidh riachtanas athchóirithe agus oideachais na mball, mar aon leis an gclár luaíochta, Connect, a raibh an-éileamh air.

“Rogha an-soiléir is ea cumasc chun cur le neart agus le hacmhainn an dá eagraíocht,” a dúirt Mark Grogan, Cathaoirleach Chomhar Creidmheasa Naomh Antoine agus an Chladaigh. “Cé go bhfuil an dá chomhar i suíomh láidir ó thaobh airgeadais de, tá comhoibriú rathúil déanta againn i réimsí áirithe le blianta anuas agus creidimid go gcuirfidh cumasc ar ár gcumas raon breisithe seirbhísí a chur ar fáil dár mbaill.”

“Ní mór do na comhair chreidmheasa freagairt do na dúshláin i margadh na seirbhísí airgeadais agus freastal ar na baill dá réir,” a mhínigh Anna O’Donnell, Cathaoirleach Chomhar Creidmheasa Naomh Iarfhlaith. “Beidh an comhar creidmheasa cumaiscthe níos inbhuanaithe chun tiomantas fadtéarmach a chur ar fáil dár mbaill, dár bhfoireann agus don phobal.  Táimid ar bís anois maidir leis na deiseanna nua a gcuirfidh an cumasc ar fáil dúinn.”

Táthar ag súil go n-iarrfar ar bhaill an dá chomhar creidmheasa an cumasc molta a fhaomhadh ag a gCruinnithe Cinn Bhliana faoi seach in 2020.

 


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