Tuesday, May 24, 2016

Kilcullen Credit Union merging with Kildare CU

The Credit Unions of Kilcullen and Narraghmore Parish are both to merge with Kildare Credit Union Limited in June, an amalgamation which will provide enhanced services and improved financial options to the combined membership.

The merger — technically known as Transfers of Engagements — will result in a combined membership of approximately 13,400 members.

The move provides a framework for the three Credit Unions to benefit from a combined administrative structure, instead of each having to replicate the many administration requirements required under current financial regulation.

The offices of Kilcullen Credit Union and Narraghmore Parish Credit Union will become sub-offices of Kildare Credit Union Limited. All three offices will be available to any member from the current three organisations, to transact their business.

The Kilcullen and Narraghmore Parish members will immediately enjoy services already available to Kildare Credit Union members, such as the ability to manage their accounts online.

The merger also secures the jobs of Kildare, Kilcullen and Narraghmore Parish Credit Union staff.

As consented to by the Central Bank, the merger has been approved by the boards of the respective Credit Unions.

Details of the Transfer of Engagements have been issued to all members of the three Credit Unions, in a Statement under section 130 of the Credit Union Act 1997 (as amended).

A formal application to proceed with the Transfer of Engagements has been lodged with the Registrar of Credit Unions, Central Bank of Ireland, PO Box 559, Dame Street, Dublin 2.

All representations in relation to this application may be made to the Registrar of Credit Unions within 21 days from 24th May 2016.

John Rochford, Chairman of Kildare Credit Union Limited, said the administrative requirements relating to the merger will be completed over the next few weeks. “We look forward to delivering services currently enjoyed by our members in Kildare to members of Kilcullen Credit Union Limited and Narraghmore Parish Credit Union Limited‚” he added.

Martin Burke, Chairman of Kilcullen Credit Union Limited, said the coming together of the Credit Unions will result in a stronger, vibrant Credit Union with increased membership.

Michael Whelan, Chairman of Narraghmore Parish Credit Union Limited, says the decision will help them to continue the provision of efficient and effective services to all their members, and members will benefit from competitive interest rates.

Kilcullen Creddit union was founded in 1971, and its current building was opened in July 2005.