Two Cork credit unions set to merge

Two Cork credit unions are set to merge as part of an expansion and growth strategy.

Passage West/Monkstown Credit Union is merging with Douglas Credit Union in a move that will "secure the long-term future" of the credit union for its members, and will result in "a stronger financial body with increased assets and membership".

Roy McKnight, chief executive of Douglas Credit Union said: “We are thrilled to make this announcement about the collaboration, which will revitalise, strengthen and enhance the services offered to all our loyal members.”

The new credit union will have assets totalling more than €70 million, and will have €1 million available to lend each month. The growing membership currently stands at 20,000.

The merger means members will have access to three credit-union offices – Douglas, Passage West and Grange – and the membership area will scan the breadth of the Douglas road to Currabinny and Coolmore, taking in Passage West, Monkstown, Shanbally and Ringaskiddy.

Merger trend

Since 2013, ReBo, the credit union restructuring board has been involved in 65 completed mergers involving 131 credit unions.

According to ReBo, its end-of-November board meeting will be the final opportunity for merger and cost approval, and documentation will be needed in advance of this. Mergers must be completed by January 31st, while the final date for drawdown of financial assistance has been extended until February 28th, 2017.