Credit unions merge
THE first in what is expected to be a string of mergers between credit unions has been formalised with the tie-up between Balbriggan, Skerries and Donabate to form Progressive Credit Union in north Co Dublin.
Large numbers of the State's 392 credit unions are considering coming together in a bid to strengthen the movement. The mergers are not expected to lead to the closure of any credit union offices, nor are job losses expected as a result of the trend.
The Credit Union Restructuring Board (ReBo) has a fund of €250m to cover the costs for credit unions that are merging.
Pictured outside Balbriggan Credit Union are (from left) Fran Ryan of Donabate Credit Union; Sean Staunton of Balbriggan Credit Union; Kay Murphy of Skerries Credit Union; ReBo chairman Bobby McVeigh; and ReBo chief executive Donal Coghlan at the launch of Progressive Credit Union. Mark Maxwell/MAXWELLS