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Merger of two credit unions put on hold

PLANS to merge two large Dublin credit unions have been put on hold after members demanded a say in the move.

If the amalgamation between Coolock-Artane and Swords goes ahead it would create one of the largest credit unions in the country with assets of €148m and 44,000 members.

The tie-up between Coolock-Artane and Swords has been stalled after members of Coolock- Artane passed a resolution at their annual general meeting telling the board to seek approval from members.

Under legislation, the board of a credit union can push through a merger with another credit union without seeking approval from the members if the Central Bank approves it.

CONSULTED

Coolook-Artane Credit Union director Catherine Bannon insisted that the proposed merger was not agreed and talks were ongoing.

She said members would be fully consulted, and denied there was opposition to the tie-up.

Coolock-Artane has 28,000 members and assets of €98m. There are 16,000 members in the Swords lender, and it has assets of €46m.

Swords Credit Union manager Fiona Cunningham admitted there were other credit unions in the Swords area it could merge with, including River Valley, St Joseph's Irish Airports & Aviation, and Malahide.

hnews@herald.ie


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