Offaly's credit unions insist no mergers needed here

A report released this week recommending credit union mergers is no cause for concern for Offalians according to local credit union sources. The report, which looks at the future of credit unions, proposes restructuring the sector over the next four years through amalgamations in order to protect member savings and preserve the credit union's identity, ethos, stability and viability. However Manager of Ferbane and District Credit Union Theresa Molloy said this week Offaly's credit unions are strong stand-alone businesses and shouldn't be affected by amalgamations, while manager at Edenderry Credit Union Caroline Daniels said she suspects amalgamations will be a bigger issue in cities where credit unions may have overlapping common bond areas. Furthermore Ms Daniels said Offaly credit unions already work together with a view to saving money in areas including uniforms, IT and training. The credit union report reveals a total of 409 credit unions nationwide with a membership of just under three million. Offaly has seven credit unions - Tullamore, Ferbane and District, Kilcormac, Clara, Banagher, Birr and Edenderry. No concrete amalgamations are proposed and the report highlights that any mergers will be completed only with co-operation from the credit unions in question and local offices will be retained even in the case of mergers. However the report does state that shared services are "a critical element" in the future development of credit unions. A credit union restructuring board is to be established before the end of June, with engagement with credit unions regarding restructuring set for later this year. Any restructuring necessary is planned to be completed by the end of 2014. Ms Molloy said today what's contained in the report is "nothing new" to credit unions. Ms Daniels added that it's "every credit union's responsibility to make sure they're in a strong position". The Irish League of Credit Unions welcomed the report this week. It will be discussed further at its general meeting in Killarney at the end of this month.