Local credit unions to merge
The Boards of Killarney Credit Union and Caherciveen Credit Unions are pleased to announce that the two credit unions are planning to merge. Caherciveen Credit will undertake a “transfer of engagements” and become part of Killarney Credit Union. By combining resources the merged credit unions will have assets of over €140 million, savings of €123 million and combined reserves of under €17 million. The merger is expected to be completed at the end of September, subject to final approval from the Central Bank of Ireland.
Members will be unaffected by this process and can continue to do business as normal with their credit union. This ‘transfer of engagements’ is a welcome development for both credit unions which will now focus on providing enhanced member services in their local communities.
The credit union offices will remain open and fully operational and savings at both credit unions remain protected by the Government’s Deposit Guarantee Scheme of up to €100,000 per depositor.
The decision was taken for the credit unions to come together in order to improve efficiency for members of both credit unions, and so that the credit unions can work together to grow and meet the increasing demands of members for a wider range and depth of services.
The credit union in Caherciveen Credit Union will now operate under a branch network structure with its head office located in Beech Road, Killarney.
The credit unions will also be able to work together to manage regulatory requirements with the main objective of enhancing service provision, and will continue to lead the way in the provision of loans, savings and budgeting services and accessible, friendly financial services in the local areas of South Kerry.
Speaking about the ‘transfer of engagements’, Mark Murphy, CEO of Killarney Credit Union said “Both credit unions recognise and appreciate the loyalty and support of their members. For this we would like to thank our members and assure them that together, and with their continued loyalty, we will continue to make a positive difference. The merging of Killarney and Caherciveen Credit Unions will strengthen the service offering in both locations. We are taking decisions now which will result in enhanced products and services to our members, and we are very much looking forward to the continued role that we will play in the local community. As with every decision taken by this credit union, we were guided by the best interests of our members at all times”.
Membership of the combined credit unions will now stand at 32,000 members and cover most of the South Kerry area. Killarney Credit Union has successfully undertaken a transfer of engagements with Kenmare Credit Union in 2015.
Elma Shine, from Caherciveen Credit Union who will remain as manager of the Caherciveen branch commented “This merger ensures the long term sustainability of the credit union in Caherciveen through cost reductions by economies of scale. It also allows the credit union to have access to greater lending capacity and service offerings. We can assure members that the Caherciveen branch will remain open and our level of service to members will continue” she concluded.
Members Q & A
Peace of mind with a free car check with your local credit union
Credit Unions in Kerry and West Limerick Limited has partnered with Car History Check company MyVehicle.ie to offer a Free Car History Check with every new car loan for the month of September.*
MyVehicle.ie offers a full Irish & UK Vehicle History and Finance check for those considering purchasing a new car. The Credit Union is offering members a number of Free Car History Checks during September for those borrowing over €1,000 in car finance. The Car History Check normally retails at €35.00 per report.
Helen Courtney Power, Chairperson, Marketing Committee, Chapter 23 (Kerry and West Limerick Credit Unions stated “When buying a second hand car, you are always concerned about the history of the car and whether you are paying the right amount for the value of the car. As the main provider of car finance in the community, we want to protect our members when buying a car, so we are offering a Free Car History Check with each new car loan during September” Helen concluded.
The type of information provided in the MyVehicle.ie report include Full Vehicle Identity Check, Irish & UK Finance Check, Damage Alert, Write Off Alert, Mileage Check, NCT/CVRT Status & MOT History Check, Irish & UK No. of Owners Check and Most recent date of sale & sale history Check.
Speaking about the partnership, Justin Kavanagh, Managing Director from MyVehicle.ie stated “We are delighted to partner with the Credit Unions in helping their members buy the Right car with the Right History. In this current climate it is a vital necessity to ensure that the background history of every used vehicle is checked and verified before being purchased, whether buying from a private seller or from a dealership and your local Credit Union have now made this easier for you to do this”.
The participating credit unions are Cara Credit Union, Killarney Credit Union, Dingle Credit Union, Rathmore Credit Union, Clanmaurice Credit Union, Caherciveen Credit Union, Listowel Credit Union and Abbeyfeale Credit Union.
*The free history check is available for car loans in excess of €1,000 and only one check is available per application. There are a limited number of car history checks available per credit union and offer ends on the 30th September 2018.
Apply for a car loan here
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