Friday 19 October 2018

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Cork Independent


Charleville CU saved by Mallow?

Thursday, 19th October, 2017 10:01am

Mallow Credit Union’s offer to expand its common bond to Charleville won’t be the only offer.

That was the sentiment of Fianna Fáil Cllr Ian Doyle yesterday speaking to the Cork Independent about the future of Charleville Credit Union, which went into liquidation last Friday.

He said a meeting is also being held with the Central Bank this morning (Thursday) to discuss the possibility of having a credit union in the north Cork town again.

The county councillor hosted a meeting in Charleville on Tuesday night which he says more than 800 attended. He described it as an “emotional” meeting.

Also on Tuesday night, Mallow Credit Union announced that it was in a position to extend its common bond to Charleville and that it has held initial discussions with the provisional liquidators on the matter. Cllr Doyle told the Cork Independent: “I explained to people that their money is safe. I wasn’t in a position to tell people that last Friday.”

“My new function now is to make sure there’s a functioning credit union in Charleville. There’s €42 million of people’s money tied up in the Credit Union at the minute. It is vital for the lifeline of Charleville Town.”

He said that with the spending power that’s available coming up to Christmas, the town needs that money.

He added: “Mallow isn’t going to be the only offer we’ll have. There are going to be other offers, I have no doubt about that. It’s an attractive takeover

“I am meeting the Central Bank first thing in the morning. My job at that meeting is to about putting a fully functioning credit union back in Charleville.”

Mallow Credit Union, in a statement to the newspaper, said it was a financially strong credit union with assets of €156 million, reserves of €25 million and savings of €132 million.

The statement said: “We have been serving the local community for 54 years and have a membership base in excess of 27,000.

“We are giving strong and serious consideration to extending the common bond of Mallow Credit Union to service the members of Charleville Credit Union, and the Charleville area."

The statement continued: “An extension of our common bond would require our members’ approval and regulatory approval.

“We have also held initial discussions with the provisional liquidators on this matter. We will endeavour to keep our members and the members of Charleville Credit Union updated on this.” The statement also said that both Mallow and Charleville credit unions have an extensive, overlapping common bond and have always worked closely together.

“We therefore feel that this would be the most appropriate step to ensure continuity of service to our fellow credit union members,” concluded the statement.

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