ArklowCredit Unionextendsits commonbondarea
THE Central Bank of Ireland has approved an extension to Arklow Credit Union’s common bond area.
To join a credit union, potential members must hold what’s known as a common bond. In the case of Arklow Credit Union, the common bond is geographical and potential members need to live or work within the local common bond area.
The common bond area now extends south over the county line into Wexford taking in northern areas of the county, including Gorey and Courtown. The area also includes most of south Wicklow and stretches into parts of County Carlow such as Hacketstown. The common bond area extends north just beyond Rathdrum.
The move follows approval by the members of Arklow Credit Union of a proposal to increase the credit union’s geographical common bond area at last year’s AGM. This extension has now been approved following an application to the Central Bank, the regulator for credit unions.
Hugh O’Keeffe, Arklow Credit Union CEO, said: ‘We are delighted with this extension to our common bond and look forward to providing a top-class credit union service to our members in all these areas.’
This is a significant development for Arklow Credit Union. Based on data from the 2016 census, the population of the enlarged common bond area of Arklow Credit Union is over 52,000 people.
Arklow Credit Union continues to operate successfully as a traditional credit union with a focus on competitively
priced loans catering for all needs. It has not gone down the route of introducing fees and charges for day-to-day transactions. This common bond extension will provide more options to members and potential members within the extended common bond area.