MALLOW CREDIT UNION COULD OPEN IN CHARLEVILLE NEXT WEEK
MEMBERS AND CENTRAL BANK GIVE THUMBS UP TO MOVE
THE news that Mallow Credit Union is to take over the Charleville Credit Union branch has been well received by people in the town.
The branch was put into provisional liquidation last month and the 12,000 members habe been without a service since then.
In a statement this week, Mallow Credit Union stated: ‘ The Board expressed its sadness at the recent appointment of a provisional liquidator to its neighbouring credit union in Charleville. Having considered the matter carefully, the Board were of the opinion that it was incumbent upon them to offer a full credit union financial service to the people who reside or are employed in that common bond.
“Having had the successful experience of merging with three other like-minded credit unions in 2016, Mallow now operates a seven branch network across our enlarged community, where in excess of 30,000 active members avail of our services. By achieving this, not only have we demonstrated our capabilities to operate a multi-branch financial co-operative, but we have also been true to our ethos of providing financial services to all areas and members of our community, which is particularly important where no other financial institutions operate.
“Mallow had made a preliminary application to the Central Bank of Ireland (CBOI) for permission to extend its common bond to cover this area and this had been approved.
“The next step in this process was to seek approval from the membership at the annual general meeting. After a lengthy and engaging discussion, the motion to extend the common bond was approved by an overwhelming majority of members present.’
Mallow Credit Union chairman David Browne told members at a special meeting at Springfort Hall last Friday that as soon as formal Central Bank approval of the common bond extension is received, Mallow will proceed to open up its newest branch in Charleville without delay. This could happen as soon as next week.
Charleville Credit Union closed on October 13 after the Central Bank went to the High Court to seek the appointment of provisional liquidators to Charleville Credit Union. Charleville Credit Union was not insolvent, with savings of €40 million, but problems dating back to 2009, when it gave out loans during the property bubble resulting in €15 million in toxic loans, meant its reserves fell short of the level required by the Central Bank.
Local Charleville businessman and Fianna Fáil Cllr Ian Doyle said news that Mallow Credit Union members had voted to extend their common bond into Charleville was welcome in the wake of the appointment of liquidators to Charleville Credit Union.
“We have been looking for a functioning credit union here in Charleville since the liquidator was appointed,” said Cllr Doyle. “I would be hoping that Mallow will be able to open here within a week or two and that they will be able to do some deal with the liquidator to take over the existing credit union building.”
“The liquidator is provisional until next Monday, November 13 so from then on - provided the Central Bank is okay with everything, I can’t see why Mallow can’t be in there and up and running from this day week,” he added.
The closure of Charleville Credit Union left 12,000 members without services.