Credit Union’s assure members that they are 'financially sound'

A special meeting for all members of Waterford Credit Union and St. Dominic Credit Union is due to take place next month ahead of a proposed merger of the two branches.

The merger is being forwarded to strengthen the financial foundation improve long-term sustainability, the branches have said.

The branches also assured members that both Credit Unions are 'financially sound and well managed', with reserves that are well above the Central Bank requirement of 10%.

The rationale for the proposed merger is ‘future focused and ensures that the two Credit Unions remain strong, relevant and ideally placed to bring appropriate products and services to all members' a statement from the branches said.

‘This is a strategic move to future-proof both credit unions. While it will improve financial resilience, the core driver is long-term member benefit, not short-term financial gain.'

Members are also being assured that there will be no job losses as a result of the proposed merger and that if either credit union’s members vote against the merger, it will not proceed.

Tim O’Byrne, Chairperson of Waterford Credit Union and Catherine O’Grady, Chairperson of St. Dominic Credit Union have both endorsed the merger proposal.

A joint statement from both said: “The transfer will allow the combined credit union to continue to grow and develop the services to members.

“Both credit unions are acutely aware of the growing cost of regulatory compliance and operational resilience and this transfer will benefit the two credit unions in this regard.

"The Boards and membership of both credit unions share a strong ethos epitomised in their core values of independence, integrity, impartiality, equality, fairness and respect which guides and influences how each credit union does its business.

"This vision and business model, we believe, can only be enhanced by the proposed merger.

"This proposal is particularly exciting because both credit unions are financially sound and are well managed, so strategically the merged credit union is well on track to be vibrant, successful and well able to meet member’s needs, now and in the future."

The upcoming meeting to determine the merger takes place at The Tower Hotel on Monday, July 21.