The credit union in Moynalty has over 3,200 members.

Members to vote on local credit union merger

Members of Moynalty Credit Union will meet this Wednesday evening to vote on a proposed merger between the local St Mary’s CU and two other credit unions in the region, Kingscourt and Bailieborough, following a review of credit unions in the area.
The members of Kingscourt voted on Monday in favour of the amalgamation while Bailieborough CU members were meeting on Tuesday evening of this week.
The three groups have been in discussion for some time about the proposal and it is understood that the talks have been positive and constructive.
The boards of the three credit unions are putting forward joint proposals to their memberships.
The three groups have a combined membership of 16,741 (Moynalty making up 3,223 of that number) and have combined assets of €86 million, which will make it one of the biggest credit unions in the region if the merger is voted through. The plan is that the merged CUs will operate from four offices in Moynalty, Kingscourt, Bailieborough and Mullagh.
Central Bank sanction for the merger has already been given and the amalgamation is being assisted by the Credit Union Restructuring Board. Its remit in the restructuring process is to provide the opportunity for stronger credit unions to develop a more sophisticated, and ultimately more sustainable, business model