Thurles Credit Union 'extremely disappointed' as Nenagh members reject merger proposal

Anne O'Grady


Anne O'Grady

Thurles Credit Union 'extremely disappointed'  as Nenagh members reject merger proposal

Thurles Credit Union Chairman D.J. Darcy

Thurles Credit Union Ltd has expressed its extreme disappointment at the decision of the members of Nenagh Credit Union Ltd. not to approve the proposed merger between the two bodies, while also acknowledging the democratic right of the Nenagh members to make this decision.

Speaking to The Tipperary Star following the Special General Meeting held in the Scout Hall, Nenagh, last Saturday evening, D.J. Darcy, Chairman of Thurles Credit Union, said that a tremendous amount of hard work had been put into the process by the directors, management and staff of both credit unions over the past three years.

He said that approval for the comprehensive financial projections and high-level business case prepared by both credit unions had been received from the Central Bank, who subsequently gave a mandate to proceed to the next stage, which was to meet with the members who, as always, would have the final say, hence the decision to hold a special general meeting in each location.

Mr. Darcy also stated that both sides were very conscious of the concerns expressed by a number of people since the meetings were convened some weeks ago and intensive efforts had been made to allay those concerns. However, a majority of the attendance at the Nenagh meeting had voted against the proposal, thus effectively ending the process.

The members of Thurles Credit Union were to vote on the same resolution last night Monday in the Premier Hall but the decision from Nenagh pre-empted that and meant no vote would be required as there had to be agreement on the resolution from both credit unions. However, legal requirements dictated that the Thurles meeting should go ahead so that members present could be fully informed about the situation, which was done.

Mr. Darcy also informed the members about Thurles Credit Union’s ongoing plans for the strengthening and development of its range of member services, which were an integral part of the ongoing strategic plan to remain in the forefront of credit union activity in Tipperary.

Mr. Darcy extended his appreciation of the hard work done throughout the whole process by the directors, management and staff of both Nenagh and Thurles and by Noel Cunningham, the project manager.

He was also keen to point out that the excellent working relationship built up over the years between Thurles and Nenagh would remain firmly in place, and he knew he was speaking for all his colleagues when saying they looked forward to continuing to work with Nenagh in the future.

He wished them every success and support in their efforts to maintain the excellent service they offer to their members.

Following what was a sometimes acrimonious meeting in Nenagh on Saturday, the board of Nenagh Credit Union said in a statement that the merger will not now proceed.

“The board of Nenagh Credit Union will meet in the coming days and will consider the future direction in light of this decision.

“Nenagh Credit Union remains open for business and members are encouraged to use the Credit Union for all their borrowing needs,” they said.