Councillor organises public meeting on Clonmel Credit Union takeover talks with Charleville CU

Councillor organises public meeting on Clonmel Credit Union takeover talks with Charleville CU

Cllr Catherine Carey (SF)

A Clonmel councillor is organising a public meeting for Clonmel Credit Union members concerned about their credit union's current takeover talks with Charleville Credit Union in Co. Cork. 

The public meeting in Hearn's Hotel in Clonmel next Tuesday, February 28 at 8.30pm is being organised by Cllr Catherine Carey (SF), who is Deputy Mayor of Clonmel Borough District and a member of Clonmel Credit Union. 

Cllr Carey said she had been inundated with letters, emails and phone calls from concerned members of Clonmel Credit Union since news of the talks about a possible takeover of Charleville CU by Clonmel Credit Union emerged on Monday. 

She said the meeting was an opportunity for members to air their views, which will be brought to the attention of the Credit Union's management. The big concern among members was that Clonmel CU would be taking over a credit union with a history of debt difficulties, she told The Nationalist.

Fellow Clonmel Cllr. Richie Molloy (Ind), a former member of Clonmel CU's Board of Management, and Clonmel Independent TD Seamus Healy, whose father and uncle were founding members of Clonmel Credit Union, have both called on Clonmel Credit Union to organise an information meeting for its members about the takeover proposal. Cllr Carey admitted she would prefer if Clonmel Credit Union organised an information meeting rather than she organising a public meeting on the issue. 

Clonmel Credit Union Manager Paul Davey told The Nationalist on Tuesday he didn't believe it was appropriate to hold an information meeting at this stage as the talks were still "way up in the air" and the credit union would first have to receive approval from the Central Bank to pursue a takeover also known as a transfer of engagement. 

In relation to Charleville CU, he said its financial difficulties were historic pre-dating 2010 and had been addressed by support from the Irish League of Credit Unions, a change of management and tight control by the Central Bank over the past seven years. Its lending profile post-2010 was excellent, he insisted. 

More News

Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.

Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.