Two special meetings are to take place next week to discuss the amalgamation of two credit unions in the Shannonside region.
Members of Roscommon and Ballaghaderreen Credit unions are being asked for approval of a merger of the financial institutions.
In documentation sent to members ahead of the meetings scheduled for the evening of Tuesday July 12th, John Devaney Chair of Roscommon Credit Union Limited and Kenneth McDonnell Chair of Ballaghaderreen and District Credit Union Limited claim that the merger “arises from the belief of the Board of Directors of (the) credit unions that members can be better served together and we consider it an ideal opportunity to grow and develop services to members locally in County Roscommon."
It is also suggested that if the transfer of Ballaghaderreen’s assets to Roscommon goes ahead, it will allow for greater protection of the provision of credit union services in the respective communities and allow for more investment in our community.
It’s also suggested the move will "allow access to a broader range of savings and loan services at competitive and sustainable rates".
Unaudited accounts up to end of April this year show reserves of five million euro at Roscommon Credit Union, and a surplus of just over €8,000.
Unaudited accounts for Ballaghaderreen Credit union up to the end of April also show a year-to-date deficit of €281,692 and has reserves of €2.7m.
The special general meeting for Roscommon Credit union members will take place online at 6pm next Tuesday, July 12th with the Ballaghaderreen meeting also online at 8pm with pre- registration being required.
