Credit Unions will ‘strengthen’ service with plans for merger

TWO Tallaght credit unions are set to merge to “strengthen” the service for members.

Details of the proposed transfer of engagements between Kilnamanagh Credit Union and Tallaght West Credit Union Limited were sent to members this week.

Special general meetings will take place on Monday, February 24, via Zoom for the respective credit unions – details of which have been relayed to members.

The agenda will include the proposal for transfer of engagements.

In a message to members by the two credit unions, the proposed transfer “arises from the belief of the boards of both credit unions that all of our members can be better served together.”

“We consider it an ideal opportunity to grow and develop our services to members in an enlarged and complementary common bond.”

Management are confident that the decision to combine the credit unions will “strengthen our position to be the most trusted, respected and preferred financial services provider for our members.”

“On completion of the proposed transfer of engagements, the common bond of Tallaght West Credit Union Limited will be extended to include the common bond of Kilnamanagh Credit Union Limited.

Tallaght West Credit Union

‘The advantages for members are that the enlarged credit union will protect the provision of credit union services in our community and allow for more investment in our community.

‘It will enable access to a broader range of services,” said the message.

Latest accounts for Tallaght West CU showed a total income of €2.7m for the year ended September 30, 2024.

Tallaght West CU had total assets of €65.4m and total reserves of €9.145m for the same period.

Kilnamanagh CU accounts showed a total income of €1.1m for the year ended September 30, 2024, with total assets of €33.4m.

An income and expenditure account to December 31, 2024, for Kilnamanagh CU details a loss on investments of €501,714 at year’s end 2024.

The explanatory note says bank bonds with a combined book value of €8,741,271 have been revalued to their market value at December 31, 2024.

“Their market value has been assessed at €8,239,557. The revaluation has resulted in a loss on investments of €501,714 and this loss is recorded in the Income and Expenditure Account.

‘This adjustment is required in order to apply acquisition accounting methods to the transfer of assets as part of the Transfer of Engagements.

‘The combined credit union will hold these investments to maturity and any losses will be recovered in time,” said the note.