A new company based on the Naas Road has been established by five credit unions as part of plans to create a Corporate Credit Union
Naas Road base for new €9bn credit union venture
A NEW company that was set up to build towards a Corporate Credit Union has a registered address on the Naas Road in Dublin 22.
CU Asset & Liability Management Company, trading as CCU CUSO, is made up of five credit unions across Ireland and aims to become a single body, and those involved are St Raphael’s Garda Credit Union, Member First Credit Union, Health Services Staff Credit Union, First Tech Credit Union, and Comhar Linn INTO Credit Union.
The registered address of the new company is at St Raphael’s House in Fox and Geese on the Naas Road, the same as the Garda Credit Union involved in the plans, and the plan is for this new company to become a credit union for credit unions.
St Rapael’s Garda CU was founded in 1964, dedicated to the Garda community in the country and is known as Ireland’s largest credit union, with approximately 43,000 members.
A Credit Union Service Organisation is an entity owned by credit unions formed to provide services to credit unions and ultimately its members, while a CCU is a credit union for credit unions, serving as a vehicle to meet a range of financial and operational needs of credit unions
26 credit unions with combined assets of almost €9 billion have committed to joining this Credit Union Services Organisation and eventually become a CCU, with more expected to be invited.
The new company has been registered as a Company Limited by Guarantee, which is a structure typically used for non-profits, charities, and property management companies.
Each credit union is owned by its members and their not-for-profit status means that any income generated is returned to members in the form of a dividend or may be used to improve and enhance services.
