Board Statement
3 November, 2017The Board of Mallow Credit Union Ltd. has noted with regret the appointment of joint provisional liquidators to its neighbouring credit union, Charleville Credit Union. This was sad news indeed for the members of Charleville Credit Union, its staff & volunteers. We wish to express our solidarity with everyone affected by this.
We are highly conscious of the critical need for credit union services in the Charleville community & stand ready & willing to support the restoration of these services. As such, we are giving strong & serious consideration to extending the common bond of Mallow Credit Union to service the members of Charleville Credit Union, & the Charleville area. An extension of our common bond would require our members’ approval & regulatory approval. We have also held initial discussions with the provisional liquidators on this matter. We will endeavour to keep our members & the members of Charleville Credit Union updated on this.
Mallow Credit Union is a financially strong credit union with assets of €156 million, reserves of €25 million & savings of €132 million. We have been serving the local community for 54 years & have a membership base in excess of 27,000.
Both Mallow Credit Union & Charleville Credit Union have an extensive, overlapping common bond & have always worked closely together. We therefore feel that this would be the most appropriate step to ensure continuity of service to our fellow credit union members.
For any relevant member queries, please contact Mallow Credit Union at 022-21121.
