NORTH DUBLIN, Ireland–A number of credit unions in North Dublin are planning a merger in a move that could create one of the largest credit unions in the region.
There have been a flurry of mergers in Ireland in large part due to assistance from the government in completing the combinations.
According to The Independent, Member First Credit Union, which was created through a merger of Coolock-Artane and Swords credit unions, is planning additional mergers. The
€154m Member First is seeking to bring in two other CUs--one in Raheny, Ireland, and another in Beaumont/Donnycarney. Should those mergers be completed it will boost assets to €250m and membership to 70,000 members.
According to the government regulator, there are as many as
68 different mergers in negotiation, involving 123 credit unions. The government is currently paying up to 50% of the total costs associated with such mergers, including costs related to due diligence, business consultancy, legal, human resources and communications.
The government believes the mergers will create economies of scale.
An Irish League Credit Unions spokeswoman told The Independent, "A number of credit unions are in discussion with (the government) at the moment as its operation comes to an end."
There are currently around 335 active credit unions in Ireland, with about 100 not engaged in any merger discussions.