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Two Donegal credit unions to merge 07.04.15

THE members of both Ballyshannon Credit Union and Killybegs Credit Union have voted overwhelmingly in favour of the merger of their organisations at special general meetings held this week.
The merged credit union will have over 12,000 members and total assets of 43 million.
"The enlarged entity will have the financial and administrative capability to comply with the growing level of regulatory requirements and will also be able to develop the wider range of products and services that their members are looking for now and into the future," said a spokesperson.
The new credit union will be named Ballyshannon and Killybegs Credit Union Limited and is expected to be complete in the next two months.
Nationally, there has been a marked increase in the number of credit unions voluntarily adopting restructuring as a means of safeguarding the provision of credit union services to their members. The Credit Union Restructuring Board (ReBo) estimates that by the end of this year almost 60% of all credit unions nationally, representing 55% of total sector assets, will have restructured in some way.


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