Greystones & District Credit Union

vinpaul

Special General Meeting last night drew over 400 members, maybe over 500. The issue at stake was "To close branches at Kilcoole and Newtownmountkennedy". Don't know result of vote taken on resolution to rescind the board's decision to close branches.
There are a lot of annoyed members who wished to keep these branch offices open. Retaining these branch offices is costing the union a lot of money that it can't afford.
Board of Directors made their case for closure but those opposing closure made some complelling points also. Will await the result of the vote which was not taken until 10:50 p.m.
Further developments could have wider implications for the Credit Union.

loobylou

The motion to rescind the boards decision to close the branches was carried.
The current board have, as a consequence, resigned.
Another meeting will be organised in order to elect a new board.
Interesting times ahead.

vinpaul

loobylou wrote: »

The motion to rescind the boards decision to close the branches was carried.
The current board have, as a consequence, resigned.
Another meeting will be organised in order to elect a new board.
Interesting times ahead.

Thaks loobylou for the info regarding result of vote.
I reckoned that the motion would be carried. What now for Credit Union?.
As one speaker said last night "a new board would face a similar difficulty and would have to address the issue of closing branches" .
Credit Unions are not allowed to operate at a loss and keeping these branches open is in effect costing the parent body sums that it doesn't have.

Annasopra

Crazy situation - who is going to want to be a board member in those circumstances?

Blanchflower

This is a very serious situation indeed. :eek:

I am surprised that the Board resigned because of this. I expected some sort of compromise and that common sence would prevail.

Huntthe

Pissed off with them after putting up the interest rates, good riddens.

vinpaul

Huntthe wrote: »

Pissed off with them after putting up the interest rates, good riddens.

This issue has nothing to do with interest rates. It involved a decision to close branch offices that were costing the union money it didn't have.
A new board must be convened soon and will have to address the same issue.

pixbyjohn

Huntthe wrote: »

Pissed off with them after putting up the interest rates, good riddens.

But, but where will you get a loan now :D:D:rolleyes:

Huntthe

A loan shark would be cheaper !

Blanchflower

I was fishing over the Codling Bank last week and landed a fine 200 lb loan shark:D

Annasopra

Blanchflower wrote: »

I was fishing over the Codling Bank last week and landed a fine 200 lb loan shark:D

maybe you could give huntthe a cheap loan

vinpaul

Very little information being given on the outcome of recent EGM of Credit Union. Has anybody heard what is going to happen. Has a new board of directors been elected. What happens next? I'm curious.

pixbyjohn

Latest Info on Credit Union, Greystones
There is a special general meeting to elect a new Board of 13 directors.
Date: Thursday 25th August 2011
Venue: Greystones Rugby Club
Time: 8pm

Blanchflower

This is a right old mess. It may be very difficult to recruit 13 new directors especially considering why the old directors resigned. Perhaps the League of Credit Unions should step in in the meantime to help sort it out.

pixbyjohn

Greystones Credit Union left the League many moons ago

Blanchflower

pixbyjohn wrote: »

Greystones Credit Union left the League many moons ago

Well they should rejoin immediately for the sake of the members.