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Takeover of Dunshaughlin Credit Union by Credit Union Plus, Navan

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  • 03-01-2017 5:24pm
    #1
    Famous Blue Raincoat
    Registered Users Posts: 79 ✭✭


    I can't find anything about this online but having visited Dunshaughlin at the weekend the people to whom I've spoken were quite upset about the lack of debate about it, as if Dunshaughlin members are being pushed into this takeover or whatever people want to call it (it does sound more like a takeover than a merger)- "Transfer of Engagements to Credit Union Plus Ltd" is what the people running DCU calling it.

    The meeting will be the day after tomorrow, Thursday 5th January 2017, in Dunshaughlin Credit Union's office at 8:15pm (I'm not sure how they're going to fit everybody in there).

    Apparently, it was at DCU's AGM in December 2015 'where the board was given a mandate to progress a transfer of engagements of Dunshaughlin Credit Union Limited to another Credit Union, subject to due process and Central Bank approval.' Surely something as fundamental as planning for your credit union to be taken over by a larger one should have been decided at an advertised EGM rather than tucked away in the AGM which very few members (myself included) would attend?

    I've some questions.

    1) Why is this happening to a small credit union with a sound track record, when far larger credit unions nearby such as Naas and Rush are in huge trouble? Do larger credit unions not mean more risk?

    2) Who is benefitting from this?

    3) What is the risk for Dunshaughlin members?

    4) Will we have a branch in Dunshaughlin, at least for the foreseeable future?

    5) Will we have online banking back, as for some reason it was taken down in October and hasn't been back since.

    6) Why is Dunshaughlin Credit Union so reluctant to start a debate about this? For instance, there is nothing on its website about it.


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    #2
    Fiskar
    Closed Accounts Posts: 1,599 ✭✭✭Fiskar


    I'm sorry I missed this meeting as I did want to attend. How many members has Dunshaughlin Credit Union? My main concern is the size Credit Union Plus is getting as it already has 50,000 members with recent mergers. That is many more customers than the largest bank in Meath.


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