The Clare Champion Clare news, sport, entertainment and local notes
IT was the end of an era on Monday for some of Clare’s best known credit unions as St Francis Credit Union in Ennis, Ss Peter & Paul Credit Union, Clarecastle, and Fergus Credit Union, Lissycasey, amalgamated into one credit union with total savings of more than €150 million. And that may not be the end of amalgamation in Clare and the wider region as Caherdavin Credit Union takes in the Shannon Development Credit Union, and Southill and St John’s credit unions in Limerick. The moves follow the introduction of new regulations by the Central Bank, now responsible for the country’s 460 credit unions. “In the future smaller credit unions aren’t going to survive because there’s so much regulation coming in and the smaller credit unions won’t be able to afford the cost of regulation,” said outgoing St Peter & Paul’s Credit Union director, Dermot Moloney, who has served his local credit union for the past 38 years. Indeed, the …
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