Decision Not To Merge Clonmel Credit Union A Step In The Right Direction – Mattie McGrath

Independent TD Mattie McGrath has welcomed the decision by the Boards of Clonmel and Charleville Credit Unions not to proceed with their proposed merger. Deputy McGrath was speaking after the CEO’s of both Credit Unions issued a Joint statement confirming that agreement on the details of a post merged entity could not be reached following a Comprehensive Due Dilligence assessment:

“I think there will be many members of Clonmel Credit Union who will be breathing a sigh of relief at this decision.

From our perspective it made no sense to consider merging with a financially compromised entity like Charleville Credit Union and thus run the risk of diminishing the strength of Clonmel CU.

I note from the joint statement issued by the CEO’s however that both Boards remain confident that a combined entity would have been in the best interest of all members.

This seems to indicate that the merger is still very much on the cards despite the concerns expressed by the members in Clonmel.

I think we need real clarity on this matter, specifically whether or not this represents the end of the process or simply a pause until the finer details of a merger are agreed,” concluded Deputy McGrath.

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