Members oppose takeover of credit union by rival lender

The board of Maynooth Credit Union has agreed to it being merged with the larger Naas CU, with funds to support it being provided by a League of Credit Unions bailout fund as part of a rescue operation.

But more than 80 members of Maynooth attended a meeting in the town earlier this week, raising objections to the fact that all the staff in their credit union are being made redundant, with members set to lose insurance services under the merger plan.

They are seeking 50 member signatures to force the board to hold a special general meeting.

There are fears that the Central Bank will close down the credit union if the deal does not go through.

Maynooth-based county councillor Naoise O CearĂșil, who organised the meeting this week, said his group was unhappy about the planned takeover of Maynooth by Naas.

Source: Members oppose takeover of credit union by rival lender