Two Louth Credit Unions are set to be closed

The closure of Kilsaran and Clogherhead Credit Unions is a ‘blow to the rural community’, Sinn Féin has said, with Deputy Ruairí Ó Murchú raising the matter with Taoiseach Simon Harris in Leinster House on Tuesday.

Deputy Ó Murchú and his colleague, Cllr. Pearse McGeough, met with Kilsaran and Clogherhead CU owners, Connect Credit Union, on Tuesday morning after the organisation announced that it is to close both branches at the end of August.

The Sinn Féin representatives said they were advised by Connect CU that almost 90% of transactions are now being done online and customers were no longer coming into branches in sustainable numbers.

The credit union said it was no longer viable to keep the branches open, with significant funds needed to keep cybersecurity up to date, as well as electricity and rates to be paid. No jobs will be lost as a result of the closures, it has been confirmed.

Deputy Ó Murchú and Cllr. McGeough said they were "very disappointed"with the decision by Connect CU to close the branches at the end of the summer.

It comes on top of the previous closure of other credit union branches in Annagassan and Castlebellingham.

Cllr. McGeough asked about the ATM machine that is available at Clogherhead Credit Union and was advised that it would no longer be operational when the branch closes at the end of August as it was not owned by Connect CU.

He also asked if there was additional money from the sale of the buildings, that consideration would be given to providing a community dividend as a one off gesture to the communities affected.

He said: "This is a very disappointing blow for Kilsaran in particular and it comes in the wake of the loss of the Crowing Cock and the closure of the local shop. I fear Kilsaran is becoming a wasteland."

During questions to An Taoiseach on Tuesday, Deputy Ó Murchú said: "This is not something we want to see. I spoke to the representatives and our biggest concern was about the vulnerable clients and that thing that makes the credit union different.

"We need to make sure that full supports are being provided and I have been told that they will be in this case. It is an issue which needs to be revisited. We all know the issue in relation to rural Ireland and the loss of services.

"The credit union brought up the report by the International Credit Union Regulators Network, ICURN, - the report of the auditor of auditors - and the fact that consideration was given to changing the threshold which at present means that credit unions can only have 10% of mortgages, business loans and agri-loans."

In response, Taoiseach Simon Harris said he had a meeting with the credit union movement that afternoon.

He said: "I will raise that and particularly the issues it raised with the Deputy about some of the changes it needs. I am happy to revert in writing."