Louth TD hits out at planned closure of Clogherhead and Kilsaran Credit Unions

Louth Labour TD Ged Nash has hit out at plans by Connect Credit Union to close their Clogherhead and Kilsaran branches at the end of August.

He said:

“I have been contacted by credit union members in both villages who tell me they were not consulted in any way about this decision.

“No opportunity has been given to members to engage with the Board and senior managers before the decision was communicated, in what has been presented as a fait accompli.

“I note from Connect’s website that they say footfall in branches is down and that a ‘review’ of their operations led them to take this decision to close two of its branches.

“This decision should be reviewed and members should be properly engaged now in an open process of consultation where all of the information available to the Board ought to be shared with impacted members. 

“Credit unions are supposed to be different to banks. They are meant to be community-based, and run with a democratic ethos.

“Members who have been in touch with me have every right to be annoyed that this decision was made unilaterally and without, it seems to me, any pretence of democracy.

“We have come to expect this from the main banks, but credit unions are supposed to be different.

“When banks consider closing branches, I have consistently said that the Central Bank as the regulator, should carry out a local impact assessment before they are allowed to do so.

“The same should apply to the credit unions, who arguably have, based on their ethos, a wider and more inclusive socio-economic function.

“I have requested engagement with Connect and I have also made contact with the regulator, the Registrar of Credit Unions.”