Proposed Merger Announcement – Monaghan Credit Union and Ballybay Credit Union

4 April, 2023

We are delighted to inform our members that we have commenced discussions with Monaghan Credit Union in relation to combining our resources to become an even stronger credit  union.  The Board of Directors are of the view that by combining our Credit Unions we will build on our proud record to ensure we continue making a distinct and positive contribution to the challenges and opportunities facing our members and our community.  In summary this initiative provides assurance on the continuation of services locally and ensures that the Credit Union will have the combined strength to meet the very challenging times ahead for credit unions.

This announcement is made in the spirit in which our credit unions intend to move forward with this process – honesty and transparency so that you, our members, can be sure that at all times you are fully informed.  As the process evolves each member will be provided with an information pack, which will give details outlining the financial position of the participating credit unions and the benefits of this initiative.  Please be assured that the Board of Directors wish to fully engage with members throughout this process.  The proposed merger will require the approval of our regulator, the Central Bank.

It is also very important to note that throughout this proposed process, it will be business as usual with no impact on day-to-day activities for members.