Credit Union closures in three villages

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Tramore Credit Union is to close branch offices in Dunmore East, Crooke and Dunhill, effective from Saturday, May 31st, to the dismay of members in all three localities.

In a statement issued on Monday morning, the Board of Tramore Credit Union stated that this had proven “a very difficult decision to take – but one which we had to do”.

The Board of Tramore Credit Union has decided, with regret, to close its Branch Offices in Dunmore East, Crooke and Dunhill with effect from 31st May 2014.

This is a very difficult decision for the Board to take but one which we had to do.  There is absolutely no danger of members not being able to access their accounts and deposits and savings are not in doubt at all.

Unfortunately, income from these offices has not been sufficient to cover their operating costs.

No business would be able to survive going forward if income wasn’t at least meeting operating costs and we are left with no option but to close the three offices.

The Board very much regrets the inconvenience this will cause for our Members who transact business in these offices.  We understand totally that this will be very awkward for many members but again, we have been left with no option.

The time from now to 31st May will be used to discuss with Members who transact business in these branches alternative ways for them to access their accounts. Tramore Credit Union’s main office at Summerhill, Tramore will continue to operate as normal and will provide access to the full range of services for all members.

The Board hope that this action will result in a stronger, more efficient credit union, for the benefit of all members.

Tramore Credit Union has strong liquidity and has substantial funds available to lend. In the past six months loans in excess of €2.6 million have been granted to members. Members’ savings remain secure, with the additional benefit of the Government guarantee of €100,000 per member.

Again, we are sorry to have to make this announcement, one which pains every member of the Board as we are part and parcel of the community and know full well how important the Credit Union is to the villages of Dunmore, Dunhill, Passage and Crooke.

We hope our members will understand that this decision was not taken lightly and is being taken with a heavy heart.

We deeply value our member’s trust and support in this time of change.

The statement adds: “The Board very much regrets the inconvenience this will cause for our Members who transact business in these offices.

“We understand totally that this will be very awkward for many members but again, we have been left with no option.”

Between now and May 31st, Tramore Credit Union is committed to discussing alternative ways for members “who transact business in these branches to access these accounts”.

According to a spokesperson: “Tramore Credit Union’s main office at Summerhill, Tramore will continue to operate as normal and will provide access to the full range of services for all members.

“The Board hope that this action will result in a stronger, more efficient credit union, for the benefit of all members.”

Tramore Credit Union stressed that it “has strong liquidity and has substantial funds available to lend. In the past six months loans in excess of €2.6 million have been granted to members. “Members’ savings remain secure, with the additional benefit of the Government guarantee of €100,000 per member.

“Again, we are sorry to have to make this announcement, one which pains every member of the Board as we are part and parcel of the community and know full well how important the Credit Union is to the villages of Dunmore, Dunhill, Passage and Crooke.

“We hope our members will understand that this decision was not taken lightly and is being taken with a heavy heart. We deeply value our members’ trust and support in this time of change.”

Dermot Keyes

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