Credit union merger sparks fears in once-thriving Kerry town
The decision to merge the credit unions in Killarney and Cahersiveen has sparked fears among locals that the branch in the Iveragh town may be downgraded.
The news is a further blow to Cahersiveen which is also set to lose its only remaining bookmaker at the end of the month. Other businesses, including a restaurant, are also due to close within a few weeks.
The merger of the credit unions will see the expansion of the Killarney branch, a senior official confirmed yesterday.
Cahersiveen locals took to social media to complain they had not been informed of the move in advance and were unsure if it will result in job losses or if they will have to travel to Killarney, almost an hour away.
However, a senior officer in the larger Killarney Credit Union has assured people that the merger would secure the future of the Cahersiveen credit union and would mean “the opposite” of a reduction in services for Cahersiveen.
According to the official, the offices in O’Connell St, Cahersiveen, will remain open and offer expanded services for the 7,000 members in South Kerry, including mobile access and greater loan products.
Killarney Credit Union merged with Kenmare in 2014 and it now has 26,000 members, some €98m in savings, and a loan book of just over €27m. Cahersiveen has a loan book of €8.6m and savings of more than €24m.
Following the decision by both boards to merge, a formal application to proceed with the transfer has been lodged with the Registrar of Credit Unions and notices are being placed in the newspapers. Members are being notified this week, and this had to wait until certain formalities were in place, said the official.
The news of the credit union merger comes as Louis Nolan’s bookmakers on Cahersiveen’s Main St is to close after 28 years of trading. Mr Nolan says there has been a growth in online betting.
Nowadays young people are betting on their phones; we have no young clientele anymore, whereas before we had,” said Mr Nolan.
Cahersiveen could not put out a minor football team this year because of the lack of young players.
Alan Landers who has spearheaded a campaign to keep alive community services in the council-owned Carnegie building said the once-thriving town and capital of Iveragh was at risk of being overtaken by neighbouring villages. Recently it had two representatives but now has no local councillor on Kerry County Council.
Hopes now rest with the planned greenway from Glenbeigh to secure the town’s future. The greenway has been held up since 2014 because of division between the council and some of the 197 landowners on the route.
“We know we have one of the best greenways in the country on our doorstep. It will bring people into the whole area,” said Mr Landers.
