THE FUTURE of Carlow Credit Union is “sound”, according to manager Eugene Kearns.
Shareholders are being reassured that the local credit union is “still in the business of lending” and “the future direction is sound”.
Despite concerns over the future of credit unions around the country, Mr Kearns assured Carlovians that the local institute is “doing well”, as are credit unions in Tullow, Bagenalstown, Leighlinbridge, Ballon/ Rathoe, Rathvilly and Hacketstown.
Speaking to The Nationalist, Mr Kearns added that “savings are reasonably stable” in the Carlow branch and pointed out that credit unions “off er the same level of security as banks”.
“All the credit unions in Carlow have in excess of the minimum 10% reserve. We have a savings protection scheme. People are generally satisfi ed that their money is safe here,” he added.
Mr Kearns admitted that the local lender has had “a couple of rather diff icult years”, but added: “We feel that we’ve probably put the worst behind us and we’re looking at returning back to basics.”
Rumours that Carlow Credit Union could merge vital services with other community lenders were quashed by Mr Kearns, who said the lender was looking at the possibility of sharing services such as marketing and external audits.
“The six credit unions in the county all have to carry out the services so maybe we should share them with a view to driving down costs.
We want to reduce costs to members and any costs we can save in this day and age is essential,” added Mr Kearns.