The merger of Capital, Francis Street and St Kevin’s has been ratified and means that the new combined entity will have 48,000 members. Capital has already taken over a string of other credit unions, including the UCD staff operation, along with Knocklyon, Sandymount and Drimnagh.

The new, enlarged Capital will be one of the largest top 10 community credit unions in the State, according to Chief Operations Officer Pat Byrne. The new group will have assets of close to €200m.

Byrne said the enlarged credit union would now be able to offer additional services to its members and invest in upgrading its IT systems. Capital was exploring offering larger loans for things such as home extensions.

The old St Francis Street office and the St Kevin’s Parish office, both in Dublin 8, will be retained and become branch offices of Capital.

In March, the Central Bank imposed a fine of €125,000, after finding that the old Drimnagh Credit Union had been paying directors and members of its oversight committee a number of years ago. Credit Unions are prohibited by law from paying their directors and positions are filled by volunteers.

The Central Bank said that payments to directors and the board oversight committee, totalling €16,000, were made between 2013 and 2015 for services provided and in the form of expenses. Directors, who were not named, were paid to attend League of Credit Unions meetings and also received expenses ‘on the double’.

Source: Irish Times