Member Information

A SPECIAL GENERAL MEETING of the members of Drogheda Credit Union has been convened to approve the transfer of engagements of St Loman’s Trim Credit Union Limited to Drogheda Credit Union Limited.

The meeting will be held in the Westcourt Hotel, Drogheda, Co Louth on Thursday 23rd July, commencing at 7.30pm

WHY IS THIS TRANSFER OF ENGAGEMENTS NECESSARY?

The Board of St. Loman’s Trim Credit Union Limited has spent considerable time examining how their members would be better served. Being a Credit Union of our size inevitably restricts the range and access to services that St. Loman’s Trim Credit Union Limited can offer to members. Furthermore, the enactment of significant new legislation in 2012/2013 has greatly expanded the rules governing Credit Unions, compliance with which would be extremely difficult for a Credit Union the size of St. Loman’s Trim Credit Union Limited. The decision to seek a Transfer of Engagements was made in order to offer additional services to our members whilst ensuring compliance with all relevant rules and regulations. There is also increased financial strength in being part of a larger Credit Union.

WHAT DOES A TRANSFER OF ENGAGEMENT MEAN?

A Transfer of Engagement means that St. Loman’s Trim Credit Union Limited will transfer its assets to Drogheda Credit Union Limited. The Board of Directors of Drogheda Credit Union Limited are full supportive of this merger with St. Loman’s Trim Credit Union Limited. Members in St. Loman’s Trim Credit Union Limited can continue in exactly the same way as before with the added advantage of access to all of the services that Drogheda Credit Union Limited can offer, including the provision of low-cost loans and the maintenance of dividends.

WHAT ARE THE ADVANTAGES OF THE PROPOSED TRANSFER?

• It gives members of St. Loman’s Trim Credit Union Limited access to a broader range of savings
  
  
• Drogheda Credit Union Limited is a strong, viable and compliant Credit Union with healthy financial reserves
  
  
• Continued satisfaction of member expectations and security of savings through the maintenance of strong dividend levels
  
  
• Better efficiency through sharing costs resulting in better value for members
  
  

HOW WILL THE PROPOSED TRANSFER AFFECT ME, IF IT IS APPROVED BY MEMBERS?

For existing members there will be no noticeable change. The three offices at Laurence Street,

Drogheda, Bettystown Town Centre and Market Street, Trim will remain open for members. The

opening hours are outlined below.

All members will have the added advantage of being able to transact their business, if it is convenient for them to do so, in all three offices when the transfer takes effect.

• If you are a member of St. Loman’s Trim Credit Union Limited, you will still continue to be able to conduct your business in the Trim office. In addition, once the transfer takes effect, you will be able to transact your business in Drogheda and Bettystown offices also.
  
  
• The members of St. Loman’s Trim Credit Union Limited are specifically put on notice that the Life Savings Insurance cover provided by St. Loman’s Trim Credit Union Limited will continue up to the 1st September 2015. Thereafter, it will be replaced by the Life Savings Insurance cover currently provided by Drogheda Credit Union Limited. The ceiling of €12,700 provided by St. Loman’s Trim Credit Union Limited will no longer apply and will be replaced by a ceiling of €10,200.
  
  
• The members of St. Loman’s Trim Credit Union Limited who are currently registered for online banking services with St. Loman’s Trim Credit Union Limited will be required to re-register with Drogheda Credit Union Limited after the date of the transfer. These members will be notified separately on how to complete this registration.

DO I HAVE TO DO ANYTHING?

We do welcome any views that any member may have on the proposed Transfer of Engagement.

Members may write to the secretary of either credit union or email to info@droghedacu.ie or

info@trimcu.ie with any views, comments or queries they may have.

WHAT WILL HAPPEN NEXT

We envisage that once the Transfer of Engagements is approved by the members at the Special

General Meetings, and the Central Bank, the affairs of St. Loman’s Trim Credit Union Limited will be

transferred to Drogheda Credit Union Limited before the end of September 2015.