Member Notice

Over recent years, the credit union sector has experienced a significant level of consolidation, with the overall number of credit unions reducing significantly. This trend reflects the growing challenges facing the sector, including rising operational costs and increasing regulatory and compliance requirements. These pressures are particularly
acute for smaller credit unions operating with limited resources.

At the same time, member expectations continue to change, with growing demand for expanded services such as current accounts and mortgages. Meeting these expectations requires ongoing investment in technology, systems and expertise.

As one of the smaller credit unions in the country, Swilly Mulroy Credit Union must carefully consider how best to respond to this changing environment. The Board of Directors has a clear legal and regulatory obligation to act at all times in the best interests of members and to safeguard the long-term sustainability of the credit union.

As outlined at our recent Annual General Meeting, the Board has entered into discussions with a neighbouring credit union regarding the potential for a merger. These discussions are focused on assessing whether a merger could strengthen the combined organisation while preserving the ethos and community focus that members value.

Should a merger proceed, the clear objective would be to enhance and expand services available to members, strengthen operational resilience, and ensure the continued growth and sustainability of the credit union for years to come.