Bishopstown first credit union to strike deal offering Royal Liver products

David Clerkin

The new offering will make Bishopstown the first credit union in the country to offer Royal Liver branded products to its 20,000 members.

The deal includes life cover, critical illness policies and other investment products and follows talks between the credit union and Royal Liver that lasted more than two years. The link-up has received the blessing of the Irish Financial Services Regulatory Authority and the Irish League of Credit Unions. Bishopstown Credit Union chief executive Ray Kenny said his organisation was run for the benefit of members and they had indicated they wanted a wider choice of products. “We are delighted to be the first credit union in Ireland to offer such services and, in doing so, become a one-stop shop for members,” he said. Mr Kenny said the link-up meant the credit union would benefit from new income streams generated from sales commissions and that these benefits would flow through to members in the form of dividends and rebates. He said it would also improve the body’s financial stability and make it easier for it to charge lower lending rates to borrowers.

Royal Liver Ireland director Patricia Hyland said both organisations were well matched because they were mutual companies and had made their members’ interest their top priority.

“This is the first time that we have entered into an association with a credit union. We look forward to developing a long-term sustainable association with Bishopstown,” she said.

The credit union was set up in 1967 and has assets worth over E120 million. It operates through three offices on the southern outskirts of Cork city at Wilton Shopping Centre, Wilton Road and Curraheen Road.

Royal Liver employs 600 people in Ireland.