Reliance on credit unions up

THOUSANDS of farmers are increasingly reliant on credit unions as they “develop and diversify” their operations, according to the Irish League of Credit Unions.

League president John O’Regan said rationalisation by the major banks would leave credit unions as the only source of readily-available finance in many small towns around the country.

Mr O’Regan was speaking at Mountmellick Credit Union in Co. Laois at the launch of the ILCU’s marketing initiative for next month’s National Ploughing Championships at Ballacolla.

Mr O’Regan said credit unions now provided “flexibility and accessibility” crucial to many farming operations.

“Credit unions around the country are acutely aware of the needs of their farmer members and are quite willing to provide them with repayment schedules that suit them,” he said.

“In addition, weekend opening, and the provision of sub-offices in smaller population centres, means they are providing an invaluable service for the farming community.”

Mr O’Regan said as the major banks embraced rationalisation and closed their branch operations in towns around the country, the local credit union would become the only financial institution in many large population centres.

“We are entering an era of immense change that will chip away at the social fabric in many communities around the country.

“The Irish League of Credit Unions is determined to ensure that credit unions nationwide fill the gap left by the departure of other institutions that fall victim to the obsession of big business with the bottom-line.”

The ILCU will again host a stand at this year’s National Ploughing Championships at Ballacolla, Co Laois from September 24 to 26.

Staff and volunteers from local credit unions and the Irish League of Credit Unions will be on hand to provide their advice.

There will also be cash promotions during the three days.