Credit union wind-up ‘a huge blow’ for area

The court order to wind up a credit union serving the remote Beara Peninsula represents a "huge blow" to the area, according to locals.

Doors to the credit union on Main St, Castletownbere were closed at 1pm yesterday, leaving some 3,500 members and six staff members affected.

Donal Kelly, former chairman of Castletownbere Business Association, said the loss of the credit union’s services would have a “devastating effect”.

“I’m shocked. The credit union is the lifeblood of any small town, for people that can’t get to the banks. It’s an institution for any small community,” he said.

Mr Kelly opened Roan Carrig, a seafood restaurant in Castletownbere, five weeks ago.

“The closure of a Garda barracks or a post office is a severe blow. But the closure of a credit union has a bigger and more devastating effect,” he said.

It’s understood the credit union provided local employment for two full-time staff and four part-time staff.

Beara Peninsula-based TD for West Cork, Noel Harrington (FG) called for a credit union presence to be maintained in Castletownbere through a satellite service provided by Bantry Credit Union, 50km away.

“It’s a disaster for Castletownbere, but it’s not surprising — there have been issues ongoing between the Irish League of Credit Union and the Central Bank for the past two years. The important thing is that all deposits are safe.

“Discussions are ongoing with Bantry Credit Union to see how services can be offered to customers in Berehaven. My wish is that credit union services can be maintained in Castletownbere,” he said.

Schull-based Independent Cllr, Michael Collins called for a reversal of the decision to wind up the credit union.

“The nearest credit union is an hour’s drive away. The upset in Castletownbere over this is palpable. We’ve lost two AIB banks in the West Cork region (Ballydehob and Schull) in the past three years and the effect on local businesses has been huge,” he said.

Rosarie O’Neill, who has been a member of the credit union for the past 35 years, said she was absolutely shocked by the announcement.

Ms O’Neill, who owns a guesthouse in nearby Eyeries, said she never had any problems with the credit union before.

“It’s shocking news; we need our credit union. All my family have been involved with it down through the years — we’ve used it for loans and savings and the staff were always very helpful and supportive. The staff are all local.

“It’s a sad day that it’s come to this,” she said.