Hopes for a credit union service to be restored in coming weeks in Beara

There are hopes a credit union service will be restored to the Beara Peninsula in West Cork in a matter of weeks.

A High Court order last week to wind up the 3,500-member Berehaven Credit Union in Castletownbere has led to serious concerns and demands for a replacement financial service in the area.

Around 250 people were told at a public meeting outside the closed credit union offices in the town, on Saturday that behind-the-scenes negotiations between the liquidator and other credit unions are at an advanced stage.

There is speculation a credit union from outside the area may open a branch in Castletownbere.

Meeting organiser Georgina Goulding said she had been informed by West Cork Fine Gael TD Noel Harrington, who was unable to attend the meeting, that a functional credit union would be set up in the town in two to three weeks.

“Going by the numbers of people I’ve spoken to in the last few days, they just want a service and I personally feel it is going to happen,” said Ms Goulding. “There’s also a very good spirit being shown here today.

“More than half of the 6,000-strong population of the peninsula are in the credit union, which has proved very helpful to small businesses with loans, especially when they need to get through tough times.”

“While the news of negotiations was welcomed, there was also palpable anger at the circumstances surrounding the liquidation of the credit union.”

The High Court was told a Central Bank report showed irregularities with the credit union’s corporate governance relating to lending practices and reporting irregularities.

However, the message on Saturday was that, rather than having recriminations locally, a fresh start should be made to provide what had come to be seen as an essential service to the peninsula, which has just one bank branch, AIB, in Castletownbere.

Finbar Harrington, chairman of Cork County Community and Voluntary Forum and a Castletownbere native, said the priority now was to find a solution going forward and to provide a viable service. He felt that could be done through the establishment of a new credit union, or by another credit union opening a branch in Castletownbere. The nearest credit unions are in Kenmare, 50km away, and Bantry, a distance of 65km.

Independent county councillor Michael Collins said: “I believe a strong working committee should be formed to focus on the way forward and to meet Kenmare and Bantry credit unions to see if they would consider opening a branch here.”

Local businesswoman Ann Black said the old Berehaven Credit Union needed “to be let go” and a totally new operation should be set up.

Another businesswoman, Helena Murphy, said the credit union had helped her with her health foods enterprise and it was an “awful shame” to lose the service which was so important to the entire peninsula.

Wayne O’Sullivan, chairman of Beara Young Fine Gael, described the credit union as a pillar of the community, saying it gave loans to young people for their first cars or to get through college.