DUBLIN, Ireland — Proving that "merger mania" isn't just a phenomenon at U.S. credit unions, over 25% of Irish CUs are engaged in some form of merger discussions.
The Emerald Isle is home to 376 CUs, more than 100 of which are considering merging in order to form larger, more competitive institutions, a recent report in the Irish Independent revealed.
An Irish organization known as the Credit Union Restructuring Board (or "ReBo" for short), has been established to help with the voluntary deals.
In one recent example, North County Dublin's Progressive Credit Union — which is comprised of a group of CUs formerly known as Balbriggan, Skerries, Donabate and Howth/Sutton — has absorbed Victory CU in Glasnevin with the assistance of ReBo.
Progressive now has assets of more than 90 million and about 40,000 members.
Two Re-Bo-approved mergers involving six CUs have already taken place since December, and a total of 14 mergers involving 34 CUs have been approved by ReBo.
A spokesperson for the group told the Independent the appetite for mergers at Ireland's credit unions continues to grow, with 107 more currently working with ReBo on restructuring their operations.