Merged Douglas and Glanmire & District Credit Unions reveal new name

THE FINANCE Minister has described the credit union sector as an “important movement” and one with a “bright future”.

Michael McGrath was speaking at a renaming event for two Cork credit unions, Douglas Credit Union and Glanmire & District Credit Union, following their amalgamation earlier this year.

The credit unions will now be known as Elevate Credit Union.

Asked about the future of credit unions when speaking to reporters at the official naming event held in recent days in the Douglas office, Mr McGrath said while change is afoot he sees a “bright future” for the sector.

“The credit union movement is changing. We have seen a significant number of amalgamations and I think that’s understandable, given the depth of the regulatory requirements now, the governance requirements – a lot has changed in recent years.

“We’ve passed new legislation, so there is a need for a certain scale in order to meet all of those requirements and to be sustainable. This amalgamation here between Douglas and Glanmire makes this credit union one of the biggest and strongest now in Cork and it positions them very well for the future.

“As a Government, we are strongly supportive of the work of the credit union sector. It’s a very important movement. It has a special ethos, it is member-based, it is not-for-profit and it is anchored in the local community and it provides badly-needed competition in terms of the provision of financial services.

“I see a bright future for the credit union sector, but change is inevitable and that change is happening,” he said.

The name Elevate was proposed by Jimmy Harte, a transition year student at Rochestown College.

Explaining his choice, Jimmy said: “Elevate represents progress and reaching higher aspirations. With the amalgamation of credit unions, they are striving for improvement and aiming to achieve new heights with their goals and objectives.”

Douglas Credit Union has awarded the teenager with a financial bursary towards his education.

Elevate was chosen from three shortlisted names.

The new bigger credit union will offer members access to a wider network of branches and a broader range of financial products.

Douglas Credit Union’s merger with Glanmire & District Credit Union follows a previous merger with Passage West & Monkstown CU in 2016.

CEO of Elevate Credit Union, Roy McKnight, said the new merger “represents a union of strengths, resources, and dedication” which will help to better serve the local communities.