Welcome alliance between post offices and credit unions


News that Credit Unions and Post Offices are to strike a deal to offer community banking services in smaller towns and rural areas was welcomed this week by East Galway TD Paul Connaughton, who first raised the possibility of such a deal some months ago.
‘This is an issue that I have raised on a number of occasions, both with the Minister for Finance, Michael Noonan T.D. and more widely at Government level. I very much welcome the fact that a trial is now underway in Limerick and am actively seeking a similar pilot project in County Galway as I believe that this is a common sense solution to the lack of banking facilities in rural Ireland and also the threat of closure facing many rural post offices.
‘The way forward is for Credit Unions and Post Offices to work together to fill the banking and business vacuum that currently exists in rural towns and villages. Joint services would make sense in terms of security and would also offer a welcome local option to rural dwellers in terms of accessing savings or arranging loans. Over the next number of weeks I will be working with all relevant stakeholders to bring this forward and hope that the relevant departments and ministers embrace this idea and get a pilot project underway in Galway similar to the trial currently ongoing in Limerick.
‘An alliance between Credit Unions and Post Offices makes sense, not just in rural areas such as East Galway but in many villages and smaller towns which have seen a withdrawal of banking services in recent years. There is also an onus on legislators to ensure that there is no impediment to prospective clients in terms of the banking services that such an alliance could provide and this is also something that I will be raising with the Minister for Finance in coming days.’