Frequently Asked Questions
Proposed Merger Core Credit Union and Greystones & District Credit Union
Please click on the FAQs listed below:
About the Merger
Why are the credit unions merging?
Both Boards believe that merging will make us stronger, more efficient, and better able to serve members. It allows us to offer more services, reduce costs, and invest in technology and staff development.
When will the merger happen?
SGMs will take place in both Credit Unions on 25 August 2025. Subject to member and Central Bank approval the merger is planned for completion in September.
What will the new credit union be called?
The merged entity will be called Core Credit Union, but each branch will keep its local identity (e.g. Core Credit Union Kilcoole).
Is this merger a good idea?
Yes. It helps us grow, stay relevant, and continue offering great services to members in a changing financial environment.
Your Accounts and Services
Will my savings and loans stay safe?
Absolutely. Your savings are protected, and your loans will continue as normal. GDCU members will also be able to save more, as the savings cap of €20,000 will be removed.
Will I still be able to apply for loans?
Yes. Loan applications will continue in-branch as usual but remember you can also apply online or phone.
What new services will be available?
Members will gain access to:
• Current Accounts and Debit Cards
• Mortgages and Business Loans
• Improved online banking
• Life Savings Insurance (reintroduced)
• Members Prize Draw
• Extended Opening Hours
Will I need to re-register for online banking?
Yes, GDCU members will need to re-register. A link and support will be provided closer to the merger date.
I have accounts with both credit unions—what happens?
Your accounts will be linked under one login and savings will be combined into one account.
Branches and Staff
Will my local branch stay open?
Yes. Greystones, Kilcoole, and Newtownmountkennedy branches will remain open. In fact, Newtownmountkennedy will have longer opening hours from week one.
Will staff lose their jobs?
No, there will be no job losses. All staff positions are secure, with team members benefiting from enhanced training, development, and opportunities for advancement. Employment is safeguarded under TUPE regulations. Some staff members will be retiring as part of the merger, while a few others have chosen voluntary exit arrangements, which have been accommodated.
Will I still be able to call my local branch?
Yes. Calls will be centralised for better service, but you can still speak directly to your local staff if you prefer.
Meetings and Governance
Where will the AGMs be held?
A location accessible to all members will be chosen. AGMs will be hybrid, allowing for members to attend in person or online.
What happens to the Board of Directors?
The new Board will include directors from both credit unions. Initially, there will be 7 from Core and 4 from Greystones.
Security and Stability
Is the credit union financially strong?
Yes. Both credit unions are currently strong. The merger helps us stay that way by reducing costs and increasing efficiency.
Will the credit union be closed during the merger?
Yes, briefly:
Core offices: closed for 2 days
GDCU offices: closed for 4 days
Members will be notified well in advance.
Long-Term Benefits
Will members get better dividends?
Yes. By sharing costs and increasing scale, we aim to offer better returns to members.
Is there evidence that mergers work?
Yes. Credit unions in Ireland have merged successfully in recent years. These mergers have led to better services like mortgages, current accounts, and online banking. Members in larger, merged credit unions often get better interest rates compared to those in smaller credit unions.
Could Core close our branches in future?
The merger plan promises to keep all branches open, with upgrades planned for all three GDCU offices. Core CU has a strong record of updating branches, as seen in their new Dun Laoghaire branch—something GDCU members can look forward to soon.
