WHY IS CREDIT UNION LOSING KEY PERSONNEL?
Questions are being asked as to why Mitchelstown Credit Union has, in recent times, seen a steady haemorrhage of its key personnel. The most recent loss has been president, Pat Kent - a man who has given 15 years of service to the credit union in Mitchelstown.
Newly appointed manager, Benny McCarthy has given notice and is due to leave at the end of this month; credit controller, Annette Kiely who has served in excess of twelve years has also given notice to leave at the end of the month and just three months ago, assistant manager Bridget Leddy, a lady who filled practically every position in the credit union in her time, resigned after 33 years of service.
While we are assured there is no danger whatesoever to members’ savings, concerns are being expressed as to the direction the credit union, that was once one of the top credit unions in Ireland, is taking.
The Avondhu understands that Tuesday night’s board meeting was abandoned when a vote was called for, as apparently proper procedure was not being followed. Earlier this year, three members of the board walked out of a meeting in protest and two supervisors have resigned since Christmas.
When asked to comment by The Avondhu this week, Pat Kent confirmed that he did tender his resignation on Monday, July 28. However, he did go on to explain that when he accepted the post last December, he indicated that he would be reviewing his position after 6 months.
“I have spent 15 years with Mitchelstown Credit Union on a voluntary basis, 7 of them as a director. I have spent some time reflecting on the past and on the future and have had to take into account also my work and personal commitments. I am a huge cycling fanatic and I get involved in various tours during the year. Ultimately, I decided it was time for me to step down.”
Pat, who is assistant manager with Toss Bryan’s, Fermoy, said when he took the position of president last December, he did so with the hope that he would be able to ‘do new things’ and that he might be ‘a breath of fresh air’. “Unfortunately, the circumstances that prevailed, didn’t allow for that,” he said.
Pat went on to speak about the amount of commitment a position with Mitchelstown Credit Union takes.
“It’s a commitment that cannot be taken lightly. It is a huge financial co-op with membership totalling 17,000, shares and assets in excess of €90 million, loans of approximately €35 million and over €45 million in investments. To ensure that this is managed correctly is a huge task that takes many hours of careful consideration and consultation between investment advisors, board and management.”
“There has been a huge loss of personnel, i.e. staff, management, board, supervisors and committee members. You will ask what is wrong. I can’t answer that question.
I can only at this point make one recommendation to the board and that is, that a director only be allowed serve a 7 to 8 year term. This would help encourage new talent as there are a lot of young, vibrant people out there that should be given the opportunity to serve on the board.”
Concluding, Pat said he would like the opportunity to wish Bridget Leddy well in her new position and also Benny McCarthy and Annette Kiely, the latter who will be joining Charleville Credit Union as assistant manager shortly.
Extending best wishes to the present staff and board of directors he said ”I wish you well in your challenges – they are huge!”
In years past, the resignation of a board member or of someone in a supervisory role from Mitchelstown Credit Union, seldom if ever happened. A place in any of the committees or a seat on the board was seen as a prestigious appointment. Why then this drain of hugely talented people from a credit union they were all so proud to join?
When contacted for a comment on the matter, a spokesperson for IFSRA (Irish Financial Services Regulatory Authority) said they could not comment on an individual institution.
Thursday 7th August 7:30pm