Proposed Merger Announcement

Cara Credit Union and Comhar Chreidmheasa Chorca Dhuibhne Credit Union

We are pleased to announce that we are in advanced discussions with our neighbours in Comhar Chreidmheasa Chorca Dhuibhne regarding a proposed merger. The Board of Directors is fully committed to keeping our members informed on the progress of any merger discussions. This communication forms part of the information process for you, our member.

Both Credit Unions have been engaged in positive discussions. We wish to assure you that these discussions are entirely voluntary. Both credit unions are financially sound, well-managed and are complying with all current legislative requirements. The purpose of the proposed merger is to secure the future of the Credit Union movement in Co. Kerry and to strengthen the credit union presence in the community for future generations of members.

In summary, this initiative provides assurance on the continuation of financial services locally in Chorca Dhuibhne through the Irish language, whilst also extending this offering to a wider group of members and provides our credit unions with the combined strength to meet the very challenging times ahead for the credit union sector. As the merger process evolves you will be provided with an information pack, which will give details of the financial position of both credit unions and the practical and tangible benefits for the members of each credit union.

Please feel free to call into one of our branches, where a member of our Management Team will be happy to answer any questions you may have on the proposed merger. We are confident this proposal will strengthen the future of your credit union. This proposed merger of our credit unions will be subject to the approval of the Central Bank.

Thank you for your continued support.

Eddie Enright                                         Pa Laide,

Chairperson                                        Chief Executive Officer