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Dublin: 7 °C Friday 21 February, 2020

Are Credit Unions and An Post teaming up to take on banks?

The answer is a strong maybe.

Image: Eamonn Farrell/Photocall Ireland

THE IRISH LEAGUE of Credit Unions says that there no widescale plans to team up with post offices – but a pilot project is being examined.

A plan outlined in today’s Irish Independent was called “wildly speculative” by one source, but the Irish League of Credit Unions (ILCU) says that a link-up in Limerick is being discussed.

The plan is being designed to provide micro finance for people on social welfare, in order to stem the flow of people taking money from moneylenders.

The plan is said to be in a “very early stage” and will be discussed by the board of the ILCU in the coming weeks.

An ILCU spokesperson told that the plan would see the institutions sharing services.

“A number of credit unions in Limerick are in very early stage discussions with An Post regarding the potential to cooperate in relation to the delivery of certain services.

In particular, discussions are exploring the potential to develop a micro-loan facility for social welfare recipients, with a view to guiding people who are seeking credit away from using moneylenders which can charge exorbitant rates of interest.

“The participating credit unions in Limerick and An Post are also examining whether there may be common ground to explore other methods of cooperation, which would offer mutual benefit.”

Read: Why a difference in valuing buildings is causing many credit unions trouble

Read: Credit unions say they knew nothing of “illegal snooping”

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