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Credit Unions
Credit unions next for stress tests
Central Bank and Financial Regulator announce plan to review credit union sector.
CREDIT UNIONS are the next financial institutions to be examined by the Central Bank and the Financial Regulator. Minsiter Lenihan requested the review of the credit unions to identify the laws and regulation required for the sector.
The first phase of the review will focus on the finances and risk profiles of credit unions across Ireland.
A joint statement from the Central Bank and the Financial Regulator today said:
In the current challenging economic environment it is important in the interest of members and the sector as a whole that there is a strong and healthy credit union sector.
They said that “strong leadership” of the credit unions will be necessary for steering them through “these uncertain times.”
There are over 500 credit unions with 2.9 million members in Ireland, according to the Irish League of Credit Unions.
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