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Dublin: 2 °C Tuesday 19 November, 2019

#Credit Unions

# credit-unions - Monday 8 November, 2010

Credit unions may need major restructuring

The registrar of Credit Unions says some will not survive the downturn.

# credit-unions - Thursday 26 August, 2010

A SURVEY OF IRISH credit unions shows that the vast majority – 90% –  of branches believe an image change is in order if they are to attract new customers.

The same percentage also said they also wanted a change of leadership in the sector.

The results of the independent survey were announced today at a credit union conference in Dublin, which was attended by members from all over Ireland.

Members also supported greater branch-to-branch cooperation, and even mergers. In May, the registrar of credit unions told an Oireachtas Committee that some credit uinions may not be able to continue as individual entities if they are facing serious funding issues.

90% of members also said they were optimistic about the future of the sector.

Last month, the Irish League of Credit Unions said it welcomed the appointment of independent consultants to review the sector’s financial standing, and told their members that their savings were safe.

# credit-unions - Tuesday 27 July, 2010

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.