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New body to review future of credit unions

The Commission on Credit Unions will also recommend the most effective regulation of branches. It has been warned that 80 of the institutions could face closure because of unpaid loans.

File photo
File photo

A NEW STATE body is to review the future of the credit union movement, the government said today.

The Commission on Credit Unions will also recommend the most effective regulation of branches. Yesterday one of the largest insurers of credit unions in Ireland warned that around 80 of the institutions could face closure because of unpaid loans.

The Commission will engage with the Department of Finance and make recommendations and exchange information on legislative proposals during the course of its deliberations.

The 12-member body will include former Senator Joe O’Toole and will be chaired by Queens University academic Prof Donal McKillop, It will compile an interim report by 30 September.

The Commission will complete its work with a final report to the Minister for Finance by 31 March next year.

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