Credit Unions 'may merge smaller branches'

It is likely some smaller credit unions will be merged as part of restructuring in the sector, the Credit Union Development Association's AGM has heard.

The Annual General Meeting has also heard that many are still struggling to tackle arrears.

The registrar of Credit Unions, Sharon Donnery, has told delegates at today's AGM that Credit Unions have experienced a 40% drop in total interest income since a peak of €600m in 2009.

She also said that loan books held by Credit Unions are continuing to fall with 47% of them having arrears of more than 30% of their loan book - the average sector arrears at the end of September last were slightly above 19%, with total loans worth around €4.5bn.

Ms Donnery said in light of the current situation, some restructuring within the sector is essential, if it is to be sustainable for the future.

This means some credit unions may be merged, leading to some dilution of local control.

More in this Section

PSNI search country park in Royal Marine terror probe

Injured US tourist, who felt she was 'being held hostage' by Irish healthcare system, airlifted home

Man due in court in connection with seizure of suspected stolen goods

A quarter of the electricity used in Ireland is now renewable


Today's Stories

Apple tax issue may end the coalition romance

50 soldiers sue over malaria medicine

First all-Ireland luxury sleeper train begins week-long rail tour

Cork GP to face sanctions after ruling

Lifestyle

James Nesbitt and Hermione Norris on why the time is right for the return of Cold Feet

Get a Fair Deal with costs of care homes for elderly

Pablo Escobar’s life on the line in Narcos season two

How to buy the perfect laptop for college

More From The Irish Examiner