Credit unions threaten banks

CREDIT Unions will benefit from customer disillusionment with the main commercial banks, the chief executive of the Irish League of Credit Unions, Liam O’Dwyer claimed yesterday.

He said this disillusionment is likely to encourage more people to conduct a greater amount of their financial business with credit unions. Recent stinging criticism of the main banks by the Director of Consumer Affairs should provide people with “food for thought”, he added.

“Bank customers have a clear choice. They can either stick with banks that pay mere lip service to the concept of a fair deal for customers, or they can seek loans, and place their savings, with credit unions that are there specifically to cater for the needs of their co-owning members,” he said.