Red tape delayed credit joint venture

ONE of Cork’s top credit unions was held up for two years by regulatory red tape when it tried to implement a ground-breaking joint venture with investment giant Royal Liver, it has emerged.

Bishopstown Credit Union, which offers services to 20,000 members from offices in Wilton, Ballinhassig and the Curraheen Road, made a decision to provide additional financial services such as life cover and critical illness policies in June 2003 but was unable to get the green light from regulators until earlier this year.

The credit union met with the Financial Regulator four times in an attempt to get clearance for the joint venture, which was eventually launched last May. But it took the unprecedented step of writing to the Competition Authority to highlight its dissatisfaction with the slow progress of the talks and claimed the regulator had placed extra obstacles in the way of the project.