Central liquidity fund for credit unions

THE Registrar of Credit Unions, James O’Brien, has reiterated the need for a statutory central liquidity fund for the credit union sector; adding that the existence of such a mechanism “has never been more important”.

Addressing the Joint Oireachtas Committee on Economic Regulatory Affairs yesterday, Mr O’Brien said the credit union movement in Ireland was facing “challenging times”, but it can have a bright future.

“There is no reason why the sector cannot come through in good shape, however this will depend on how boards and managers respond to the challenges. The future shape of the credit union sector depends on that response,” he said.