Overhaul of credit union sector to focus on risk profile, says Lenihan

A MAJOR review of the credit union sector will focus on establishing the financial position and risk profile of the credit unions, Finance Minister Brian Lenihan has said.

Yesterday, the Central Bank and Financial Regulator selected chartered accountants and management consultants Grant Thornton to conduct an independent strategic review of the credit union sector.

The review aims to assist in the development of a modern credit union sector, identifying the legislative and regulatory framework required to build a strong and sustainable sector.