Overhauls needed to rescue the credit union sector

Credit unions helped to transform Ireland in the past. With the right moves, they can help do it again, writes Bill Hobbs

CREDIT unions are in serious trouble, their problems are getting worse and they are struggling to respond. One in every two cannot survive much longer as independent entities. One in four is in quite serious trouble. Less than 50 are financially strong enough to operate safely in today’s stressed economic times.

It is reckoned that the Central Bank’s regulatory strategy will see the network of independent credit unions consolidating from 409 down to about 100.