Reforms will help credit unions to survive and thrive

WE live in difficult times. Credit unions, like all businesses, are feeling the cold winds of recession biting at their balance sheets.

Credit union members have been deeply affected by unemployment and austerity measures which have put intense pressure on household budgets.

Nonetheless, credit unions have managed to avoid the virtual collapse experienced by the banking sector and have remained open for business, welcoming over 40,000 new members last year.