Credit unions told they need €1.5bn and substantial reform to survive

CREDIT unions may need a financial injection of up to €1.5 billion and have been warned that they must adapt or many will face closure.

They were told, however, that if the right remedies are taken then the movement is sustainable and has a “key role” in Ireland’s future financial services sector.

Credit unions have been told that they must change their current practices, work together to reduce costs and improve efficiencies to ensure they have a bright future. Up to 80 credit unions could otherwise collapse.