Timeframe for CU report ‘extremely tight’

THE Irish League of Credit Unions (ILCU) has called the timeframe granted to the new Commission on Credit Unions to report its recommendations to the Department of Finance “extremely tight”.

The commission was established earlier this month as a think-tank comprising industry representatives (including the ILCU), with the view to compiling a series of recommendations for the movement’s long-term structure and regulation. The new body is set to present Finance Minister Michael Noonan with an interim report in September, before giving him a more detailed report next March.

Following the Commission’s first meeting, last Monday, senior management at the ILCU — a major voice on the Commission — sent its members a memo setting out its vision for the future of the credit union movement. In it, they noted that “the timeframe for the extensive work which the Government requires the Commission to carry out is extremely tight”.