Credit union consolidation ‘likely’

THE Irish League of Credit Unions (ILCU) has said that further consolidation among local credit unions is likely in the coming year, but believes that the movement’s footprint across the country won’t suffer as a result.

Speaking yesterday, ILCU chief executive Kieron Brennan said that a number of member unions had approached the league looking at sharing services with neighbouring unions.

He added that figures published earlier this week — showing a 13% increase, this year to date, in credit unions chasing unpaid loans through the courts — shouldn’t come as a major surprise given the impact of the recession on customers.