Movement ‘should keep focus on poor’

Delegates at the AGM of the Irish League of Credit Unions (ILCU) gave a generally positive reaction to the report of the Commission on Credit Unions, with the proviso that the movement should continue to be able to help poorer people.

The report and its recommendations, which will bring far-reaching changes in the way credit unions operate, were debated for four hours during the weekend conference.

ILCU chief executive Kieron Brennan said afterwards there was a mood to embrace change and look at new services for the 3m members of the Republic’s 404 credit unions.

However, some members were concerned about keeping the ethos of the movement and did not want it to lose the ability to help the marginalised and less well-off in society, he added. “They want to remain in a position to do that,” Mr Brennan said.

The report dominated the AGM and delegates adopted a “reasoned and mature attitude”, he said.

Earlier, in his address to delegates, ILCU president Jimmy Johnstone said while time was needed to digest and comprehend the report, they wanted to see implementation of the recommendations.

“We recognise the need for change and are willing to play our part in managing that change,” he said.

“The challenge is to take the lead in the new order of things. We must take the opportunity that presents itself now to be the masters of our own destiny. Credit unions are successful leaders in the world of co-operative finance.”

Almost 60% of the Irish population are credit union members. The average credit union loan is for €8,300 and loan arrears are reported to be €1bn.

Around 120,000 new members have joined credit unions in the past two years.

Total savings are almost €11.6bn and total loans are at €5.36bn.