Regulator stresses urgency of credit union reform

The credit unions regulator has said that “time is of the essence” with regard to the restructuring of the sector, warning that the time it takes to introduce proper governance structures could prove a barrier to the sector developing at pace.

James O’Brien, the registrar of credit unions at the Central Bank, also confirmed his office is closely watching 100 credit unions over concerns about rising loan arrears, with 28 having sought aid within the past year via the emergency savings protection fund managed by the Irish League of Credit Unions.

Mr O’Brien was addressing delegates at the Credit Union Regulatory Forum in Limerick, the first of a series of nationwide forums running to the end of this month.