Bill clears way for €250m credit union bailout

The early enactment of the Credit Union Bill has cleared the way for a taxpayer-funded bailout of the credit union sector to the tune of €250m.

Finance Minister Micheal Noonan welcomed the enactment of legislation to implement the report by the Commission on Credit Unions and provide for major reforms in the sector.

Mr Noonan said: “This is the first major overhaul of credit union legislation in 15 years. It is the product of extensive engagement with the credit union movement through the Commission on Credit Unions report.