Credit union probity guides

The Central Bank has formally published new fitness and probity guidelines for the credit union movement, in a bid to improve governance standards across the network.

While the new credit union registrar, Sharon Donnery, said last week that initial implementation of the guidelines has been put back from the beginning of next month to the start of August, the regime will still be introduced on a phased basis, as recommended by last year’s Commission on Credit Unions report.

The new code requires that credit union managers and senior staff must be competent and capable; must act honestly, ethically and with integrity and be financially sound.