Credit union levy will create €30m fund
The Government has launched a consultation phase with credit unions until April 28 before it finalises a new regulatory regime for the sector. The aim is to set up a stabilisation scheme that includes steps to amalgamate or close credit unions that are considered not viable.
There are 390 Irish credit unions. Of these 195 have assets of less than €20m; 167 have asset of between €20m-€100m; and 28 have assets of over €100m. There are 20 credit unions with a total deficit of €11m.
