Rules to put credit unions on secure footing

Proposed legislation from the Central Bank will introduce a raft of new rules for credit unions in the areas of reserves, liquidity and savings.

The draft legislation is aimed at ensuring the sector is put on a much more solid footing following the huge losses incurred over the past six years.

There will be a series of consultations with all stakeholders around the country over the next two weeks. Seminars will be held in Dublin, Cork, Kilkenny, Limerick and Athlone. Following this, a feedback document will be published next June with the new legislation scheduled to come into effect from the end of 2015.