Body to help credit unions releases just €3.5m

The organisation tasked with facilitating the restructuring of the country’s credit unions, including through providing financial support, was first able to forward monies to credit unions just a fortnight ago, 23 months after being set up.

The Credit Union Restructuring Board (ReBo) which was established as a legal entity from January 1, 2013, has drawn down just €3.5m, or less than 1.5%, of a €250m government fund — more than a third of which has been used for operational costs.

The Credit Union Fund, created under 2012 legislation, can be accessed by ReBo to provide stabilisation support to a credit union which holds an inadequate regulatory reserve; to fund operational costs; or to help a credit union’s voluntary restructuring efforts.