Credit union merger warning

Consolidation within the credit union movement may prove more difficult than merger cases seen to date, the Central Bank has warned.

Addressing the annual conference of the Credit Union Restructuring Board, at the weekend, the registrar of credit unions Anne-Marie McKiernan said that the pick-up in the pace of voluntary restructuring needs to continue, and urged all credit unions which feel restructuring may be required to address the board.

“As the sector’s consolidation gathers pace, not surprisingly the more straightforward merger opportunities may soon be complete and future cases will face additional difficulties,” said Ms McKiernan.