Central Bank appoints advisers to beef up credit union regulation

The Central Bank has appointed a number of major accountancy firms to help assist it with its increased regulation of the credit union sector.

The appointment of the firms comes against the background of 189 credit unions operating with lending restrictions and with less than 10%, or only 18, allowed to lend €40,000 and more.

This has prompted Fianna Fáil’s finance spokesman Michael McGrath to claim the credit union sector “is now overburdened with regulatory restrictions and limitations which is stifling its growth potential”.