Just 8% of Credit Union fund used

A maximum of just €20m of the €250m set aside by the State in order to restructure the credit union movement will be used by the time the Credit Union Restructuring Board (ReBo) is wound down, with the remaining funds set to be pumped back into the Government’s reserves.

Ultimately, however, the restructuring of the sector could see the total number of credit unions fall from 425 in 2006 to around 300 by the end of next year.

The progress review of ReBo, published this morning, shows that just over half of the credit unions in Ireland have engaged with the Board since its inception in 2012.