Central Bank concerned about pace of credit union recovery

The Central Bank has expressed concern over the pace of recovery in the credit union sector, despite the recent restructuring of the industry.

Addressing the annual conference of industry representative body, CUDA, over the weekend, the Central Bank’s registrar of credit unions Anne Marie McKiernan said her department will continue to support restructuring within the sector even after the conclusion of the credit union restructuring board’s (ReBo) mandate at the end of March.

ReBo’s last progress report, issued in October, showed that just over half of the credit unions in Ireland have engaged with the board since its inception in 2012.