Credit unions ‘may not survive’ tough rules

Unless credit unions are permitted to broaden their business and current regulations are relaxed, they will not survive.

That is according to the chief executive of the Credit Union Development Association, Kevin Johnson, who told the Oireachtas finance committee that current regulation is severely curtailing credit unions’ ability to do business.

He said: “The regulation that has come into force over the last decade on savings, loans, and payment systems has resulted in credit unions permitted to do less business now than they could 10 years ago.