Credit unions welcome scrapping of levy next year

Setting the Credit Union Institutions Resolution Fund levy at 0% for 2025 will save them a total of €2.5m

Irish League of Credit Unions CEO David Malone with the Governor of the Central Bank of Ireland Gabriel Makhlouf, and ILCU president Martin Busch. Picture: Robbie Reynolds

The Irish League of Credit Unions (ILCU) has welcomed the decision by Government to scrap the Credit Union Institutions Resolution Fund levy which it says will save its members €2.5m.

On Wednesday, Finance Minister Jack Chambers announced that the levy rate for 2025 has been set at 0%. This resolution fund is designed to provide a source of funding for the resolution of financial instability of a credit union if it is needed.