Delegates at the AGM of the Irish League of Credit Unions (ILCU) gave a generally positive reaction to the report of the Commission on Credit Unions, with the proviso that the movement should continue to be able to help poorer people.

Finance Minister Michael Noonan is to set up an implementation group in the coming weeks to put in place recommendations for an overhaul of credit unions.

Finance Minister Michael Noonan has told the annual general meeting of the Irish League of Credit Unions that the Government believes they continue to have an important role to play both in the financial sector and in Irish society.

The Government is set to publish legislation facilitating major change to the credit union industry by the end of June.

Up to 100 credit unions may seek to merge to secure their future over the next four years, according to estimates.

A final report by the Commission on Credit Unions has recommended that the sector be restructured on a voluntary basis through amalgamations and transfers.

ONE in seven credit unions failed to keep enough reserve cash to meet emergencies and loans worth over €1 billion are in arrears.

THE country’s 408 credit unions hold over €12 billion in savings on behalf of 2.9 million members but the Commission on Credit Unions has found that a worrying 27 unions are “seriously undercapitalised” and total arrears are over €1bn.

Twenty-seven credit unions around the country are in serious financial difficulties and that number will soar in the coming months, it has been warned.

Around 50 of the country's 400 credit unions are in "serious difficulty".

THE Irish League of Credit Unions (ILCU) has said that further consolidation among local credit unions is likely in the coming year, but believes that the movement’s footprint across the country won’t suffer as a result.

Only 50 credit unions may survive the upheaval, writes Bill Hobbs

THE Government faces having to cut social welfare as part of a range of tough targets that must be included in December’s budget.

SOME credit unions could face an uncertain future after the Government pledged to “restrict” the operations of those in most trouble as part of an overhaul of the sector.

THE Irish League of Credit Unions (ILCU) has called the timeframe granted to the new Commission on Credit Unions to report its recommendations to the Department of Finance “extremely tight”.

THE new Commission on Credit Unions will issue its recommendations for the long-term structure and regulation of the movement to Finance Minister, Michael Noonan in three months time, ahead of a more detailed report next March.