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.

The organisation tasked with facilitating the restructuring of the country’s credit unions, including through providing financial support, was first able to forward monies to credit unions just a fortnight ago, 23 months after being set up.

The early enactment of the Credit Union Bill has cleared the way for a taxpayer-funded bailout of the credit union sector to the tune of €250m.