A phased review of the assets of credit unions was initiated two years ago due to concerns about the future stability of the credit union sector, a court has heard.

The High Court has refused to hear a legal row between the Central Bank and the Irish League of Credit Unions in private.

Maynooth Credit Union and the Irish League of Credit Unions (ILCU) is trying to force the Central Bank to hold a hearing into its regulatory behaviour in public.

Maynooth Credit Union and the Irish League of Credit Unions are expected to seek leave from the High Court next week to mount a legal challenge to regul-atory restrictions imposed by the Central Bank.