Credit unions are breaking new ground in offering its 350,000-plus members a debit card.

The Central Bank has secured High Court orders allowing for the transfer of assets and liabilities from Killorglin Credit Union to Tralee Credit Union.

The Central Bank has reassured members of Killorglin Credit Union that their funds are protected and that all services will continue to be available to them following its transfer to Tralee Credit Union.

People in the south-west who never previously used moneylenders are now turning to credit agencies which are charging exorbitant interest rates.

Credit Unions around the country have reported a marked increase in demand for student loans.