The Central Bank has expressed concern over the pace of recovery in the credit union sector, despite the recent restructuring of the industry.

More than 80% of credit union applications, seeking the removal of lending restrictions reviewed by the Central Bank, have to date been approved as the sector battles for greater freedom to lift lending levels from a 15-year low.

The Central Bank is planning a review of the country’s credit unions across a range of areas including an assessment of the quality of their loan books and value of investments.