McCreevy back in battle with credit unions

FINANCE Minister Charlie McCreevy is back on collision course with the biggest savings group in the State, the credit union movement.

The Irish League of Credit Unions (ILCU), which represents 2.6 million small savers in 535 branches nationwide and savings worth some €6bn, has denounced efforts to change the way they are to be regulated. A weekend meeting of delegates in Galway agreed to urge all their members to lobby their local TDs to prevent the planned changes.

ILCU president John O'Regan said the new regime meant they will be treated much the same way as banks effectively ignoring that they are a voluntary, non-profit movement.