Central Bank urged to provide financial help

THE Commission on Credit Unions wants the Central Bank to step in to provide “financial assistance” to those credit unions deemed to be viable but in need of help.

It also wants the Central Bank to be given sweeping powers to oversee the way all of the 408 outlets around the country are run.

The commission said it is now critical that a distinction be made between those credit unions which are “viable” and those which are “not viable”.