Credit unions claw back €19k per court case

Credit unions have been forced to go to the courts to recoup €3.6m in loans after lending up to 20 times more than they should have.

This year, 74 credit unions have taken 183 cases for unpaid loans averaging almost €20,000. In one case a credit union sought a judgment to recoup a consumer loan of over €675,000.

The figures emerged as the Commission of Credit Unions recommended a complete overhaul of the credit union system, suggesting that up to 100 institutions may merge.