Credit unions reject pilot debt scheme

The Central Bank has said its pilot debt restructuring scheme will go ahead without the involvement of the Irish League of Credit Unions (ILCU).

The rejection by the union of the Central Bank’s plans to restructure debts for borrowers, means those who owe money to credit unions in the ILCU will not be able to take part.

Kieran Brennan, the chief executive of the ILCU, said borrowers could ultimately end up in a worse financial situation if they engaged with the proposed scheme.