Credit unions to fight Central Bank

Maynooth Credit Union and the Irish League of Credit Unions are expected to seek leave from the High Court next week to mount a legal challenge to regul-atory restrictions imposed by the Central Bank.

The case could have major implications for the almost 400 credit unions across the country.

It is claimed the regul-atory directions issued to Maynooth and a number of other credit unions this month severely restrict their ability to operate.