Credit unions consider funding changes

Proposed changes to the way in which Ireland's credit unions are funded are due to be considered at a special general meeting today.

Up until now, commissions on insurance paid funded the unions.

However, many of the country's 530 Credit Unions want more transparency in charges, where members pay only for what they get.

A decision on whether to accept the proposals will be taken at the special general meeting of the Irish League of Credit Unions in Galway today.

The League's president, John O'Regan, said: "They are anxious to fund the league directly and as a result of that, the commissions or the insurances would be reduced so that the insurances would be competitive and offering best value."