PAC to consider credit unions' fund and future of sector

A Dáil committee is examining why only part of a fund aimed at restructuring credit unions has been drawn down.

The future of 139 credit unions is being discussed by the Public Accounts Committee this morning.

Representatives from the Central Bank, the Department of Finance and the Credit Union Restructuring Board will explain what progress is being made in securing their long term viability.

PAC Chairman Deputy John McGuinness says it's vital Ireland's credit unions are maintained.

"Because … the credit unions are so important to the country in terms of small loans and ensuring that the moneylenders don't grow in their sector, we'll look at today the need for strengthening the credit unions, and giving them the support they require."

The Minister for Finance has made €250m available for the sector.