Credit unions to introduce debit cards

Around 11 of the country's largest credit unions are getting on board with a scheme to offer customers debit cards.

They will be on offer to as many as 250-thousand people, in a move that will shake up the current accounts sector, according to a report carried in the Irish Independent today.

The programme will start with a pilot scheme in Tullamore, Co Offaly.

By the end of 2015, it is expected that as many as 250,000 customers will be signed up to the service.

Fintan Ryan, head of the group of 11 Credit Unions involved in the scheme said pricing has yet to be set, but said it will be competitive and allow participating branches to compete "on an equal footing" with banks.

It is understood the move has been given the go-ahead to allow regional credit unions to target bank customers who have seen fees increase and local branches close in recent years.