Credit where it’s due

IN THE last five years, the banks, which cost taxpayers €64bn, continue to remain moribund. There has been no significant lending and their mortgage arrears problem continues to deteriorate.

In this environment, credit unions, while not shielded from the general economic difficulties, remain a coherent social and economic force.

Membership continues to increase, especially over the period of entrenchment in the economy. The increase in membership may also be a result of the disenchantment with the banks.