Thursday, 19 April 2012

Restructuring credit unions via @independent_ie

http://www.independent.ie/opinion/editorial/restructuring-credit-unions-3085535.html

The final report of the Commission on Credit Unions, which was published yesterday, is likely to usher in major changes to the credit union movement. The future is likely to be one of fewer, larger credit unions offering a wider range of services to their members.

In common with other financial institutions, the economic downturn and the resulting bad debts has hit the credit union movement hard. With 51 of the country's 403 credit unions failing to meet the requirement that their reserves exceed 10pc of their assets, of which 25 are seriously under-capitalised, the need for reform is clear.
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