Business Irish

Sunday 24 September 2017

Credit union restructuring chief will oversee multiple mergers

Credit union restructuring chief will oversee multiple mergers NOT many people know who Donal Coghlan is, but chances are his name will become familiar in the coming months.

Credit union restructuring chief will oversee multiple mergers

NOT many people know who Donal Coghlan is, but chances are his name will become familiar in the coming months.

Next Wednesday, Mr Coghlan takes up the role as chief executive of a newly created body, with the devilishly tricky task of overseeing multiple mergers among our almost 400 credit unions.

Some 100 to 150 credit unions may end up being folded into larger ones, in a process that is a tacit admission that the current model for the movement is broken.

He will need to hit the ground running if he is to have any chance of success in his new role, as chief executive of ReBo, the Credit Union Restructuring Board.

This is a State-appointed body that has resulted from last year's Commission on Credit Unions.

Credit unions are notoriously defensive, and fiercely independent, as Central Bank is finding out at present in its less than successful efforts to get credit unions to write off the debts of householders who are over-borrowed.

Standing to him is the fact that Mr Coghlan has been the manager of one of the biggest credit union in the state, the St Patrick's (ESB) one.

An accountant by profession, he can count on a difficult few months ahead.

Irish Independent

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