Thursday 19 October 2017

The sector provides a vital counter to banks - but league needs an overhaul

Charlie Weston

Charlie Weston

Just when credit unions are getting their act together, along comes another scandal to scare the wits out of the 2.9 million people who are members.

The news lately from the sector has been good. Losses have been reduced, many credit unions are back paying a dividend and most are meeting financial requirements set by the Central Bank.

Mergers are happening at a fast pace in the sector, as smaller units seek the safety of being in bigger entities. And large numbers of the State's 370 credit unions are offering electronic payments as part of member accounts, with many set to roll out debit/ATM cards to their members.

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