Monday 20 November 2017

Editorial: Credit unions must hang on to community connections

Newbridge Credit Union
Newbridge Credit Union

FEW things remain static and sometimes we can reflect that the only constant is change. For four decades the Irish credit union movement progressed slowly and changed hardly at all as it steadily grew into one of the finest community institutions in the history of this State.

As a not-for-profit people's banking system it brought self-reliance and community solidarity in money management to virtually every parish in the country. But the excesses of the boom years brought pressures to the credit unions in common with many other institutions and in a small number of cases serious damage was done.

As part of the repair and overhaul of one of the most important of our community bodies, the Government has been promoting the idea of merging and consolidating credit unions. Today our personal finance editor bring us news that almost one in three of Ireland's 392 credit unions is now considering a merger.

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