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Credit unions face review

THE Central Bank and Financial Regulator today announced the appointment of Grant Thornton to conduct a stress test on our credit union sector.

Grant Thornton will carry out an independent strategic review of the credit union sector in Ireland.

The first phase will concentrate on establishing the financial position and risk profile of the credit union sector.

The review comes at the request of the Minister for Finance Brian Lenihan "to assist in the development of a modern credit union sector, identifying the legislative and regulatory framework required to build a strong and sustainable sector".

"In the current challenging economic environment it is important in the interest of members and the sector as a whole that there is a strong and healthy credit union sector.

"The significance and scale of the sector means that the regulatory regime has to be adapted to ensure credit unions remain viable in a new financial environment," a statement from the regulator said.



adapted

"The significance and scale of the sector means that the regulatory regime has to be adapted to ensure credit unions remain viable in a new financial environment," the statement continued.


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