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New CU rules

New rules for credit unions, set to be introduced by the Minister for Finance, are expected to provide greater flexibility for borrowers.

The rules currently specify that only 20pc of a credit union's loan book can be made up of loans exceeding five years or more. But this is creating difficulties for borrowers who are now trying to reschedule their loans.

Although the specific details of the new rules have not been outlined, Eamon Kearns of the Department of Finance, said the changes will allow borrowers greater flexibility in repaying their loans.