FUTURE OF CREDIT UNIONS

The Oireachtas Committee on Finance, PER & Reform published a report on review of the role Credit Unions in Ireland.

The report has a number of key recommendations

Credit Unions are not suitable for one size fits all regulation. The Committee is calling for the 2012 recommendation of three tiered regulation of the Credit Union Sector to be implemented

Term limits on loans to be extended. At present only 26% of Credit Union funds are lent to members for productive purposes. This is not sustainable for the sector

The Common Bond for Credit Unions must be retained to ensure they retain their roots in the community that makes Credit Unions such an effective service

The report is a cross party effort and it is an effort on the part of Oireachtas members to ensure Credit Unions have a roadmap of how to develop in future. There are a total of 27 recommendations in the report and I look forward to it being debated in the Oireachtas in the near future.