Independent Review of Credit Union Sector
Media Release: 28 July 2010
Independent Review of Credit Union Sector
The Central Bank and Financial Regulator have announced that an independent strategic review of the credit union sector in Ireland will be conducted. The review was requested by the Minister for Finance to assist in the development of the credit union sector and to identify the legislative and regulatory framework required.
Commenting on the announcement, Kieron Brennan, CEO of the Irish League of Credit Unions said:
“This review of the credit union sector was announced over a year ago. The ILCU has also sought legislative review for some time. It must also be placed in the context of the restructuring of the overall regulatory authority”.
“This review as an opportunity to strengthen the credit union movement, and allow us to continue to have a real influence on our society. Throughout this process the ILCU will endeavour to have the credit union movement treated as the unique, volunteer-led locally based, not for profit financial institution that we have always been in good times and in bad times alike”.
He concluded by saying:
“The commencement of the review on credit unions announced yesterday by the Financial Regulator also allows us an opportunity to reflect on the current economic environment and the changed circumstances that many of our membership find themselves in as a result".
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