ILCU welcomes announcement that CUs are considered 'essential retail outlets’

Posted on: 24 Mar 2020

The Irish League of Credit Unions (ILCU) today (Tuesday 24th March) welcomed the announcement by the government that credit unions are considered an ‘essential retail outlet’ in the ongoing fight against COVID-19. This comes on the back of Minister for Finance Paschal Donohoe publicly acknowledging the extensive work that has been ongoing across the credit union sector to ensure continuity of services to their members. The Minister also acknowledged the health and safety risks front line credit union staff are facing every day to ensure members continue to receive the support they need.

Commenting on today’s announcement, ILCU CEO Ed Farrell said,
“This is very welcome news for the credit union movement. Credit unions proved their collective resilience through the last economic downturn and they want to continue to provide financial services and supports to their members at this difficult time. They will endeavour to maintain continuity of services for members throughout the current crisis in as far as is possible. Members who are experiencing financial difficulties or who are anticipating that they may be facing into such difficulties in the coming weeks should make contact with their credit union immediately to discuss what arrangements can be put in place for them. In the interests of social distancing, I would urge members to make contact by phone, email, or on line in the first instance and if a face to face meeting is required an appointment will be made by the credit union.”



Notes for Editor

1.       The ILCU currently represents 226 credit unions affiliated credit unions in the Republic, with total assets of €16.22 billion, and total savings of €13.55 billion.

2.       There are 3.16 million members of ILCU credit unions, and they have loans outstanding of €4.46 billion.

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