Bad debts force credit union revamp

Ireland’s 430cr edit unions are facing a wave of forced consolidation following the outcome of Central Bank stress tests on the sector at the end of this month, The Sunday Business Post has learned.

16th April, 2011

Ireland’s 430cr edit unions are facing a wave of forced consolidation following the outcome of Central Bank stress tests on the sector at the end of this month, The Sunday Business Post has learned.

Credit union sources said the sector could see up to 100 of the weakest local cooperative lenders shut down and the rest merged into a core group of up to 50 larger top-tier institutions.

Regulators are understood to be considering a...

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