Credit Unions: Sector braced for closer scrutiny
The credit union sector is braced for four years of radical restructuring and closer Central Bank supervision, but will the independent institutions welcome the change, asks Jon Ihle.
The Credit Union Bill, which was published last Friday, implements the main recommendations produced by the Commission on Credit Unions last April. It was designed to help stabilise the €15 billion sector financially and to improve its governance, while also encouraging the community-based lenders to pool their resources and provide more services to their members.
Crucially, the bill affirms the power of the Central Bank to calibrate its regulation of the sector according to the...
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