Friday July 10, 2020

Hard truth about the light touch

The credit union industry may have called off their regulators in the past, but an effective regulatory framework is now necessary for their survival.

7th March, 2009

Mitchlestown Credit Union made front page news for all the wrong reasons when it emerged that it had received a warning from the Financial Regulator to cease all business lending as its financial stability was under threat.

The problems at Mitchelstown came to light just weeks after the credit union regulator warned the government of a significant deterioration in bad debts after credit unions had made a €284 million provision for impaired loans last year.

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