Credit unions have welcomed plans for an independent review of the sector. The Central Bank and the Financial Regulator yesterday announced plans for the review.
Accountants Grant Thornton will carry out the review, which was requested by Finance Minister Brian Lenihan. The first phase will look at the financial position of credit unions.
The CEO of the Irish League of Credit Unions, Kieron Brennan, said he sees the review as an opportunity to strengthen the credit union movement, and allow it to take a more influential position in Irish society.
Mr Brennan welcomed moves to establish a regulatory and legislative framework for the sector, but said that credit unions must be treated as the unique, volunteer lead, locally-based not for profit financial institutions they are.
He added that the credit union movement is vast, comprising over 10,000 volunteers, nearly three million members, and 500 credit unions.
Overall he said he believes it is in good financial health, but accepts that there will be areas for improvement.
