The man responsible for supervising credit unions has said members who hand over savings to credit unions should expect nothing less than the highest level of competence from boards and managers.
Registrar of Credit Unions James O'Brien also said that, in these uncertain times, paying out high dividends was no longer sustainable at many credit unions.
He also told the Credit Union Managers' Association that they were in a pivotal position between credit union boards and members. But Mr O'Brien that too often, problems in some credit unions had been exacerbated by board relinquishing control to a manager. He said this was not acceptable, and boards must be held accountable for the running of their credit unions.
Mr O'Brien added, however, that managers must also be held accountable. He said he wanted the position of credit union manager more formally recognised in legislation, and would also be seeking to put arrangements in place to ensure that managers had the necessary experience and competence for their post.
