The Credit Union Restructuring Board (ReBo) has said it is expecting a significant number of credit union mergers in the coming months, as the 31 March deadline for merger offers is reached.
ReBo has facilitated 46 mergers involving 90 individual credit unions, with a further 130 expected to merge before the end of the year.
ReBo was established in 2013 to facilitate and oversee the voluntary restructuring of credit unions.
Commenting on the upsurge in merger activity CEO of ReBo John Doyle said: “By the end of the year almost 60% of all credit unions nationally, representing 55% of total sector assets, will have restructured in some way.
“This will be achieved using less than €20 million of the €250 million set aside into the credit union fund for the purposes of restructuring.
“As a result of this proactive restructuring, these newly merged credit unions will be better positioned to deal with the challenges facing the sector,” he added.
