Kieron Brennan, CEO Irish League of Credit Union said that “the announcement that a bank has taken over a credit union was a sad day for the Irish credit union movement which has delivered extraordinary service to its membership for more than 50 years.”
“The news is ever more disconcerting when one considers that in the last five years the Irish banks, which cost the state €64 billion continue to remain moribund. There has been no significant lending and their mortgage arrears problem continues to escalate. In this environment, credit unions, while not shielded from the general economic difficulties, remain a coherent social and economic force in society. Notwithstanding the recent difficult climate, credit union membership continues to increase, especially over the period of entrenchment in the economy.
He said it is important that the government to everything to ensure that the credit union movement is safe guarded.