The Central Bank told the Irish League of Credit Unions that regulation was not the reason it was facing commercial challenges SAM BOAL/ROLLINGNEWSThe lack of a coherent business plan and increased competition from traditional lenders could potentially threaten the sustainability of the credit union sector, the Central Bank has warned. Patrick Casey, the bank’s registrar of credit unions, urged unions to focus on developing a “shared vision” to ensure their viability rather than putting forward “ad hoc” regulatory changes or product development suggestions. Mr Casey told the Irish League of Credit Unions’ annual meeting in Killarney that the bank was committed to supporting the sector but regulation was not the reason members were facing commercial challenges. “For years we have called for a clear vision for the credit union business models of the future. Clarity of vision and strategy would support more meaningful advocacy and engagement with…

Source: The Times April 30, 2018 22:52 UTC