Credit unions have been encouraged by the Governor of the Central Bank to lend more for mortgages and businesses. There has been a string of mergers and takeovers of credit unions over the past few years, encouraged by the Government and the registrar of credit unions, which is part of the Central Bank. This has seen the total number of credit unions in the State fall from 274 in 2017 to 205 trading credit unions at present. The Credit Union Amendment Bill will allow credit unions compete with banks. This involves the amalgamation of credit unions or the transfer of their activities to another credit union.

Source: Irish Independent November 11, 2023 22:45 UTC