The country’s credit unions must change to take on the banks when it comes to mortgages and business lending, the Governor of the Central Bank said yesterday.
Speaking at the Irish League of Credit Unions annual conference, Gabriel Makhlouf said new laws now before the Oireachtas opens the door for radical reforms.
He added: “The Credit Union Amendment Bill provides a significant opportunity for the credit union sector to transform into a community based provider of universal retail banking products and services. However, to achieve this, the sector must be prepared to embrace change.
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“Restructuring has already resulted in significant beneficial change, including more business and home lending.”
Mr Makhlouf said the Central Bank urges all credit unions to consider strategic opportunities restructuring offers to achieve greater efficiency, build resilience, and build scale. He added: “Significant capacity exists within the existing limits for further home and business lending.
“The credit union sector has significant funds to lend.”
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