Credit unions ‘may be main lender in 50 towns within five years’ via IrishTimesBiz
The Credit Union Amendment Bill 2022, aimed at enabling credit unions to co-lend and collaborate more at a time when the mainstream banking sector is shrinking, passed through the Seanad last week as it makes its way through the legislative process.
The draft laws will also give the Minister for Finance the authority to set a minimum interest rate for the industry, fixed at 1 per cent per month. This will give credit unions more flexibility to price risk in a rising interest rate environment, according to the Department of Finance.
The Department of Finance retail banking review, published last month, said that credit unions “could play a greater role in the provision of retail banking products and services in the coming years”, as the number of retail banks in the market shrinks to three amid the exits of Ulster Bank and KBC Bank Ireland.
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