Restrictions on Credit Unions must be eased

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Nonsensical restrictions on lending by Credit Unions must be eased, according to East Galway T.D. Paul Connaughton.
The matter was raised by Deputy Connaughton during a Topical Issues debate in the Dáil and in recent weeks he has been meeting with local Credit Unions to see how the restrictions are affecting people on the ground.
‘I have been meeting with Credit Union staff across East Galway in recent weeks. Credit Union staff find themselves in a very difficult situation, prohibited from doing what they want to do, to lend to clients who have a good track record and need a loan to buy a car or carry out house improvements.
‘The restrictions currently imposed by the Central Bank are too great. If rural Ireland is to be rejuvenated, the Central Bank will have to ease restrictions on Credit Unions, who were never at fault for the banking collapse. Credit Unions need to be supported not hindered and this is a matter that I will continue to raise at every opportunity.’