Finance Minister urged to defer changes to Credit Unions

North West MEP Pat the Cope Gallagher is urging Finance Minister Brian Lenihan to consider deferring the introduction of proposed changes to the lending abilities of Credit Unions.

At present, the Creduit Union must have 20% of it's debts in reserve, but the new Central Bank Reform Bill includes a clause which would oblige the credit union to provide 100% in the event of a member defaulting on a rescheduled loan.

Mr Gallagher says this will hamper the credit union's flexibility.

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