TThe country’s 430-strong credit union sector faces the prospect of forced consolidation when the Central Bank announces the results of stress tests at the end of the month, according to The Sunday Business Post. The newspaper says credit union sources believe as many as 100 branches could go and the rest would be merged into around 50 larger ones with €16 billion in assets. The ambition appears to be the creation of a viable replacement for EBS and Irish Nationwide. Former chief executive of the Credit Union Development Association, Bill Hobbs, estimates the movement will need €650m in state support to address likely losses over the next few years.
Tags: Credit Union