An Independent Senator and North West European Candidate has hit out at the Central Bank’s attitude to Credit Unions, accusing it of being draconian.
Senator Rónán Mullen says new rules from the Central Bank will curb lending in up to 14 Credit Unions in Donegal and up to 200 nationally.
He’s concerned at the manner in which the Central Bank is approaching its role in the oversight of Credit Unions after the takeover of Newbridge Credit Union by the State-owned Permanent TSB last year.
He says the community credit system was an integral part of Irish life and our communities, and that needs to be recognised:
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