Struggling Credit Unions In Co. Wexford May Be Forced To Amalgamate

STRUGGLING CREDIT UNIONS IN CO. WEXFORD MAY BE FORCED TO AMALGAMATE

Credit Unions in County Wexford could see an amalgamation of some or all branches.

There are seven operating in the county and any mergers could reduce that number by half.

Low demand for loans and falling interest rates have impacted negatively on income in the sector, increasing pressure on credit union branches to consolidate.

In total there are 374 credit unions in the State, each independently operated.

The Irish Independent reports that much larger groupings are now being formed as a means of cutting costs, which will result in the formation of super credit unions.

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