Central Bank hoping to persuade credit unions to join trial debt plan

Central Bank hoping to persuade credit unions to join trial debt plan

The Central Bank of Ireland is hoping to persuade a large number of individual credit unions to participate in its pilot scheme to deal with those in arrears with multiple lenders in spite of the Irish League of Credit Unions yesterday recommending to its 383 affiliates that they boycott the plan.

The Irish Times has learned that the Central Bank wrote to each of the country’s 396 credit unions on Friday inviting them to meetings where it hopes to persuade them to participate in its scheme, which is designed to provide solutions for borrowers unable to meet their repayments with various lenders.

The letters were issued by the registrar of credit unions Sharon Donnery, who is based at the Central Bank.

The regulator plans to host a series of information meetings around the country this month.

Read more in today’s Irish Times here.

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