Credit Unions considered ‘essential retail’

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Irish League of Credit Unions welcomes announcement that credit unions are considered an ‘essential retail outlet’

The Irish League of Credit Unions (ILCU) welcomed the announcement last weekend by the government that credit unions are considered an ‘essential retail outlet’ in the ongoing fight against COVID-19. This comes on the back of Minister for Finance Paschal Donohoe publicly acknowledging the extensive work that has been ongoing across the credit union sector to ensure continuity of services to their members. The Minister also acknowledged the health and safety risks front line credit union staff are facing every day to ensure members continue to receive the support they need.

Commenting on the announcement, ILCU CEO Ed Farrell said, “This is very welcome news for the credit union movement. Credit unions proved their collective resilience through the last economic downturn and they want to continue to provide financial services and supports to their members at this difficult time. They will endeavour to maintain continuity of services for members throughout the current crisis in as far as is possible.

“Members who are experiencing financial difficulties or who are anticipating that they may be facing into such difficulties in the coming weeks should make contact with their credit union immediately to discuss what arrangements can be put in place for them. Every case will be looked on an individual case by case basis. In the interests of social distancing, I would urge members to make contact by phone, email, or on line in the first instance and if a face to face meeting is required an appointment will be made by the credit union. Some credit unions have arrangements in place to facilitate cocooning older members. Please check with your local credit union if they have such arrangements”.

The ILCU currently represents 226 credit unions affiliated credit unions in the Republic, with total assets of €16.22 billion, and total savings of €13.55 billion.

There are 3.16 million members of ILCU credit unions, and they have loans outstanding of €4.46 billion.

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