Galway TD says Credit Unions are having their “hands tied” by red tape at Central Bank

From the Galway Bay FM newsroom: A Galway TD claims that Credit Unions have their “hands tied” by the Central Bank, as they try to replace disappearing bank services in rural areas.

The Credit Union Amendment Bill aims to give Credit Unions the power to provide additional financial services and oversee the establishment of a Credit Union Policy Committee.

In a Dail debate on the legislation, Deputy Michael Fitzmaurice said as bank services are withdrawn, Credit Unions will become the de-facto bank of rural Ireland.

He argued they’re the “life and soul” of many rural areas and they need to be put on a similar footing to banks.