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Minister of State for Finance highlights publication of Financial Conditions of Credit Unions 2021 - Gov.ie

The Minister of State for Finance with responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming TD, welcomes the publication of the Central Bank’s Financial Conditions of Credit Unions report this week and notes some positive trends, including in relation to reserves.

This is the 8th edition of the Financial Conditions of Credit Unions report and while 2021 has been a challenging year due to Covid-19 the positive actions of credit unions have allowed them to navigate these operational challenges.

Commenting on the report, Minister of State for Finance, Seán Fleming TD said:

“I welcome the credit union sector’s work which has resulted in some positive trends for the year, especially in light of the difficulties posed by Covid-19. However, financial challenges remain not least the sectors low loan to asset ratio of 27.1%. To address this issue credit unions must continue to develop their business models.

I intend to discuss proposals emanating from the Government’s Review of Policy Framework with stakeholders shortly. These proposals have been formulated after extensive engagement with stakeholders and will assist credit unions in continuing to provide essential financial services to local communities”