Ireland’s credit unions are facing a “material” increase in arrears as the economy continues to contract, the deputy registrar of the group of local co-operative banks said today.
“We are currently seeing significant increases” in arrears, James O’Brien said in speech today.
“In terms of the true impact of the economic contraction on credit union loan books, the numbers we are seeing now may not be reflective of the true arrears picture given the normal time lag for arrears figures to feed through,” he said.
Bloomberg