Credit unions win concessions

Credit unions have won concessions from the Government in relation to the planned new State regulatory authority, the Central Bank Commission. It emerged on Thursday that the Government had decided to amend the Central Bank Bill in response to credit union lobbying.

The credit union movement had been particularly concerned about measures requiring them to put aside 20 per cent of any loan that was rescheduled. They said this would have reduced the value of dividends to their members.

The unions were also worried about their ability to appeal changes to their operations.