Credit unions to be allowed increase cost of loans
Minister plans to allow interest rate rise on personal loans despite Cabinet opposition
Minister plans to allow interest rate rise on personal loans despite Cabinet opposition
Minister for Finance Paschal Donohoe looks to amend legislation to increase interest rate cap for credit unions
Higher-risk loans could pave way for ‘aggressive moneylending’, Ministers claim
Concerns signalled earlier this year about unions becoming involved in mortgage market
However, bank says it is ‘willing to consider’ amending long term lending limits
With lending down by 45%, Ireland’s credit union movement is in a slow decline
Government-commissioned report recommends review of regulatory lending limits
Credit unions must apply for permission to retain single account deposits over €100,000
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