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