DUBLIN, Ireland–A consultant here is recommending Ireland’s credit unions borrow a page for Canada and pool all of the assets of the country’s credit unions to then create a central organization that would act collectively.
According to the Independent, management consultant Eddie Malloy recommended Ireland’s CUs combine their €14-billion in assets in order to more effectively compete with banks. Molloy said CUs on the Emerald Isle look to the Canadian model in which here is a federated system with a strong central structure.
There are 334 credit unions in Ireland representing three-million members.
Molloy said the current model does not allow credit unions to tap their collective strength. His recommendations come after being retained by the Irish league of Credit Unions to develop a “transformation plan,” according to the Independent, which said the plan calls for involvement by CUs that belong to a rival trade group, the Credit Union Development Association.