DUBLIN, Ireland–A fund created by the government to help credit unions hit hard by the financial crisis to restructure their operations will not need nearly as much money as has been set aside for the task.
The Credit Union Restructuring Board (ReBo) was appropriated €250m funding in 2012 but said it will require only €20m to complete its work, according to Ireland’s Exchequer.
When the board was first set up, Ireland’s credit unions had more than €1bn in arrears and about 50 credit unions had reserve ratios of less than 10%.
Following an extension of its deadline, it is thought that ReBo will complete its work by late next year.
The Minister for Finance will then dissolve the board and the unspent money will be released, according to the Independent.
A total of 189 credit unions have engaged with ReBo at varying stages of the restructuring process, or about half of all CUs in Ireland.
The Irish League of Credit Unions (ILCU) has anticipated all of the funds would not be needed and has called on the government to work with them to see this money reinvested.