GALWAY CREDIT UNIONS RECOUP 116 THOUSAND EURO IN LOANS

Date Published: 23-Apr-2012

Over 116 thousand euro has been awarded to Galway Credit Unions so far this year to recoup consumer loans.

That’s according to figures compiled by business intelligence provider Vision-net.ie which show that just one judgement has been taken so far this year.

The data shows that last year, seven such cases were taken by Galway Credit Unions where consumer loans valued at over 170 thousand euro were recouped.

While none were recorded in the first or second quarter of 2011, five were pursued in quarter three and a further two in the last three months of the year.

Nationally, 74 credit unions have taken 183 cases of unpaid loans to the courts so far this year in an attempt to recover more than 3.6 million euro owed to them.

Almost one in five credit unions have been forced to take this action and in one case a credit union sought a judgment to recoup a consumer loan of over €675,000.

The figures emerged as the Commission of Credit Unions recommended a complete overhaul of the credit union system, suggesting that up to 100 institutions may merge.