Galway Senator criticises central bank rules on credit unions
Galway bay fm newsroom - A Galway Senator has criticised new rules from the central bank which could curb lending in up to 21 credit unions in Galway.
Independent Senator Rónán Mullen says he is 'deeply concerned' over the decision to limit lending in around 200 branches across the country.
Ireland has over three million credit union members, the highest number in the European union.
It's not clear yet which of the 21 credit unions in Galway will be affected by the rules.
Senator Mullen is now calling on the central bank and Minister for Finance to draw up a new code of consultation and conduct for dealing with credit unions