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Article: How credit unions are 'losing out' to banks.(BUSINESS)
- Article from:
- Irish Independent (Dublin, Republic of Ireland)
- Article date:
- March 23, 2007
CopyrightCOPYRIGHT 2007 Independent News & Media PLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Charlie Weston Personal Finance Editor
BANKS and other finance houses are increasingly taking business away from credit unions, new figures show.
The ability of the 435 credit unions in the Republic to grow their loan books has been hit hard by intense competition from banks and other lenders.
Despite maintaining a healthy share of the savings market, credit unions have seen a slight dip in the rate of growth in that area also.
Lending and savings are the core areas of activity for credit unions.
Chief executive of the Irish League of Credit Unions Liam O'Dwyer admitted: "We are falling behind on the lending side. Credit unions have had difficulty ...