The Credit Union restructuring Board (ReBo) has issued a report following the 31st March 2016 deadline for credit unions to enter into the restructuring process with them. After this date credit unions seeking to progress a voluntary restructuring solution who are not in receipt of a signed Letter of Offer from ReBo should contact the Registry of Credit Unions “RCU” directly. The RCU will continue to engage with credit unions to facilitate voluntary restructuring going forward.
At its board meeting on the 31st of March, the ReBo Board approved a further six mergers involving 14 credit unions. To date, there have been 119 projects involving 223 credit unions. Of these projects, 45 are now post re-structuring with a further 74 project at various stages on the re-structuring process.
Commenting on the upsurge in merger activity John Doyle, CEO of ReBo said:
“As ReBo draws closer to the completion of its functions, it has overseen a marked increase in the number of credit unions voluntarily adopting restructuring as a means of safeguarding the provision of credit union services to their members. By the end of the year almost 60% of all credit unions nationally, representing 55% of total sector assets, will have restructured in some way. This will be achieved using less than €20M of the €250M set aside into the credit union fund for the purposes of restructuring. As a result of this proactive restructuring, these newly merged credit unions will be better positioned to deal with the challenges facing the sector…”
You can read the full press release from ReBo here