Shannonside credit union chief says there’s no appetite to raise interest rates

A Shannonside credit union chief has said there’ll be no rush among the institutions to increase their interest rates.

Joe Currid, chief executive of Boyle Credit Union, made his comments as it emerged the Minister for Finance is to allow credit unions increase the cost of loans they offer customers.

At present credit unions are limited to charging customers 1pc a month on personal loans and the move would see this rise to 2pc.

Advertisement

The Sligo native said one of the core principles of the credit union movement is to keep interest rates low and that’s not going to change.