The manager of Ennis Credit Union feels it’s unlikely that customers are going to be facing higher interest rates, even if the current rules change.
It comes as the Finance Minister has asked officials to begin preparing legislative changes needed to allow credit unions charge higher rates on loans and finance products.
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It would see interest rates rise from 1% per month to 2% but would need to be approved by the Cabinet in the first instance.
Louis Faye from St Francis Credit Union in Ennis says it’s a risk many institutions won’t take:
