Giving value for money to customers will become a serious issue for credit unions when EMU brings a fall in interest rates, according to the latest edition of the Credit Union Review.

"While credit unions, as a general rule, do provide value for members at present, the impact of EMU may seriously affect the way we do business and the rates we charge and give," according to an editorial in the review.

It adds that certain credit unions "have pioneered various approaches" to giving decent returns to customers despite a climate of falling interest rates. It says all credit unions should learn from these approaches.

According to the Irish League of Credit Unions most credit unions have not reduced their interest rates in line with banks in recent years.