Credit union sector revamp to cost €230m less than budgeted

More than 90 per cent of the €250 million in State cash set aside to help restructure the credit union sector will be returned to the exchequer.

The Credit Union Restructuring Board (ReBo), which was set up to help stabilise the sector in 2012, has told the Government it will require only €20 million of the public cash to complete its work.

The Government has said that close to half of the credit union sector engaged with ReBo, which after a deadline extension will complete its work late next year.

It will then be disbanded and its remaining cash released.

Sinn Féin finance spokesman, Pearse Doherty has called on the Government to use the remaining ReBo cash for community investments such as social housing and the financing of SMEs.