Credit Union Reform in Northern Ireland

The expansion of credit union powers is central to the proposed legislative reform in Northern Ireland. One of the more significant proposals put forth in the recently released joint Treasury/DETI consultation is the granting of investment powers which would allow credit union assets to be re-invested into community enterprises.

http://socialeconomylegal.blogspot.com/2010/04/credit-union-reform-in-northern-ireland.html

Credit Unions in the Republic of Ireland have had such powers for some time and have employed them to some effect, with the credit union movement now one of the biggest social finance providers in the state. Indeed the southern experience illustrates the relative merits of the proposed move in Northern Ireland

Aidan Stennett has compiled an insightful paper for the NI Assembly on the legislative framework underpinning these investment powers.

http://www.niassembly.gov.uk/io/research/2008/11608.pdf

This framework will undoubtedly provide a useful template for any legislative changes in Northern Ireland that may arise