Credit union money finally seems to have found a home

That applies equally for the approved housing bodies. And their commitment to a less profit-driven model makes the job all the more difficult.

For the credit unions, it is a welcome opportunity for a sector that is fairly strictly controlled by their regulator – the Central Bank – in what they can do with members’ money. In large part, this dates back to the voluntary nature of the movement. In most cases, certainly before the recent rapid consolidation among credit unions, management of member funds, investment and lending decisions has all been in the hands of enthusiastic volunteers with degrees of financial expertise that varies from extensive industry experience to that picked up in their credit union role.

But, to fulfil their role, they need to make a return on member savings. And in a climate where member borrowing has slumped, this has involved broadening the type of investments they need to consider. This fund, with its Central Bank sanction, seems a win/win for both sides of the deal at fairly low risk.

Source: News Formal (newsformal.com)

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