Under new rules, nearly 300 credit unions have been told by the Central Bank of Ireland to limit the amount of loans they distribute each month.
The Credit Union Managers' Association, a trade group, said it is receiving letters from credit unions saying the Central Bank has informed them to restrict their lending. The bank's new rules caps some credit unions at a maximum monthly lending limit of 100,000 Euros or approximately $127,650.
CUMA said it has contacted the Central Bank about its concerns with the new rules. CUMA representative Selina Gilleece said while credit unions have been affected by Ireland's recession, "they have weathered the worst of it so far."
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