COVID-19 has presented significant challenges for Credit Unions.
The major issues are declining loan demand, an increase in credit control considerations and other operational matters such as HR, Liquidity and Capital management.
We set out below 6 main areas of focus by Credit Unions during this unprecedented period and some areas for consideration under each.
2. Credit Control Matters
5. Governance & Regulatory Functions
6. Liquidity, Viability & Reserves Management
This is an evolving situation. Credit Unions have been identified as an essential service and it is important to adopt a Business as Usual approach. However, this needs to be done within the HSE and other best practice guidelines and while maintaining appropriate governance and oversight.
For more information on any of the above, if you would like to talk to our Credit Union team or if you have any queries, we would be happy to hear from you.
Colm O'Grady - Audit & Business Advisory Partner
Ronan Kilbane - Audit & Business Advisory Partner
Michelle O'Donoghue - Audit & Business Advisory Director
Aine Dunne - HR Consultant
Our offices are strategically located to service our market and are easily accessed from any location nationwide.
Park View House,
Beech Hill Office Campus,
Clonskeagh, Dublin 4,
D04 X7V2, Ireland
RBK House, Irishtown
N37 XP52, Ireland
RBK House, Castle Street,
F42 NR79, Ireland