Credit Union Restructuring Board (ReBo)
The Commission on Credit Unions recommended the establishment of ReBo to support and facilitate restructuring of the credit union sector on a voluntary, incentivised and time-bound basis.
- ReBo was placed on a statutory footing on 1 January 2013 under section 42 of the Credit Union and Co-operation with Overseas Regulators Act 2012.
- The Government put €250m into the Credit Union Fund for restructuring purposes.
- ReBo has engaged with 208 different credit unions in 112 merger projects.
- Credit unions were given until 31 March 2016 to receive a letter of offer from ReBo if they wished to enter a restructuring programme under ReBo.
- Over the course of its lifetime ReBo expects the number of credit unions in Ireland to have consolidated from c.400 to c.260-280.
- ReBo expects to use no more than €20m from the Credit Union Fund.