Head of Credit Union Restructuring Board to go

The chief executive of the Credit Union Restructuring Board (ReBo), the body tasked with reshaping the sector, has announced he is to step down after just 18 months in the job.

Donal Coghlan took up the position in June last year, spearheading a legislatively based programme to ensure the future financial viability of credit unions, expected to be complete by the end of next year.

Mr Coghlan is to take up an unspecified position in the private sector and will be succeeded in an interim capacity by the organisation's head of restructuring, John Doyle from the beginning of next month.

ReBo chairman Bobby McVeigh thanked the outgoing CEO for his “strong leadership and success in what is an exciting and sometimes challenging period of transformation within the sector”.

The body was established in January last year in accordance with the Credit Union and Co-operation with Overseas Regulators Act 2012.

That brought with it €250 million in State funding to a credit union fund to support ongoing restructuring efforts.