The President of the Irish League of Credit Unions has called on the Irish Financial Services Regulatory Authority (Ifsra) to clarify its approach to regulating the movement.

Mr John O'Regan said that he believes Ifsra, which regulates financial institutions, should "clearly annunciate" what exactly it means by "an appropriate regulatory system and a properly differentiated supervisory approach for credit unions".

"This has not yet happened and it appears to me that, until such principles are clearly stated, we will be treated more and more like commercial financial service providers."

Mr O'Regan, in an address to more than 1,000 delegates at the movement's biennial conference in Killarney this morning, said there was a difference, "the credit union difference", and regulation must reflect this.

He believes "that a review of the impact of Ifsra, both from a resource and operational viewpoint, on the credit union should be carried out". Mr O'Regan said such a review should be conducted by the appropriate Oireachtas committee.

The credit union movement is regulated by a Registrar of Credit Unions, who is part of Ifsra.

Mr O'Regan said the relationship between the registrar and the league must be one of co-operation and partnership. He said the relationship can development in a positive manner "by a recognition of the unique nature of credit unions at all levels in Ifsra". Mere lip service is no longer acceptable," he said.