Another 130 credit unions are expected to merge before the end of the year, according to ReBo, the body set up to oversee the restructuring the sector. ReBo has already been involved in 46 mergers involving 90 credit unions, and Thursday was the deadline for credit unions to get acceptance from ReBo in relation to a merger plan.

Rebo, established in 2013, has overseen a marked increase in credit unions adopting voluntary restructuring plans, according to chief executive John Doyle.

“By the end of the year almost 60 per cent of all credit unions nationally, representing 55 per cent of total sector assets, will have restructured in some way,” he said. “This will be achieved using less than €20 million of the €250 million set aside into the credit union fund for the purposes of restructuring.”

Minister for Finance Michael Noonan set March 31st as the date by which credit unions had to receive a letter of offer from ReBo in relation to restructuring. Mr Noonan is due to conduct a review before October.