each credit union is an autonomous organisation and manages its own affairs. in the republic of ireland, the central bank of ireland has overall responsibility for credit unions, in order to protect members’ funds and maintain the financial stability and well-being of credit unions in general. the league, in response to the consolidation of the sector, has accused the central bank of acting beyond its statutory powers and has warned the central bank against trying “to scare the public or exaggerate risk for the sake of achieving unarticulated policy objectives." the cost to the state of the proposed rationalisation was expected to be in the region of €250 million.