Government sets aside €1bn to recapitalise credit unions
Published 06/10/2011 | 21:41
A €1bn kitty will be set aside to capitalise vulnerable credit unions hit by the financial crisis.
While some credit unions are trading soundly, others need funding.
Finance Minister Michael Noonan said the money will be available from what’s left over from the bank recapitalisation funds.
"I seriously intend sorting out the credit unions and some of them we'll have to do immediately but we won't do it in one big bang," he told the Dail.
"My advice already is that it will cost between half a billion and a billion because the major sorting out is recapitalisation.
“We recapitalised the banks for less than we expected so we have the resources, we won't have to go back to exchequer for it."