Thursday 21 September 2017

Credit unions need to restore confidence

In the past two years, some €61m has been used to bail out troubled credit unions
In the past two years, some €61m has been used to bail out troubled credit unions
Editorial

Editorial

The Credit Union movement is, like the GAA and the church, deeply embedded in every aspect of Irish society.

There is hardly a family in the country that does not have either a credit union loan or savings of some sort, and thousands of volunteers around the country give their free time and expertise to run this community-based institution.

It is deeply disturbing, therefore, to learn that a secret report, seen only by a very small group within the Irish League of Credit Unions, has listed a catalogue of mismanagement, breaches of rules and poor oversight of its Savings Protection Scheme, which is a rescue fund run by the organisation with the aim of helping out a small number of credit unions which get into trouble.

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