Tuesday 21 February 2017

Credit unions need to restore confidence

Published 22/04/2015 | 02:30

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

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

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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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