Wednesday 22 November 2017

Credit unions a national treasure

THE news that some €900m of credit union loans have not had repayments made on them for 10 weeks or more is certainly a sign of the times.

Indeed it would be surprising to find that no credit union customers were having problems. In those circumstances, it would be time for the Department of Finance to call in a credit union committee as special advisers.

Credit unions will write off loans worth €66m this year, or about 1pc of the total of loans outstanding. Although not wholly insignificant, this pales somewhat when compared to the massive defaults borne by the banks and, ultimately, the taxpayer.

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