Credit unions are noble institutions, worth saving
THE Irish credit union movement is now in dangerous territory and everybody involved must tread very carefully indeed. Some three million people across the island of Ireland north and south have a real stake in its future. One of the finest movements ever set up in the modern Irish State, one which continues to promote thrift, self-reliance and community solidarity in every parish, is now at risk.
The Central Bank last night went to the High Court to seek permission to sell one of the country's biggest credit unions in Newbridge, Co Kildare, to the state bank, Permanent TSB. The implications of that case will be analysed with great anxiety by the bulk of credit union members across the country.
Among the more disturbing aspects of cases such as this has been a lack of transparency.