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Credit union fund bid

CREDIT unions in Ireland want to have an all-Ireland fund to bail out the community-based financial institutions when they get into financial difficulty.

More than 600 delegates from the 505 credit unions affiliated to the Irish League of Credit Unions (ILCU) voted to establish a cross-border stabilisation fund to support all credit unions.

The ILCU delegates approved a draft submission to the Registrar that favours giving the ILCU full ownership and control of any new scheme, imposing full responsibility for funding the scheme on the credit union movement.

"Anything else would go against the self-help, co-operative ethos of the credit union movement," the document states.