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Credit union problems

AROUND 20 credit unions around the State face "serious solvency issues" which will create problems in the sector, according to the Central Bank's financial institutions supervisor.

Jonathan McMahon, assistant director general for financial institutions supervision, told the Oireachtas Committee on Economic Regulatory Affairs that the regulator was at an early stage of assessing problems at credit unions, and would start stress-testing loans.

"We cannot sit here and say that there are no problems in the sector," McMahon told the committee.