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Guarantee plan rejected by ILCU

A NUMBER of proposals for a credit union guarantee fund have been rejected by the Irish League of Credit Unions.

The League wants to retain full ownership and control of any new scheme.

In a document circulated to each of the 505 credit unions affiliated to the Irish League of Credit Unions (ILCU) all six options outlined by the Central Bank's registry of credit unions were rejected.

The ILCU, under CEO Kieron Brennan (above), want any future fund to be constituted so as to allow the accounts of the scheme to be consolidated within the accounts of the Irish League of Credit Unions.


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