Gilmore says Central Bank looking at issues at 100 credit unions

Wednesday 13 November 2013 07.21
Media reports suggested that one in four credit unions in the country is struggling
Media reports suggested that one in four credit unions in the country is struggling

Tánaiste Eamon Gilmore has confirmed that the Central Bank is working through a portfolio of 100 credit unions in relation to issues such as levels of arrears and bad debt provision.

Mr Gilmore was responding to media reports that one in four credit unions in the country is struggling.

It follows the takeover of Newbridge Credit Union by Permanent TSB bank.

Speaking in the Dáil, Mr Gilmore said the Government supported the credit union movement and the return of a credit union to Newbridge in the future.

He said 20 of the 392 credit unions had regulatory reserves below the minimum requirement.