Credit Unions to lose nearly €14m in IBRC liquidationThursday 21 March 2013 17.47
Credit Unions stand to lose nearly €14 million arising from the liquidation of IBRC; formerly Anglo Irish Bank.
Minister for Finance Michael Noonan told the Dáil that the institutions had invested in a product called the Anglo Irish Credit Union Bond 2005.
After the liquidation their investment was only guaranteed up to a level of €100,000, even though a total of 16 Credit Unions had invested some €15 million.
He told Fianna Fáil's Michael McGrath that the Credit Unions could have withdrawn their investment after Anglo was bailed out but chose not to do so.
Mr McGrath said that was a reasonable point, but that Government policy had been to pursue an orderly wind-down of Anglo up until the decision to liquidate.