Finance Minister Michael Noonan has told the Dáil that tens of millions of euro in taxpayers' money will have to paid out to cover losses at Newbridge Credit Union in Co Kildare.

Mr Noonan said this is the first time public money was required to support a credit union.

The final figure can not be disclosed at this stage, he said, but the minister confirmed it was substantial.

The funding is necessary to ensure the savings of the credit union members are protected.