Credit Union task force needed to solve the crisis

Poor governance and failure to modernise has landed many credit unions in hot water, writes BILL HOBBS

WITH at least e1.1 billion of impaired assets, credit union boards have only themselves to blame for balance sheets primed with risky loans and illiquid risky investment portfolios.

When governed and managed prudently, as many are, the co-operative savings and loans business is a resilient banking model.