Lifeline for struggling credit unions

FINANCE Minister Brian Lenihan has indicated his intention to give struggling credit unions a financial lifeline as well as extend their lending limits.

He told credit unions at the weekend that in order to safeguard their position and the public’s confidence in their stability, he was looking at providing them with liquidity support.

Any move to offer hard-pressed credit unions access to a central emergency fund could also lessen pressure on members experiencing difficulty repaying loans.