Credit union guarantee fund snub

SIX Central Bank and Financial Services Authority proposals for a credit union guarantee fund have been rejected out of hand by the Irish League of Credit Unions which wants to retain full ownership and control of any new scheme.

In a document circulated to each of the 505 credit unions affiliated to the Irish League of Credit Unions (ILCU) all six options outlined by the Central Bank’s registry of credit unions were rejected by the ILCU.

And the ILCU want any future fund to be constituted so as to allow the accounts of the scheme to be consolidated within the accounts of the Irish League of Credit Unions.