Irish League of Credit Unions to push for fund

THE Irish League of Credit Unions is to campaign for the establishment of an all-Ireland fund to bail out credit unions when they get into financial difficulty.

On Saturday more that 600 delegates from the 505 credit unions affiliated to the Irish League of Credit Unions (ILCU) voted overwhelmingly to push for the a cross-border stabilisation fund to support all credit unions, including those not affiliated to the ILCU.

The private meeting in the O’Reilly Hall at University College Dublin rejected all options outlined by the Central Bank’s Registrar of Credit Unions James O’Brien in a consultation paper in June, proposing a statutory bailout fund for credit unions that become insolvent.