‘No credit union has needed a cent of state support’

TO date, no credit union affiliated to the Irish League of Credit Unions (ILCU) has required a single cent of state support.

In response to the article written by Bill Hobbs entitled, Could this be the end of the road for the credit unions?, on Monday, January 10, there are a number of issues the Irish League of Credit Unions (ILCU) would like to point out.

Mr Hobbs’ assertion that credit unions will need substantial state support is purely speculative but what is fact is that to date no credit union affiliated to the ILCU has required a single cent of state support. Furthermore, the difficulties being faced by other financial institutions represent a great opportunity for credit unions.