Help credit unions: McGrath

Fianna Fáil finance spokesman Michael McGrath has called on Finance Minister Michael Noonan to use the powers granted to him under the IBRC Act to make good on the €15m of losses suffered through the liquidation of IBRC.

Sixteen credit unions, which invested between €500,000 and €1.5m each, in an Anglo Irish Bank bond in 2005, suffered roughly €15m in losses when the bank was liquidated in February.

The bond was a deposit-based investment instrum-ent, which was scheduled to mature this year. Mr McGrath said it should have been covered by the Government’s eligible liabilities guarantee scheme.