'In a nutshell': Credit Unions impacted by Covid-19 call for state support as loan demand drys up

President Gerry Thompson of the Irish League of Credit Unions says people are reluctant to borrow because of the Covid-19 pandemic.

Credit unions rely heavily on loans demand for which has dried up amid the coronavirus outbreak.

Applications for loans with credit unions have dropped by 80% during the pandemic.

Some branches have already laid off staff and there are fears some are facing closure.