Provisional liquidators have been appointed by the High Court to a Co. Cork credit union because of its distressed financial position for a number of years.

Maynooth Credit Union and the Irish League of Credit Unions are expected to seek leave from the High Court next week to mount a legal challenge to regul-atory restrictions imposed by the Central Bank.

Credit union branches have secured over €37m in court judgments against loan defaulters in the past three years.

CHRISTMAS will not be cancelled for struggling families depending on credit union loans to get them through the festive season, Finance Minister Michael Noonan has pledged.

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.

THE Registrar of Credit Unions, James O’Brien, has reiterated the need for a statutory central liquidity fund for the credit union sector; adding that the existence of such a mechanism “has never been more important”.

CREDIT Unions which cannot reach the new Regulatory Reserve Ratio (RRR) target of 10% by the previously announced September 30 deadline, will have an extra five years to do so.

AT least one credit union has lost more than €10 million and others have lost millions because of investments that went wrong, the Seanad has been told.

COMPLAINTS to the Financial Services Ombudsman by people sold disastrous investments more than doubled last year as more dissatisfied customers sought compensation for poor advice on how to grow their money.

CREDIT unions in the North will be at a disadvantage if the Financial Regulator imposes a guaranteed savings protection scheme (SPS), the credit union movement has warned.