Customers divided between loyalty and nerves over savings

SCORES of customers sought reassurances from Mitchelstown Credit Union yesterday following revelations its financial stability is under threat and that it had been ordered to cease all business lending.

The board of one of the largest credit unions in the country issued a statement yesterday insisting it was solvent. However, it didn’t halt a steady stream of worried members trudging into its office, many withdrawing their savings.

The Financial Regulator’s registrar of credit unions, Brendan Logue, has predicted the credit union, in Co Cork, will have difficulty surviving if a run on members’ savings takes place.