Just a ‘handful’ of credit unions in difficulty, insists regulator

THE Financial Regulator has moved to quell fears about the safety of credit union savings by insisting just “a handful” of the institutions are in financial difficulty.

Speaking after the Irish Examiner revealed that Mitchelstown Credit Union in Cork has been forced to halt business lending as its stability is under threat, the Financial Regulator’s registrar of credit unions Brendan Logue insisted a repeat of the banking crisis is not on the cards.

Mitchelstown Credit Union is one of the largest institutions of its type in Ireland, with more than 17,000 members and assets in excess of e100 million, but was yesterday facing growing concern from its members over the safety of their savings.