Call for tougher regulation of credit unions

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.

Senator Joe O’Toole said investment losses, bad debt, liquidity problems and falling deposits could create a perfect storm that would wipe out a number of credit unions.

“A third of credit unions, many of them small in size, were losing between e100,000 and e1.2m annually,” he said.