Credit unions to pay double banks’ fee for guarantee

CREDIT UNIONS will pay nearly twice what the big banks are charged to enjoy the security of a Government guarantee.

If banks and building societies paid fees at the same rate as 508 smaller credit unions, taxpayers would earn an extra €850 million in two years.

In relation to the credit unions the Department of Finance confirmed the movement will be levied 20 cents for every €100 of assets held (0.2%).