Bailout of 13 credit unions causes losses of €45.5m

THE Irish League of Credit Unions (ILCU) has been forced to set aside €48.4 million to bail out 13 credit unions in financial difficulties resulting in record losses of €45.5m for 2010.

Seven more credit unions have, since December, also sought financial assistance from the league but the cost of bailing these out has yet to be determined.

This brings to 20 the number of credit unions that are in trading difficulties and have sought significant financial help from the ILCU.