Credit unions to get €1bn bailout

THE state will pump up to €1 billion into the credit union sector to plug a financial black hole and save a number of credit unions from collapse.

Finance Minister Michael Noonan said that while some credit unions had no problems, “others are on the brink of falling down a hole”.

A number of emergency steps will be taken in the coming weeks to stave off their collapse, with the overall problem ultimately expected to cost between €500 million and €1bn to fix.