€1bn worth of credit union loans in arrears

ONE in seven credit unions failed to keep enough reserve cash to meet emergencies and loans worth over €1 billion are in arrears.

The Government-appoin-ted Commission on Credit Unions said yesterday that 56 (14%) of the 408 credit unions in the country do not hold the required 10% of their assets in reserve.

Commission chairman Donal McKillop predicted “a decline” in credit union numbers and expects future mergers.