Central Bank fears for 100 credit unions

Around 100 credit unions are on a Central Bank watch list because of concerns over the level of their reserves and bad debts.

But the Central Bank and Government have been at pains to stress that none of them have problems of the scale that caused the takeover of Newbridge Credit Union.

Newbridge Credit Union was taken over by state-owned Permanent TSB bank in an unprecedented move following a late-night application to the High Court on Sunday night as it came within days of running out of cash.