Up to 15 credit unions may need €45m bailout

It has emerged up to 15 credit unions may need to be bailed out by a special rescue fund in the next three months.

The revelation is reported to have been made by the president of the Irish League of Credit Unions, Mark Bailey, at a private meeting in Galway last weekend.

The move to assist between 12 and 15 branches would use some €45m of the organisation's bailout fund.