ILCU head: €1bn recapitalisation figure 'too high'

The head of the Irish League of Credit Unions (ILCU) has said that the figure suggested by Finance Minister Michael Noonan for the recapitalisaion of the country's Credit Unions is way too high.

Yesterday Minister Noonan said that he was going to pump up to €1bn into recapitalising credit unions in order to save them from collapse.

But ILCU Chief Executive Kieron Brennan said that while some credit unions need help in staying afloat, the figure of €1bn is far too high.

"We would contest that any amount that will be drawn down will be significantly less than that," he said.