27 credit unions 'seriously undercapitalised'

Twenty-seven credit unions around the country are in serious financial difficulties and that number will soar in the coming months, it has been warned.

Twenty-seven credit unions around the country are in serious financial difficulties and that number will soar in the coming months, it has been warned.

An expert group set up to advise the Government on the problems facing the credit union movement has backed recapitalisation of the struggling lenders.

Its interim report found that 56 branches were below their minimum funding requirements while 27 were deemed to be “seriously undercapitalised”.

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