Noonan reassures Credit Union customers

Finance Minister Michael Noonan said today that Credit Union customers can "rest easy" over their deposits and loans.

Minister Noonan was commenting after reports that the Central Bank may have to take control of some branches.

It is believed certain credit unions may need assistance, as more and more borrowers fail to repay their loans.

Last week, a court appointed a special manager to take over at Newbridge Credit Union, amid fears of a possible regulatory breach of minimum reserves being held there.

Speaking ahead of a Cabinet Meeting this morning, Minister Noonan said the State will back any credit union in difficulty.

"People who have loans or deposits in Credit unions can rest easy, the Central Bank and the Government stand ready to assist if there are difficulties," he said.

"But we don't see a difficulty with the Credit Union movement in general, we see difficulties which are remediable, in some credit unions, big and small."