Around a quarter of credit unions 'facing difficulties'

The Junior Finance Minister Brian Hayes has admitted that more credit unions are in difficulties, but he says the problem is manageable.

Mr Hayes said the Central Bank is currently assessing the financial status of the 400 credit unions around the country.

It is estimated 100 of them are facing difficulties, but none on the scale of Newbridge Credit Union.

Minister Hayes said the taxpayer will not be asked to bailout another credit union.

He said: "The view of the Central Bank, which is the independent regulator here, is that in a great majority of cases we are dealing with very small entities entirely.

"In the case of Newbridge was really quite unique in terms of the scale of the loan book and the impairment that the loan book presented."