Credit union security - Assurances are needed

MEMBERS of Mitchelstown credit union will wonder what is going on at the institution.

The Financial Regulator has told the credit union that its “financial stability” is under threat.

He has also ordered Mitchelstown to stop all business lending.

The Financial Regulator’s Registrar of Credit Unions, Brendan Logue, pointed out that “members should have no reason to be concerned about the safety and security of their savings or about the solvency or liquidity of their credit unions”.

Let us hope he is right and the great worry surrounding our banks and pension schemes is not extended to encompass our credit unions.

Credit unions have done great service to this society over the decades. When they were established they were an attractive alternative to banks for many sections of society. It would be a pity if that fine legacy was put in jeopardy.