Credit unions are still open for business

I FEEL obliged to correct any misunderstandings that may occur as a result of the column by Bill Hobbs (‘Tsunami of debt looms ominously on the horizon’, February 15).

Credit unions, unlike many banks, are not closed to new business. Credit unions have funds to lend and continue to meet their members’ requests for loans in the same prudent and appropriate manner that they have done for more than 50 years.

Credit unions are not immune to the difficulties arising from the current economic climate, but neither are they “in trouble”.

The current financial crisis has highlighted the safety, strength and security of the credit union business model. Credit unions are open for business to both existing members and potential new members, as your readers will see from our advertising campaign which commences next week in the national media.

Mandy Johnston

Head of Communications

Irish League of Credit Unions

Lr Mount Street

Dublin 2