Panicked savers swamp credit union

PANICKED savers swamped a credit union yesterday amid rumours it was facing imminent financial collapse.

Crowds queued at Monaghan Credit Union from 8.30am to demand the withdrawal of their savings after the institution revealed bad debts of €11.9 million.

At its delayed annual general meeting on Wednesday, losses of €3.8m were announced for 2005 and members were told their dividend was being withheld on the order of the national credit union watchdog, Brendan Logue.