Europe gives go ahead to €250m credit union scheme

A SCHEME to resolve credit unions involving €250 million of state funds has been approved by the European Commission.

The interim report of the commission on credit unions noted that 56 of the 400-plus credit unions were under capitalised, with 27 seriously so.

The state committed to inject €250m by the end of the year under the bailout programme and, if needed, a second capital injection will be made in 2012.