Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Photocall Ireland
Credit Unions

Credit Union chief says there is "no evidence" 100 movements are in trouble

The league says that there is over €600 million in surplus capital in the country’s credit unions.

THE HEAD OF the Irish League of Credit Unions says that there is “no evidence” that 100 credit unions are in serious difficulty.

Reports today said that one quarter of the movement’s 393 individual establishments were in trouble and had been placed on a Central Bank watchlist.

Although the Central Bank says that it cannot comment on it, sources insist that the list covers a range of regulatory concerns that the Central Bank has, not just loan repayments.

In light of the decision to put Newbridge Credit Union into Permanent TSB, the spotlight is very much on credit unions, but ILCU chief executive Kieron Brennan says that he has seen no evidence to suggest the movement is in trouble.

“It is the view of the ILCU that that there are not 100 credit union in “serious trouble”.

“Our figures tell us otherwise. There is no specific detail in the newspaper articles which substantiate the claim.

“The ILCU member credit unions have withstood a sharply deteriorating economic situation over the last five years. While, like other financial institutions, they were exposed to the fall in economic activity, credit unions are now operating from a firmer financial base.

Credit unions are well capitalised, with total capital of €1.86 billion in ROI credit unions.

“Overall ROI credit unions have over €600 million in surplus capital above the levels required by the Central Bank. These capital buffers are in addition to the provisions credit unions have set aside for bad and doubtful debts.”

Read: Newbridge Credit Union taken over by Permanent TSB

Read: Gilmore: Newbridge Credit Union is a one-off case

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
45
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.