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Michael Noonan

Noonan: People should 'rest easy' about credit unions

The Minister for Finance said that the current problem is with individual credit unions rather than the credit union movement as a whole.

MINISTER FOR FINANCE Michael Noonan has said that people who have loans or deposits with credit unions should ‘rest easy’ about their money.

Speaking to reassure customers, Noonan said that the Central Bank is ready to intervene and give “all the assistance necessary” if difficulties arise with an individual credit union.

He was speaking after a special manager was appointed by the Central Bank to oversee Newbridge credit union after issues arose from its financial statements for 2011.

When asked if he knew if other credit unions were in difficulties the Minister said that “various reports have given figures” for how many credit unions were facing difficulties but he didn’t want to give an exact number as he hadn’t checked the figure lately.

He said that the problem is down to individual credit unions.

“The Central Bank and the government are ready to assist if there are difficulties, but we don’t have a difficulty with the credit union movement in general. We see difficulties which are remediable in some credit unions big and small,” said the Minister speaking outside the Dáil this morning.

Minister Noonan said that a commission examining the future of credit unions will make recommendations at Easter.

‘Special manager’ appointed at Newbridge Credit Union

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Four in ten see ‘no future for themselves’ in Ireland – Credit Union survey

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