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Article: UP to 10 credit unions have been forced by the regulator to curb their lending to members, the Irish Independent has learned.
- Article from:
- Irish Independent (Dublin, Republic of Ireland)
- Article date:
- February 27, 2009
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Credit unions ordered to cut back lending as arrears rise
UP to 10 credit unions have been forced by the regulator to curb their lending to members, the Irish Independent has learned.
The move coincides with a massive rise in loan arrears at credit unions as members struggle to make repayments on borrowings.
Some '515m worth of loans are now in arrears -- where no payments have been made for 10 weeks or more.
This figure has jumped by more than a fifth in the past few months.
It has also emerged that 115 credit unions made a loss in the last three months of last year due to defaults on loans and investment losses.
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