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Article: IT was inevitable that credit unions would come under financial strain given that the membership is in the main drawn from the less well-off sections of the community.
- Article from:
- Irish Independent (Dublin, Republic of Ireland)
- Article date:
- March 3, 2009
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Future of the credit unions remains in safe hands
IT was inevitable that credit unions would come under financial strain given that the membership is in the main drawn from the less well-off sections of the community.
So, it was no real surprise when it emerged last week that some credit unions have been forced to curtail their lending after loan arrears soared by 22pc to a scary '515m.
It is understood the Registrar of Credit Unions, Brendan Logue, has forced up to 10 of the country's 410 credit unions to curb their lending practices until they build up their cash reserves.
Credit unions have 3 million members with savings of an ...