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Article: A NUMBER of credit unions will be forced to report losses this year because of the collapse in the investments markets, the new president of the Irish League of Credit Unions has warned.(Financial report)
- Article from:
- Irish Independent (Dublin, Republic of Ireland)
- Article date:
- April 28, 2009
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Bond losses hit credit union dividends
A NUMBER of credit unions will be forced to report losses this year because of the collapse in the investments markets, the new president of the Irish League of Credit Unions has warned.
Mark Bailey (right), who was elected president on Sunday, said this will mean these credit unions will be unable to pay a dividend.
About 60pc of credit unions typically pay a dividend of between 2pc and 3pc to savers, with some credit unions paying more.
Mr Bailey said regulatory requirements would mean a number of credit unions would have to book write-downs on the value of their investment assets in their ...