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Article: UP to half of the country's 405 credit unions are likely to end up reporting losses this year, the Irish Independent has learned.(Financial report)
- Article from:
- Irish Independent (Dublin, Republic of Ireland)
- Article date:
- May 29, 2009
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Half of credit unions likely to report losses this year
UP to half of the country's 405 credit unions are likely to end up reporting losses this year, the Irish Independent has learned.
Losses on investments and a spike in members going into arrears on their loans are combining to push credit unions into the red.
Most credit unions are nursing heavy losses on bank bonds, known as perpetual bonds, which are now worth a fraction of their value following the worldwide collapse in banking.
Stockbroker firm Davy was forced to settle with credit unions for '35m after Financial Services Ombudsman Joe Meade found against the stockbroker in a ...