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Article: THE 2.2 million members of credit unions might have reason to worry after a string of bad news stories in the last while.
- Article from:
- Irish Independent (Dublin, Republic of Ireland)
- Article date:
- June 9, 2009
CopyrightCOPYRIGHT 2009 Independent News & Media PLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MEMBERS WORRIED
Credit unions have been bedevilled by bad news lately despite avoiding the type of reckless lending that has ruined the banks. So, is the money of credit union members safe? asks Charlie Weston
THE 2.2 million members of credit unions might have reason to worry after a string of bad news stories in the last while.
Earlier this year it emerged that Mitchelstown Credit Union in Co Cork, one of the country's biggest credit unions, was facing a financial crisis because of loan arrears.
In all, some 10 credit unions have been told by regulators to stop lending because of problems with arrears.
Last week it emerged ...