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Credit Unions may loose E14m from IBRC

Friday, March 22 10:57:18

Credit Unions could lose up to E14 million after the liquidation of IBRC, according to reports.

Minister for Finance Michael Noonan told the Dail that the institutions had invested in a product called the Anglo Irish Credit Union Bond 2005.

After the liquidation their investment was only guaranteed up to a level of E100,000, even though a total of 16 Credit Unions had invested some E15 million.

He told Fianna Fail's Michael McGrath that the Credit Unions could have withdrawn their investment after Anglo was bailed out but chose not to do so.

Mr McGrath said that was a reasonable point, but that Government policy had been to pursue an orderly wind-down of Anglo up until the decision to liquidate.

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