Credit unions braced for massive losses

The new personal insolvency regime could "threaten the viability" of Ireland's credit unions, with heavy losses anticipated when the new rules come in next year.

14th July, 2012
Credit unions braced for massive losses
Ireland's 400 credit unions are engaged in their biggest ever structural reform. Photo: Photocall

The new personal insolvency regime could "threaten the viability" of Ireland's credit unions, with the movement bracing itself for heavy losses when the new rules come into effect next year.

The small, community-based lenders are expecting a significant proportion of their members, who typically have personal loans of less than €20,000, to avail of the new, liberal measures to discharge their debts.

The Credit Union Development Association (CUDA), one of the two representative bodies for...

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