Credit unions hit by €284m in bad loans

The credit union regulator has warned the government of a significant deterioration in bad debts and loan arrears in the country’s credit unions after they wrote off €284 million in bad debts last year.

21st February, 2009

The credit union regulator has warned the government of a significant deterioration in bad debts and loan arrears in the country’s credit unions after they wrote off €284 million in bad debts last year.

Information contained in credit unions’ annual returns to the regulator showed total bad debt provisions amounted to almost 4 per cent of total loan balances at the end of 2008 - up from its bad debt figures for the...

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