Credit unions lost millions in IBRC after Central Bank ruling

The Central Bank suspended a rule preventing credit unions from keeping funds in risky banks, just days before the IBRC was put into liquidation.

30th March, 2013

The Central Bank suspended a rule preventing credit unions from keeping funds in risky banks, just days before the Irish Bank Resolution Corporation (IBRC) was put into liquidation.

The liquidation has caused millions in losses for credit unions which had structured deposits in the former Anglo Irish Bank.

In a guidance note to the sector on February 1, the registrar for credit unions, Sharon Donnery lifted the restriction on credit unions keeping funds in financial...

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