Credit unions told to share losses with their banks
The chief regulator of the credit union sector has warned community lenders to agree a framework for sharing losses with the banks, or face the consequences.
The chief regulator of the credit union sector has warned community lenders to agree a framework for sharing losses with the banks or face higher capital requirements to absorb the full cost of bad debts.
In a speech delivered to the Irish League of Credit Unions annual general meeting yesterday evening, the registrar of credit unions, Sharon Donnery, said "any unsecured creditor can expect to receive very little return in the insolvency process".
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