ILCU's bailout fund ran out: Central Bank

The Central Bank has accused the Irish League of Credit Unions of having run out of money in its savings protection fund.

20th October, 2013

The Central Bank has accused the Irish League of Credit Unions (ILCU) of having run out of money in its savings protection fund after the league provided less than a quarter of the required capital to bail out Maynooth Credit Union earlier this year, when a review found the community lender was nearly broke.

According to an affidavit submitted to the High Court last week by Mark Forde, a senior regulator in the Central Bank's...

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