Credit union makes ‘drastic’ benefits cuts as loan demand falls

Credit union makes ‘drastic’ benefits cuts as loan demand falls

Savvi credit union’s most recent annual report shows that its total income dropped 18 per cent in 2018

One of Ireland’s biggest credit unions has warned its members of “drastic” cuts in key benefits because of a reduction in its income due to “low loan demand amongst members”.

Savvi Credit Union – which represents ESB workers as well as employees of the Irish Times and Independent News and Media – recently wrote to members to say its death benefit insurance and life savings insurance will reduce significantly.

Death benefit insurance – which helps members...

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