Ian Guider: Beware the credit union in sheep’s clothing
Credit unions have carved out the idea that their combined scale does not warrant heavy-handed regulation
When it was set up, it was envisaged that the deposit guarantee scheme would never be called upon, that no financial institution would be in a position where savers’ money would really be at risk. It was certainly never envisaged that credit unions would have need of it.
Yet last week, it was confirmed Rush credit union in north county Dublin would require a call on the scheme, which pays out on savings up to €100,000.
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