Tuesday, November 12, 2013

Irish Independent 12/11/13

Here is a piece published in the Irish Independent that looks at some of the details behind the collapse of Newbridge Credit Union.

More credit union failures are inevitable - and we'll pay price

Two additional points that space constraints meant they didn’t make it past the sub-editor are:

The €54 million that is being provided to PTSB from the Credit Union Resolution Fund is roughly split as half to cover the existing capital shortfall on the balance sheet and half to cover the additional losses that the special manager has projected.


There have been protests from credit unions members but absent this rescue through PTSB the credit union would have crashed in a matter of weeks. Somewhat paradoxically they are protesting against being bailed out.

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