Kenny: Emergency funding may be needed for credit unions

on 19/02/2013 22:35:28

The Taoiseach has said that emergency funding may have to be provided for the credit unions which have large deposits with the former Anglo Irish Bank.

Enda Kenny was responding to the Fianna Fail leader Michael Martin who said that credit unions may be forced to suffer losses of up to €17 million because of the liquidation of the IBRC.

A number of credit unions had fixed term deposits with the former state owned bank, which may be lost in the liquidation.

Taoiseach Enda Kenny told the Dail that emergency funding for the credit unions may have to be tapped - depending on the scale of the losses.