In the latest move to restore some of Ireland’s credit unions, $1.3 billion in unused bank funds will be used to recapitalize the country’s cooperatives.
According to Reuters and other media outlets, Ireland Minister of Finance Michael Noonan said the Department of Finance recapitalized the banks for less than expected and a result, the resources were there to use.
“I seriously intend sorting out the credit unions and some of them we'll have to do immediately but we won't do it in one big bang,” Noonan said Thursday.
The Irish Credit Union League recently said members are suffering financially, which has led to the credit union industry’s woes. In September, the Central Bank of Ireland told some 300 credit to cap their monthly loan limits in an effort to curb growing losses.