Ireland’s credit unions are in such dire straits that $1.3billion in unused bank funds was recently approved to aid some ofthe country’s struggling cooperatives.
According to Reuters and other media outlets, Ireland Ministerof Finance Michael Noonan said the Department of Financerecapitalized the banks for less than expected and as a result, theresources were there to use.
“I seriously intend sorting out the credit unions, and some ofthem we'll have to do immediately but we won't do it in one bigbang,” Noonan said Oct. 6.
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