It’s a pity that a small number of Credit Unions are unable to recoup losses. There are hundreds around the country that are doing a fantastic job right now. The ones that are struggling will probably continue to struggle despite the bailout. If they’re unable to lend then what’s the point in keeping them operative?

I’ve a lot of time and respect for the League of Credit Unions, so much of the work done is community driven and on a voluntary basis. It would be a real shame to see the entirety of the organisation affected by a small percentage of branches.

No mention of Davy Stockbrokers role in the demise of Credit Union funds I see. Same old Ireland…

Some credit unions lent for commercial property investments. This was hardly within the remit of credit unions. They play a vital role in the community. However, let us learn from the banking crisis. The government needs to identify every credit union that lent recklessly and replace the boards before any of them are recapitalized. No point trying to do it afterwards. We tried that with the banks and failed. If there is evidence of fraud then the Gardai should be notified .

A great number of ordinary workers and unemployed relied on the credit unions to provide loans for a variety of pretty mundane events, from birthdays to funerals. How on earth haw it come about that they have ended up on their backs as much as the banks.

I hope all this spare cash is taken into account in the December budget. There is talk of taking between 3.6 and 4 billion out of the economy causing more strife for the poor. At the same time another billion is given to financial institutions with no comment from journalists and politicians.

There is no end to this crap. Billions into Nama. Billions into banks. 700 million into Quinn. Now 1000 million into credit unions. This while cutting funding to hospitals, schools, infrastructure and running the economy into the ground. If you have a spare billion give back the money you stole from peoples pensions or do something constructive.

Why are credit unions insured if not to cover losses?

Oh I didn’t realise that Mr Noonan had a BILLION euros left over after recapitalizing the banks! This is beyond belief.
Noonan must have found it in the same hole his head is in if he things the banks are "well positioned" to even pass water right now. This is just absolutely hopeless.

Minister you must clear out all the senior management and start afresh !

Are the credit unions being baled out already for buying bad bonds.?

I’m buying a mattress. We’re DOOMED!

Journalists and politicians have the same DNA that’s why they choose the profession. Just look at the number of politicians or their ex girlfriends now employed in the trade (Terry Keane etc). The DNA instructs them to do what they do with the information received, unfortunately there are certain people who use this for their own personal gain. That’s life. Power corrupts and information is power. The last thing that comes out is the truth, which is why the politicians do work for the papers.

CU’s are in trouble for a mulitude or reasons. Some because of the Davy Bond Investments mentioned above. Others because they lent money to people who for what ever reason cannot or will not repay money they borrowed. Some of the amounts lent were small amounts relatively and others were huge sums relatively. There are over 400 CU’s in the country and each has a different tale to tell as to whether they are in difficulty and if they are in difficulty why they are in difficulty. There is going to be wholesale reorganisation here yet and we will end up with a smaller number of CU’s.

Yeah let’s see the Guards go and arrest the board on the Garda credit union … Do me a favour.. This is more elitism, but hey we all only thought of the here and now.. Recappin the unions is a lot better than recappin the private banks..ahem..Anglo.. IL&P..ahem.. c’mon Mary does deserve that holiday

What is this – handing over money to some credit unions as a loan or a gift or what?

Makes a change from legislating for them even when they never supported their foundation and don’t give the volunteers that sit on their boards the time of day even let alone allowing them claim fat cat expenses like the bank boards.

Who needs Credit Unions in these day now? Disband them to save taxpayers’s money! Did you know that cleaning firms are being hired to clean their offices when Credit Unions staffs should have done this by themselves to save money like Post Offices did. This is corrupt!