In the latest move to restore some of Ireland's credit unions,$1.3 billion in unused bank funds will be used to recapitalize thecountry's 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 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 Thursday.
|The Irish Credit Union League recently said members aresuffering financially, which has led to the credit union industry'swoes. In September, the Central Bank of Ireland told some 300 credit to captheir monthly loan limits in an effort to curb growing losses.
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