Cllr Smith’s fear for Credit Union deposits.


Fianna Fáil Cllr Michael Smith, says banks are continuing to be protected by the Government in ways that could result in Credit Unions losing millions in lost deposits.

Cllr Smith said Credit Unions in Ireland could lose over €13 million in deposits with the liquidation of IBRC, formerly Anglo Irish Bank.

He maintains that with only the first €100,000 in deposits being protected under the terms of IRBC's liquidation, many Credit Unions which have invested over and above that amount could lose the remainder of what they invested.

He likened this to what is happening in Cyprus where deposit-based investments were lost.

He has urged the government to treat Credit Unions as a special case and ensure deposits are not lost .

The very future of Credit Unions could otherwise be at risk, he said.