Longford County Councillor, Padraig Loughrey has called on the government to calm public fears surrounding Credit Unions and to re-iterate that this important sector has the full backing and support of the government.
“The events surrounding Newbridge Credit Union have caused much confusion for many people,” he said. It is important to state that that particular institution was not a member of the Irish League of Credit Unions. Across the country, credit unions are now going through their year-end process and all of these will be signed off by the Central Bank.”
Loughrey added that the manner in which the Newbridge situation was dealt with has left many credit union members fearing that their interests are not a priority. “We must ensure that the sector is not left vulnerable as a result of such fears,” he stated. “All deposits are still guaranteed by the state as with any other institution. Credit unions have become an essential part of Irish community life and must be supported. They are every bit as vital, if not more so, than many of the larger financial institutions, to local economies. I am calling on the government to show solidarity with the sector and to move quickly to demonstrate that it has their support and confidence.”