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TÁNAISTE EAMON GILMORE was grilled in the Dáil today about the future of credit unions in Ireland with reports suggesting a large percentage of them are in trouble.
Responding to a question from Fianna Fáil TD Sean O’Fearghaíl, Gilmore said the reference in reports to one in four credit unions being in difficulty arises from the 100 credit unions portfolios that are being assessed by the Central Bank because of a range of supervisory issues and concerns such as levels of arrears.
The Tánaiste said that of the 392 credit unions in the country, twenty of them have reported regulatory reserves below the minimum requirement of ten per cent of assets.
This gives rise to a capital shortfall of about €11 million but Gilmore added this must be put in the context of the €500 million in funds the government has made available.
Newbridge Credit Union was taken over by Permanent TSB this week as it emerged that it had given out loans of up to €3.2 million – considerably more than the average credit union loan of €7,764.
While Gilmore asserted that the action taken was “necessary” he said the government “supports the credit union movement” and will support the establishment of a new credit union in Newbridge.
Yesterday the Tánaiste insisted that the takeover by PTSB is a “one-off case” and that it would not have ramifications for other credit unions around the country.
Youth unemployment
In today’s round of Leaders’ Questions, Gilmore was also challenged by Sinn Féin’s Gerry Adams on the government’s commitment to tackling youth unemployment, with the Taoiseach over in Paris for a conference on the topic.
The tense mood in the Dáil chamber was somewhat lifted when Adams said that Chubby Checker would envy the Tánaiste’s “ability to do the twist” with issues.
Adams questioned why the government had not specifically included a commitment in the 2014 Action Plan for Jobs to address levels of unemployment and emigration among the young people in this country.
However Gilmore responded that the whole plan is “designed and dedicated and directed at the creation of employment, including employment of young people.”
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I didn’t do my homework because my Granny died.
@John Smith: hahaha I was literally just gonna write something very similar. Classic school homework excuse territory here
@John Smith: classic.
@John Smith: The queen made me do it, ffs take responsibility.
@John Smith: more like, I didn’t do my homework because someone else’s granny died. Someone I’ve never met cause me to crash the countries economy
Good man blame the dead, how low.
Kwami-Kwazi Kwashed the United Kwingdom because he felt kwushed by the Kween’s Death…
Seriously!?!? If this is true that actually makes it worse. It means that not only was it not thought through it was based on an emotional response. He and Truss almost ruined the British economy based on a snap decision not based on economic logic. This is crazy that he somehow thinks that makes it OK. The man really seems to be on the spectrum from what I’ve seen of him. Not that that’s a bad thing but not great when you are in charge of a countries finances.
Is he for real?
No comeback blaming a dead woman!
Queen’s passing is very fresh in the UK’s electorates mines… It’s a aparticularly bad idea to mention her death and his stupid mistake in the one sentence. Cant seeing him being in the job past halloween.
Ah yeah, blame poor Liz. Honestly the excuses are getting more ridiculous. None of them have a clue what they’re at
Glad he’s holding firm on the benefits. Working has to outweigh claiming the scratcher.
@Danny Gibson: what, like kwatengs work?
@Danny Gibson: Benefits? Hardly means you should start squeezing the poor because you’ve just discovered benefitting the rich isn’t working. Besides, some of the poor have jobs – it just doesn’t pay the bills any more, and not all the rich work do they, some are just lazing about letting the old dosh do the work for them. So what’s fair? The answer’s not always straightforward.
He is absolutely shameless. It must be something they learn at Eton. Arrogant posh boys blame everyone but themselves.
Just as well she didn’t arise after 3 days…could have cost him his head.
@Donal Desmond: Well at least he didn’t deny that he knew her before the rooster crowed.
@Mick Tobin: The thirty pieces of silver would have gone to the rich. It would eventually trickle down to the remaining eleven.
What a t__t
Pathetic
As thick as two short planks.
Almost makes you pine for Boris, Dorries and Patel…..
@Insider at RTE: almost though Patel was particularly toxic on many levels.
Big boys made me do it.
Will they ever stop telling lies…
And the bankers need extra bonuses
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