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ONE OF THE largest insurers of credit unions in Ireland has warned that around 80 Credit Unions in the Republic of Ireland could face closure over losses incurred from unpaid loans.
RTÉ reports that CUNA Mutual, which insures 65 of Ireland’s credit unions, believes around a fifth of the country’s 498 total unions could find themselves collapsing under the strain of bad debts.
Those unions which did survive the current crises would easily be able to otherwise flourish, with a “sustainable” annual growth rate of 7.5 per cent.
UCD banking professor Ray Kinsella told the News at One he anticipated that credit unions would need public assistance as a result of recent stress tests, the results of which will be published soon.
“This assistance is not a bailout in an accepted sense of the world – it’s a bail-in by society,” he said.
Of the 498 unions affiliated to the Irish League of Credit Unions, 410 are in the Republic.
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I don’t think that’s gonna be a big surprise to anybody they can’t be trusted with any running of the country
@Bren:
At the moment you couldn’t trust them to run a bath..
@Bren:
Maybe they don’t care, maybe they have no idea how to solve or think outside the box regarding this crisis because its been going on for over a decade. Maybe it was a bad idea for FG to go into coalition with FF for it was FF’s fault that we are in such a mess yet here we are only a little over ten years since they destroyed the economy with a FF Minister having control over the upcoming budget, absolute madness. Micky Martin denies the bailout happened, absolute madness.
@Bren: unfortunately I have to agree with you,but is there a magic wand to solve not just this problem but also the health care problem. If any any other political party have the solution to these problems let us all know, please. I will vote them in pronto. But I’m afraid that any new government won’t have this fix. They will come with great manifestos of how they can/will solve the problems, but when push comes to shove they will roll out the usual answer, ” we didn’t create this problem, we inherited it”.
@Michael Costello: The only government parties that can use the “usual answer” as you call it are FF/FG, they inherited problems from each other as one stepped out while one stepped in again over the last 100 years.
@Frank Cauldhame: FF destroyed the economy? Someone contact the US immediately!! Never realised it was FF that brought down Lehman brothers and kickstarted a global financial crisis. They need to be held to account! Quite impressive when you think about it! The power of FF having the ability to bring down one of the biggest financial institutions in the world and plunge the world into financial depression! And I say this as someone who is not even a FF supporter. Some people in this country really have no clue what’s happening around them do they?
@Journal Commenter: We were warned by economists in 2007 that the country could not sustain the crazy tiger economy lending & spending that was happening with banks ringing customers asking them if they wanted mortgages/loans/overdrafts but Bertie Ahern told those economists to commit suicide because what they were warning us about didn’t suit FF’s narrative. Then the proverbial hit the fan.The austerity measures inflicted upon us by our EU overlords were the harshest in Europe. So if your accusing someone of not having a clue plesase take as look in the mirror.
@Frank Cauldhame: you are aware economists worldwide were warning this yes? You are aware that when they were widely ignored this gave birth to the credit default swap yes? Even if Bertie (the absolute moron that he was) decided to listen to the economists (which he should have), nothing could be done? It would have been equivalent to being warned a tsunami is going to hit the town and the shops trying to protect their building with a couple of sandbags. The financial crisis, hate to break this to you since you are so entrenched, was not FFs fault. Did they make it slightly worse than it could have been? Yes. But the difference is likely to have been immaterial. The ship had well and truly sailed so to speak.
@Frank Cauldhame: and no they weren’t the harshest in Europe, see Greece for one example and there were others. We were the most prudent at executing austerity but it wasn’t the harshest recommended. So yeah, rather than sound bites, deal in facts and I will take you more seriously.
@DGQ: they were in government worldwide? Good to know, never realised. Thanks for that.
@DGQ: Anglo and nearly all banks worldwide were “self regulated”. Aka not regulated at all. You can’t trust an industry to regulate itself. That’s clearly evident. That wasn’t a unique situation to Ireland. That was a worldwide phenomenon in the banking sector. Essentially what brought down Lehmans. Mortgage backed securities should never have been a thing. And wouldn’t have been had there been a regulator. Ireland wasn’t the founder of MBS. But yeah, that was FFs fault too. And I really don’t like FF. But I’m also not a fan of revisionist history.
@Journal Commenter: Angry and in denial, just like FF’s Micky Martin who is in denial about the bank bailout…….
@Frank Cauldhame: you’ve got me. I am Michael Martin. You cleaver boy you…. Seriously. Why am I not surprised you have no idea how the crisis started or the concept of mortgage backed securities or the creation of the credit default swap. With unquestionably intellect like that, the everyday Sherlock Holmes. Give me strength. And as I said, iv never voted FF in my life, mainly due to how planning boards operated and the shady deals involved there but I do like people to actually know what they are talking about. Same way it will be unfair to blame SF when they inevitably don’t solve the housing crisis despite promising they will do, mainly due to limitation of labour and resources. And I don’t like SF either.
@DGQ: I see “boo hoo me sob story”, no actual facts or refutation of my (factual) points. Blame FF all you want, I don’t particularly care. People find it easier to deal with their boo hoo me sob stories when they have someone to blame. That’s human psychology, I get that. I am just telling you what actually happened. Up to you if you want to keep your head buried in that sand.
@DGQ: adults who don’t have a first clue what they are talking about and then put their sob story forward as some kind of fact. No wonder the government are as poor as they currently are. I believe they are all adults too. If that is adult, please do consider me a child, happily!
@Frank Cauldhame: you are correct but im tired of this default answer is given when/if promises cannot be kept.
@Frank Cauldhame: Fine Gael doubled the debt inherited by Fianna Fáil. Now at €230bn. But that’s not even an excuse for their failures in housing. They prioritised vulture funds over Irish people and have been slow to use public lands for affordable housing.
@Journal Commenter: FF bailed out secondary bond holders when they didn’t need to. Even in the US they won’t bail them out because as Biden says they took a rusk and that’s capitalism – the taxpayer shouldn’t have to bail them out.
Fianna Fáil wrecked the economy and Fine Gael doubled that debt.
@Frank Cauldhame: neither party are 100 years olds, you historically illiterate plank
@Christy Dolan: Gosh, you sound like a lovely person. The correct age of each party is Fianna Fail 96 years old and Fine Gael 90. Close enough to be rounded up to 100 !!! Horrible way to respond to a comment, are you always like this?
@Christy Dolan: But in Frank’s defence, it feels like a 100 years.
But we will have the cash for all the non Irish coming here with no ID’s from save countries through other save countries and give them all freebies galore whilst poor Irish Paddy can go swing for anything
@empty: racist much?
@Mary M:
inbred much?
u dont like common facts?
does reality hurt your snowflakes smug fart bubble?
@Mary M:
I wouldn’t imagine you’d play that racist card as quickly if you were homeless.
@empty: Here we go again.
@Mary M: Yes. Racist much and often. He’s not called ‘empty’ for no reason.
@Regular John:
mary is a virtue signaller far leftie crustie
@Mary M: How many Ukranians did you take in Mary? 0? Thought so. Go play on the M50.
@Tom Dillon:
Hi Tommy, I told u i wont send u nudes until you up your offer
#emptynudes
@Niamh:
Mary probably sends all her bank details to the “Nigerian prince” who emails her
@Regular John: been there done that. Next!
@Tom Dillon:
tiny tom doesnt live in the real world
76% and counting
@Mary M: Next? How many Ukranians have you taken in? Missed that one did you. Child brain.
@Niamh: see now ff. family of 3 living with me currently. Silly SOB , hush now let the grown ups talk
@Mary M:
“grown ups” lol
my pet rock has more cop on than u
@Thomas:
not very nice of u
but what we expect from far left inbreds
@Mary M: Sure Mary. Why are you lying? Weirdo.
@Thomas: Fight me
@Mary M: his comments are valid, we do give financial assistance to undocumented asylum seekers who have the documents to board the plane, but not on arrival in the airport, We have provided financial, housing and medical supports to Ukrainians from the start of the war many of whom passed thtough safe countries to get here before quotas were decided upon. Its not racist to give facts and it does highlight some inequalities in the time frame it takes for these services to be accessed by immigrants to receive things like medical cards in a speedy manner (as seen with the rapid access seen for Ukrainian refugees)as opposed to the speed a permanent resident has to wait. The treatment of immigrants, asylum seekers and Irish citizens should be equal across the board.
@empty: Article about missing the affordable house building target, yet you choose to make the spurious claim that asylum seekers have more of a right to state supports than Irish people do. As Mary M stated, racist much?
@Kevin Kerr:
what did i say was wrong?
its all true
i know facts and offcial stats are hated by people like u as they make u look foolish
@empty: I’ll repeat, you make the spurious claim that asylum seekers have more of a right to state supports than Irish people do. You now mention “facts and official stats” – so show me those facts and official stats. I am aware of a few modular homes that are being built for Ukranian refugees. Other than that, I’ve no idea what you’re on about
@SYaxJ2Ts:
they do, they are fast tracked getting medical cards and housing etc over Irish born and bred
FFS, we are giving all freebies to thousands (mostly men btw) with NO ID.
please keep up
@Mary M: yeah, sure you have.
@empty: ah the usual bullshyte diatribe from you.
@empty: Keep up? With what? Your unsubstantiated racist bile? You can provide no evidence to back up your assertions.
@Ian:
more gaslighting from the vile far left who hate when normal people speak out to stop bullies like u
@empty: Dunno if you actually check the news much but the majority of asylum seekers and refugees coming into the country lately are currently being housed in tents. The lucky ones are crammed into hotels. Hardly an ideal existence. If that’s what your after I’m sure a tent can be arranged for you…
@SYaxJ2Ts:
its called the news
seriously i dont know whats worse
either u are very ignorant and dont know basic facts as ur a sheep
or u actually know im correct and trying to gaslight me and others as ur a vile bully
@empty: There is no preferential treatment. Would you like RTE to provide news reports on Irish people getting their state supports? Would that balance it out in your twisted mind?
@Mary M: In fairness, he speaks fact. That doesn’t make him a racist.
@G Bot:
and for year and half they werent
WE ARE LEGIT FULL
@SYaxJ2Ts:
KEVIN THE ONLY TWISTED PERSON IS UR KNICKERS AS NORMAL PEOPLE LIKE ME ARE STANDING UP TO VILE GASLIGHTING BULLIES LIKE U
BULLIES WILL ALWAYS BE DEAFTED
@empty: empty just like you’re head
@Mary M: There is a difference between being racist and telling it as it is.
@SYaxJ2Ts: racism is just a sign of inadequacy, I’d ignore him.
@Mary M: “Racist ” no realist
It’s not exactly a surprise is it, they never have before met the target and never will
@Val Kane: Sub headline says it all really…..The minister hopes.
Waiting for the but but but Sinn Fein comments.
@KTH: Or the “How would you sort this out” retort, ten years of pathetic excuses and deflections.
@Frank Cauldhame: no one is sorting anything out here, let’s be real, all sides are just finger pointing
But yet that spoofer and all round ‘failed’ Minister O’Brien will present alternative facts and state otherwise. What a shambles of a Government really and truly.
@Andrew Kenny: Calling these houses “affordable” is an oxymoron, one of O’Briens alternative “facts”, Johnny Vegas would be proud of this comedian.
No surprise
The government is committed to ensuring housing for all he says? Being someone with a child with scoliosis on a waiting list for years and now finding out the horrors that go on there and also living in unsuitable and overcrowded accommodation while on the social housing list for years I somehow don’t believe him!
They are bending over backwards to get the refugees houses and anyone who dares question that narrative is deemed far right. Don’t get me wrong what has happened in Ukraine and other worn torn places is not of their making but we should give the taxpayer preference.
@Alan Scott: the problem is, we’re giving non-taxayers preference. Irish people who never worked a day in their lives being handed houses near where the jobs are, while workers commute fir hours.
@John Mulligan: Correct, playing the system.
Supprise Supprise
Hey journal. Any chance of a fact check on government misinformation and lies to the public? No? Thought so.
Useless shower of money grabbing swines
Affordable = cardboard = disponibles
If only between 23% and 24% of the housing target has been met I’d say only between 23% to 24% of Government TDs will be returned to their seats. They have always looked after the unaffordable housing sector instead.
So they are not affordable homes since govt or bank buys a share that you have to start paying back after 5 years,meaning you are actually paying full price just getting a 5 year break on part of the mortgage
@he didnt take the 120k because he already got it s: why should you pay less than your neighbours for the same house.
@he didnt take the 120k because he already got it s: wrong you don’t have to pay back after 5 years, in fact there is no need to pay until house is sold, plus there is no interest for 5 years, and after that the rate is fixed and is less than best rate available in market (ie its cheaper than any mortgage)
This being the same SF who want to introduce NHS style service in Republic? Yet latest data shows NHS waiting times in NI are TWICE that of HSE.
If they’d stop objecting to every housing proposal in Ireland, we’d all be like P Flynn, with three houses each.
Or like Gerry Adams or Pearse Doherty.
Any developers with any cop on, should build there 20% of social and affordable first ,
The minister hopes that the target be on track.
So he isn’t sure. As usual.
have your say