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Member credit unions of the breakaway Credit Union Development Association (Cuda) have rejected a funding proposal linked to a shift in the focus of the organisation. The association, whose members have approximately €1.6 billion in assets, now has to hold a reconvened meeting within three weeks to put the issue to a vote again.

The funding proposal for 2007 is linked to a major shift in focus that is being proposed by the association to its membership. The association's executive wants to shift away from offering services to its member unions and focus on representative and lobbying activity. The association proposed funding for its operations in 2007 of approximately half a million euro, which would be brought up to €800,000 through the use of savings accumulated by the association.