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BUSINESS OPINION:CREDIT UNIONS this weekend received conflicting advice as hundreds of volunteer officers met in Dublin at two separate venues. They were weighing up the merits of a settlement proposal put forward by their investment advisers - Davy - to mitigate substantial losses incurred to date on holdings of open-ended investments called perpetual corporate bonds.

The credit unions have until July 4th to decide whether to accept the Davy proposal and Davy itself reserves the right not to proceed unless a sufficient number of the 149 credit unions involved sign up to it. As part of the deal, the credit unions waive their right to complain to the financial services ombudsman or to take legal action in relation to the original sale of the bonds, and, for those already going down this road, to withdraw those complaints.