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Thu 04 Apr 2009Some credit unions may be unable to pay dividend
CREDIT UNIONS may be unable to pay dividends on savings in 2009 because of massive writedowns in the value of their investment assets, the Irish League of Credit Unions (ILCU) has warned.
ILCU chief executive Kieron Brennan said the huge fall in investment values would result in substantial writedowns in credit unions’ assets for the financial year ending in September 2009, with the result that “a number” of credit unions would be unable to pay a dividend next year.
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