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Fri 05 May 2010Credit unions face solvency issues
TWENTY CREDIT unions around the State face "serious solvency issues" and there is likely to be serious problems within the sector, according to the Central Bank's financial institutions supervisor.
Jonathan McMahon, assistant director general for financial institutions supervision, told the Oireachtas Committee on Economic Regulatory Affairs the regulator was at an early stage of assessing problems at credit unions, and would start stress-testing loans.
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