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Mon 05 May 2010Fallout from credit unions likely to reach stock exchange
Claims by credit unions that they were sold unsuitable products by stockbrokers could end in bitter recriminations, writes JOHN McMANUS
IT IS looking increasingly likely that there is a crisis brewing in the credit union sector. Last week Jonathan McMahon, assistant director for financial institutions supervision at the Central Bank, told an Oireachtas Committee that 20 of the 414 credit unions face “serious” solvency issues, leaving unsaid how many face just plain old solvency issues.
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