Credit Union board defeats no-confidence motion

The Board of the Irish League of Credit Unions has survived a no-confidence motion at an emergency meeting in Limerick this afternoon.

The motion was tabled over the board's failed computer system which cost the movement £27 million.

The computer project was abandoned after the cost ran over the initial budget.

League president Mr Jim McMahon said the organisation they will be considering their options to try to recoup some of the £27 million lost in the project.

Mr McMahon said the £3.7 billion worth of members' savings were safe and secure.