Bail out the Credit Unions?

Patrickheg

So we all constantly complain about the bank bail out and it now looks like up to 100 credit unions will need a bail out.

What are people's opinions? Should we let them fail? From a community point of view are they too important(life blood for some families, only thing keeping them away from money lenders with 20% interest rates)? Also bare in mind that credit unions are gearing up to be able to offer electronic payments so one day could offer an alternative to having to bank with the big 4(BOI, AIB, PTSB & Ulster) who are set to increase the cost of banking to an average of €260 per year.

If you feel strongly that they shouldn't be bailed out what are you going to do? Sit back and do nothing until it has happened and then whinge / reference the bail out at any opportunity or get out and let the government know how you feel.

UP to 100 credit unions have been placed on a 'watch list' by regulators amid mounting concern about loans not being repaid.

http://www.independent.ie/irish-news/one-in-four-of-all-credit-unions-in-serious-trouble-29745778.html

zl1whqvjs75cdy

Well surely with the new bridge bail out this has already been decided. The precedent is set . PTSB is to be the nama of the CU.

When does the next flight leave Ireland?

Mr. Incognito

So take the misrun credit unions and have them run by the incompetent bankers in ILP.

Seems flawless.

zl1whqvjs75cdy

Shure in Ireland why bother replacing anybody at all. We are masters of the merry go round. Ah Jim is making a balls of the Galway branch so ship him to Waterford, Fr. Joe has been fiddling kinds, ship him to another Parish so the problem goes away. (Jim and Joe are fictional characters btw).

Taxburden carrier

It's not just the banks or the credit unions. There is no proper regulation or accountability right across all our systems including (especially ?) state bodies. Despite "lessons will have to be learned" ,the taxpayer will continue to pick up the bill. This is why we will never recover.

Black cat banger

Said this would happen some time ago!
The ordinary Joe sees the likes of Seanie and fingers giving the two fingers to the system.
The you have leftie polls advocating non payment of lawful taxes.

Is it any wonder that the ordinary workin man says "why should I pay back loans"

hansfrei

"Let them fail". Its sales talk. It implies you have control over them. You don't. They are not yours. You're not in that position of power.
Lets bail out a childrens hospital instead.

Cookie_Monster

they're just members clubs, let them go to the wall. some people loose their investments (not savings) and thats that.

hansfrei

donkeyoaty0099 wrote: »

Well surely with the new bridge bail out this has already been decided. The precedent is set . PTSB is to be the nama of the CU.

Its a three card trick mate. There'll be €54m under one of those cards soon.

zl1whqvjs75cdy

In a way a mass bail out of the CUs may be even more unpalatable to the electorate than the bail out of the banks was. Granted the CU sums are (hopefully) much smaller but we are much more aware of what a bail out entails now. Also because the sums are smaller we it should be more difficult to trot out the "too big to fail" line that was the go to response about the banks.

Why do we need to bail out the credit unions anyway? I mean in real economic terms, what benefits does it offer?