This morning.
Via Independent.ie:
A huge deficit has emerged in the pension fund covering thousands of credit union staff.
The €78m deficit is so large it has the potential to financially destabilise the sector, according to credit union sources.
The shortfall has ballooned from just €6m in 2017. It hit €20m in 2020, but it has jumped to €78m for this year, due to the impact of low interest rates on the scheme.
The scheme is overseen by the Irish League of Credit Unions and covers staff in that organisation along with employees in affiliated credit unions.
The shortfall will have to be made up by individual credit unions that are members of the league, it states in a memo from pension advisers to the league marked “confidential” and seen by the Irish Independent.
Vanessa!
€78m deficit in credit union pension fund has potential to destabilise sector (Independent.ie)
Bank bailout: €440 billion promised
Credit Union: Go away
Looks like the usual
Bad investiments
How can the hole be so big
From 6 million to jump to 78 million in 5 years
Come on
Were they gambling the money on one legged horses or so thick
I think fraud squad come to mind
What would you call a one-legged horse?
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Clip !
Hoofey
Can someone explain this in idiot for me?
I’ll be the first to admit I’m incredibly stupid about maths/economics.
Perhaps Jimmy White was on the right track – keeping his money in cash under the bed!
Some credit unions spent lots of money on prestige buildings. A few local unions were badly managed and had to be amalgamated with properly managed ones. The 19th century community thrift and mutual self-help vision of the Raiffeisen banks that preceded credit unions was lost sight of. Where there is no vision the people perish.
Would have expected V to have made a comment on this story.
Same.
I was really hoping she’d do an explainer type thing for absolute thickos like me.