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)

RollingNews

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9 thoughts on “Debit Union

  1. Gorty

    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

  2. The Millie Obnoxious™

    Can someone explain this in idiot for me?

    I’ll be the first to admit I’m incredibly stupid about maths/economics.

  3. Gabby

    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.

    1. The Millie Obnoxious™

      Same.

      I was really hoping she’d do an explainer type thing for absolute thickos like me.

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