Advertisement

"I wouldn't say credit unions are doomed. But they are hurt..."

One of the country’s largest credit unions, Life Credit Union, has put a limit on how much mem...

Share this article

16.46 11 Sep 2019


"I wouldn't say credit unions are doomed. But they are hurt..."


Listen to this episode


Share this article

16.46 11 Sep 2019


One of the country’s largest credit unions, Life Credit Union, has put a limit on how much members can save.

It has nearly 40,000 members, and will impose a limit of €20,000 on savings from next month.

In a letter to members Life CU chairperson Marion Hanlon said: “The introduction of a savings cap is due to the very high level of savings inflow over the last few years, which has a negative impact on our reserves, and the lower return on our investment portfolio.”

Economist Eddie Hobbs is not surprised by this, and has a 25 point list (no less) on how negative rates could impact the future - and this type of move by credit unions is one of them.


Related Episodes

Industry Review: Tailors

00:16:37

Industry Review: Tailors

Down To Business

00:16:37


Bobby's Business Stories with...

00:22:04

Bobby's Business Stories with Linda Daly and Tom Molloy

Down To Business

00:22:04


Executive Chair: Harry Goodard...

00:14:17

Executive Chair: Harry Goodard, CEO of Deloitte Ireland

Down To Business

00:14:17


EY Entrepeneur of the Year Awa...

00:12:55

EY Entrepeneur of the Year Awards 2025

Down To Business

00:12:55