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

The importance of teaching you...

00:04:42

The importance of teaching your kids to lie

Newstalk Breakfast

00:04:42


Did You See?

00:07:59

Did You See?

Newstalk Breakfast

00:07:59


Ireland  behind on climate tar...

00:03:49

Ireland behind on climate targets

Newstalk Breakfast

00:03:49


This weekend could see the “bu...

00:05:35

This weekend could see the “busiest ever day” at Dublin Airport

Newstalk Breakfast

00:05:35