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 member...

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

Are we any closer to a peace d...

00:05:49

Are we any closer to a peace deal between Ukraine and Russia?

The Hard Shoulder

00:05:49


How to get the most value from...

00:06:32

How to get the most value from your online subscriptions

The Hard Shoulder

00:06:32


What would a new cycling schem...

00:06:33

What would a new cycling scheme in Dublin need to do?

The Hard Shoulder

00:06:33


Kids Clinic: Food and Eating H...

00:08:01

Kids Clinic: Food and Eating Habits

The Hard Shoulder

00:08:01