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

Is topless sunbathing on the w...

00:13:05

Is topless sunbathing on the way out?

Moncrieff

00:13:05


EA bought by Saudi Public Inve...

00:09:44

EA bought by Saudi Public Investment Fund - what is the impact?

Moncrieff

00:09:44


Have we gone too far with spic...

00:09:56

Have we gone too far with spice bags?

Moncrieff

00:09:56


Can those 50+ still have fun a...

00:14:14

Can those 50+ still have fun at festivals?

Moncrieff

00:14:14