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

Episode Five: Are We Raising K...

00:25:15

Episode Five: Are We Raising Kids Differently To Our Parents?

Then V Now With Moncrieff

00:25:15


The Ultimate Guide: Orlando

00:12:00

The Ultimate Guide: Orlando

The Hard Shoulder

00:12:00


How much do you truly save wit...

00:06:47

How much do you truly save with an electric car?

The Hard Shoulder

00:06:47


Why are we seeing the return o...

00:07:22

Why are we seeing the return of town councils?

The Hard Shoulder

00:07:22