Tánaiste says 20 of the country’s credit unions do not have legal minimum capital reserves

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The Tánaiste says 20 of the country’s 392 credit unions do not have the legal minimum capital reserves. Tanaiste Eamon Gilmore1But Eamon Gilmore says even if they all needed capital injections, the total cost would be 11 million euro – just a fifth of the 54 million bailout of Newbridge alone. He’s also admitted that a total of 100 credit unions are undertaking work with the Central Bank on regulatory and other issues. Mr Gilmore’s also explained that the taxpayer and some members in Newbridge would have lost out had the option of liquidation been proceeded with:[audio_player src=”http://media.radiokerry.ie/mediamanager/embed/audio/14805/medium/”]