Rescue fund in CU takeover
A RESCUE fund controlled by credit unions has been used to support the takeover of a Galway City Credit Union.
St Columba's Credit Union got clearance from the Central Bank to take over Naomh Padraig, which is also based in the city. The combined entity will have 27,000 members and assets of €104m.
It is understood that around €4m was put into Naomh Padraig before the merger to boost its reserve. The funds came from a fund set up by the Irish League of Credit Unions.