Credit Unions have provided an alternative to the big banks to people all over the world. They have become more popular than ever since the financial crisis.
Ireland's central bank has pretty much been given control of Ireland's credit unions under a "Resolution Scheme", which is being claimed is actually to protect investors from failing credit unions......and not as the majority of people see it, a way for the banks to gain control of the billions that are invested in Ireland's credit Unions. This resolution is backed up by the ECB.
73% of Ireland's population are signed up to credit unions, the second highest proportion of any country in the world
This 'take over' of the credit unions of Ireland by the Irish central bank is being over seen by the European Commission. How much influence Europe is having on this development is unclear, but is certainly something that any person with money invested in a credit union should be concerned with, where ever they may be in the European Union, or in fact the world.
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One of the reasons that have been used to justify this take over (It's not actually a take over as we know it but the central bank now has enough influence on the credit unions to determine whether they can continue to compete with the banks) is that credit unions no longer comply to new regulations which affect the credit unions.............But this is because rules for credit unions have been changed........Many supporters of credit unions believe the new regulations have been brought in to create problems for the credit unions........to make it impossible for them to compete with banks..........I have to say that there were experts on the finance system, whilst unable to explain their opinions through the standard main stream media who have actually been warning about this scenario for some years. They also warned that the credit unions were being set up to fail.........
.........Remarkably, many credit unions have failed since and have become insolvent...........Because they began investing in the same kind of things the big banks had been investing in, but losing substantially. There is no doubt that some of the losses incurred will have ended up as gains for the big banks.......But there is no corruption involved....You know the big banks would never be involved in that!
This 'take over' of the credit unions of Ireland by the Irish central bank is being over seen by the European Commission. How much influence Europe is having on this development is unclear, but is certainly something that any person with money invested in a credit union should be concerned with, where ever they may be in the European Union, or in fact the world.----------------------------------------------------------------------------------------------------------
One of the reasons that have been used to justify this take over (It's not actually a take over as we know it but the central bank now has enough influence on the credit unions to determine whether they can continue to compete with the banks) is that credit unions no longer comply to new regulations which affect the credit unions.............But this is because rules for credit unions have been changed........Many supporters of credit unions believe the new regulations have been brought in to create problems for the credit unions........to make it impossible for them to compete with banks..........I have to say that there were experts on the finance system, whilst unable to explain their opinions through the standard main stream media who have actually been warning about this scenario for some years. They also warned that the credit unions were being set up to fail.........
.........Remarkably, many credit unions have failed since and have become insolvent...........Because they began investing in the same kind of things the big banks had been investing in, but losing substantially. There is no doubt that some of the losses incurred will have ended up as gains for the big banks.......But there is no corruption involved....You know the big banks would never be involved in that!
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