The CEO of St Francis Credit Union says a decision to implement a cap on savings in the institution is being taken to safeguard its future.
The Credit Union’s board is implementing a maximum cap on savings that members can hold of €30,000.
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Members who have savings of more than this amount at the Ennis institution have also been asked to withdraw funds to reduce their accounts to below the cap.
CEO Louis Fay says extra savings in people’s accounts is creating a ‘perfect storm’ for the organisation to manage.