Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
TEACHERS’ UNION ASTI has recommended a ballot of members based on the outcome of talks between its representatives and the Department of Education and Skills today.
Members of the union had originally rejected the Haddington Road Agreement, though the Teachers’ Union of Ireland (TUI) voted to accept it.
Talks on the public pay deal and other issues concluded today. The union said a number of concerns were discussed and this has resulted in “important proposals”.
This includes new commitments in relation to supervision and substitution, the employment conditions of part-time and temporary teachers, the reform of the Junior Cycle, posts of responsibility and the use of additional working hours.
The ASTI Central Executive Council will meet this Saturday to consider the recommendation of the Standing Committee that a ballot be held.
“capital shortfall of about €11 million” is that all? Jaysus if only we had the CU and no banks we would be laughing in this country……
The protestors outside Newbridge Credit Union need a slap. Be grateful the taxpayer rode in to protect your savings and shut up. A thank you wouldn’t be over the top either.
Clear off Gilmore!!!
Your gibbering, cackling, corrupt/criminal, bust, banking buddies are not getting their greazy hands on our Credit Union’s deposits.
Spot on Kerry.
Jesus I didn’t take Gilmore long to get his grubby hands on the credit union . First thing tomorrow my Money is coming out … And into mattress …
There really are stunningly stupid people in Ireland.
Buy gold instead
Actually a cool thing to check out would be a peer to peer lender like linkedfinance.com loan your money to a small business, help the domestic economy and bypass the banks :)
Norman- Ho Ho…I see what you did, there. Comedy gold.
At kevin – all deposits up to 100000 were guaranteed by the state. So if they had let the credit union fail most people would have gotten their money. And anyone with loans would have been laughing. All the government achieved by ptsb taking over was costing the state 50million and maybe protecting the jobs of those working there. I doubt somehow there was savings there to the amount of 50million. So it will cost us the tax payers more in the long run
Kevin thanks your admiration is appreciated.
Nuala
You have a funny idea about loans just disappearing in the event of the CU collapsing. The Central Bank would probably have sold those loans to the highest bidder and then the fun would have begun with the borrowers!
Did Gilmore’s mother never tell him that it was rude and bad mannered to constantly point your finger at someone, if someone addressed you that way while out they would get a slap or be removed. Why are politicians no longer able to make a point or speak without gesticulating wildly.
Any chance we could know which ones? We are their customers after all, surely we have a right to know if a place we trust with money is in trouble.
The things is that the troubles they are in will be greatly worsened if people find out they are in trouble. Suddenly all the deposits would be withdrawn, as a run occurs, and then there would be 100 less credit unions.
You should have an end of year report from your own credit union outlining it’s assets & liabilities.
But by not saying who they are there’s the danger that people stop trusting all the credit unions and there’s a run anyways but on a greater number. Gimmemore changing from no others yesterday to 20 one day later hardly gives grounds for confidence in the government’s grasp of the problem.
Katie if your savings are less than €100, 000 you have nothing to worry about.
Im a member of newbridge credit union. We got reports every year up until just before the so called special manager was put in. Everything looked fine to us normal members at the end of each year so I wouldn’t go by any end of year report. If a special manager gets appointed then you will know your cu is in trouble
The guarantee on deposits held under €100,000. Does that not expire at the end of this year?
More photos of Gimpmore today, despite my heartfelt request.!! On the topic, our banks, including the ones we allegedly own, have lobbied relentlessly over the past few years about the ‘unfair’ competition the credit unions have with them. The same banks greedily eye the deposits in the said credit unions – hence the alterations in the interest rates and lots more “regulation’, which appears to be enforced when it comes to credit unions. Members, be prepared to fight for your cu. Remember what happened when the building societies were demutualized.
Sheik .
Be careful what you rouse the rabble at the moment over as the Credit Union Movement in this country while small has the potential to cause great harm to our Banking system and the idea that these small Savings and Loan companies are at risk from a jealous commercial banking system is laughable in the extreme.
Newbridge Credit Union is a clear example of how poor quality Management can step outside the Regulatory framework and is a blunt warning that the greed and silliness in the commercial Banks wasn’t just confined to them.
The Central Bank will only take a serious step such as yesterday when there is no other Choice and your suggestion that such action should be resisted by Members is both dangerous and stupid.
Richie have you the capacity or intelligence to address anyone without insult?
Richie €14 in savings is why the banks are interested in seeing the CU closed down as savings institutes. Banks need that for the EU stress test next year.
* €14 billion in assets.
Norman you got there before me. Members of newbridge cu are bloody angry. We want to know why the gagging order was imposed. If that is answered honestly then most of us will move on. They can’t use the excuse it was to stop a run of money because over 20million was removed from deposits when the special manager was installed and the secrecy began.
@ Norman. You would think ed rodgers would spend some quality time with the wife & kids.
Ah well, seems to prefer to try and earn Brownie points from his divine god.
It’s a pity they didn’t keep such a close eye on the banks.
They weren’t in Government. Did you mean Fianna Fáil or the Greens?
no… but in opposition they were pathetic…i suppose it was a sign of things to come
and its not whatever an phoblact says vinny me auld son….. gilmore knows that theres about 14 bil on deposit in them there credit unions….. the terms that their dear friends the troika are discussing are a rip off even by endas standards….we need a few bob in the kitty to go back to the markets…its a tricky one but enda has been completely out of his depth from day one….six months behind sometimes….
not at all…but following the same policies as the lot that destroyed the country must be getting to you…
pissing the future of the citizens against the wall with incompetent government….now thats something that gets to me…
And yet all evidence to the contrary. So, so easy……
ahh vinny the bodies are piling up!
the disparity in real wealth terms has grown massively since this shower of fascists came to power
ahh sure its ok though….
enda double jobbing and gilmores family taking home about a 400 grand a year plus the gold plated pensions they will never need to borrow a few bob out of the local CU
A “one off” not a chance. A good day for the Per TSB – a bad day for those who wanted something different than the banking system
So rather being absorbed by another institution you rather they go to the wall?
Well the merger of the two credit unions did not proceed, so it was either have the credit union in question fail or have it merge with some other organisation.
Jesus. Why does that cretin think that anyone cares what he says. I’d be more interested if the office cleaner delivered the speech.
He does,nt give a sh&te
The central bank should leave the credit unions alone. if they fail they fail. don’t put the burden on the tax payer. Other the other hand if they don’t fail they the community should reap the rewards not the banks…………….
This is just scaremongering, the figures are negligible and it’s merely a rouse to persuade gullible savers to move their money into banks. Credit unions are the way forward.
So “one off gilmore” is spoofing again….
Hacks & trolls at the ready !!!!
Excuse me if I’m wrong, but aren’t we out of recession, albeit technically and on an upward move economically? But now we’re being told the Credit Unions are failing due to dodgy lending practices?
Pardon my French, but ‘On est foutus!’
The Credit Union movement has over €14 billion on deposit, guess who would like that on their balance sheets.
Remember what happened in Cyprus cos it’s being set up for here! Banks are in serious trouble still and savers deposits will Do Nicely to balance their books.
Better bang in those chrimbo loan requests before the shithawks start swooping over turkey town!!
All the Gilmore bitching…. (no solutions offered of course) gets old.
Yeah, lay off Der Frankfurter, surely the Liberty RockaBelle and Captain Stamptastic deserve their fair share(s) of the credit!!
Newbridge cu was maverick. Most cu are affiliated to Irish League of Credit Unions and have no problems. Newbridge cu was not acting in the interest of ordinary people…..ordinary people don’t borrow millions.
If the government dramatically up the reserve requirements then it takes time to save up to the new reserve level.
The credit unions were ordered by the state to increase their money reserves from 7% to 10% over the last few years, €150 million of their members money put aside into bank deposit accounts where it earns nothing, and giving the moneylenders their room to breed, in places where they had been driven out.
Only a handful of credit unions having hardship meeting the new rules, and the biggest one is the most trouble. But the regulator thinks that bigger merged institutions is better. Remember back in 2006 and the recommendations were for Anglo and AIB to merge to compete with Santander?
Newbridge losses are because of their property play. Funny to see that the ECB’s new headquarters is running at double the expected cost at a billion euro and already undersized. One rule for them…
There is 390 Credit Unions of that figure 20 are under observation. Potentially there may be 100 with issues.This is less than 25% of the overall figure.What % of the Banks had to be rescued? and at what cost.
Not many at the circus today – and I don’t see anything to smile about . this circus is robbing us – and getting away with it .
The loan portfolio analysis of Newbridge CU tells a disturbing story. These were commercial property development loans for improper purposes.
Hopefully other Credit Unions were not lending similar large loans involving concentrated risk.
Time to start a new bank, a mutual not for profit bank with a good and secure deposit base. Chasing high profits at high risk is not a great idea.
Peter the government has set aside €500 million for the CU’s if its needed.This is less than 10% if what it cost to recapitalise INBS.
The CU movement is still strong but someone, somewhere wants to undermine them.
Norman, I genuinely hope that you are right.
I greatly admire Credit Unions but I certainly did not like the loan portfolio analysis and risk spread of the Newbridge Credit union. Credit Unions should not be lending large percentages of their loan books to property developers.
Of course, INBS and Anglo Irish Bank are vastly worse scale wise and degree of risk wise but I worry that we don’t know the full scale of the problem of bad loans for credit unions. I really hope that yiu are right.
But give me A Credit Union ahead of a bank any day.
Look at the scale of deposits that the CU movement has, what organisations are facing stress tests next year.The banks don’t like the competition they represent.
It is true that there is a very healthy and stable deposit base and that side is very healthy.
It would help, and possibly be more reassuring, if there was more transparency on the loan impairment side in relation to the individual credit unions.
Credit unions have a vital role to play in Ireland and indeed, if healthy enough, may gain market share at the expense of the banks. The Credit Union model is more sustainable than the confidence trick of the Banks.
I love the way the usual clown just have to have a whine about Gilmore, you would nearly swear it was his fault. Usual pathetic nonsense
Where’s the Union Jack Patrick?
“one off case ” This is the beginning of the end of Credit Unions…….they want TOTAL CONTROL…..no end to their evil machinations…
Some cioncidence that all the Banks are insolvent….
Does anyone know whch Credit Unions are at risk or are we not being told so there’ll be a rush on the CU’s?
If you have less than 100k in your CU, it is guaranteed.
If you have more…. lucky you!
I asked someone else up thread – but the guarantee on deposits, doesn’t that expire soon?
Its official. The banking take over of Irish society is almost complete. Ive been watching everything from Canada in complete dismay. What’s wrong with everybody at home. Do you not care about the country and what’s ahead for the future under these new conditions. What a disappointing state of affairs if the PTSB take over the credit union. They are most aggressive creditor in the Irish market.
have your say