Credit Unions May Have to Pull €1.8 Billion From UK In Chaotic Brexit

Credit unions in the Republic may have to withdraw €1.8 billion of deposits and investments lodged with financial institutions in the UK in the event of a disorderly Brexit, it has emerged, The Irish Times reported. Fianna Fáil’s spokesman on finance, Michael McGrath, has raised concerns about the matter this week after he received a response to a parliamentary question, which clarified that credit unions will not be allowed to hold investments in institutions in a so-called third country outside the EU. Ed Sibley, a deputy Central Bank governor, told reporters at a briefing on Tuesday that about €1.8 billion of Irish credit union investments in the UK are potentially affected and that his department will be communicating with the sector on the matter in the coming days. Read more