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.
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.
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CEO Louis Fay says extra savings in people’s accounts is creating a ‘perfect storm’ for the organisation to manage.
