Tallow Area Credit Union moved this week to reassure members that it did not have deposits with the IRBC, formerly Anglo Irish Bank and is therefore unffected by its recent liquidation. In a statement issued on Monday, it stressed that members’ savings will not be affected in any way whatsoever and will remain safe and secure at Tallow Area Credit Union.

The statement went on to say the credit union has funds of €5M available for lending and encouraged members to consider their credit union when it comes to their borrowing requirements.

The reassurance comes in the wake of recent news, reported first in this newspaper, that Fermoy Credit Union was one of a number of credit unions around the country to be ‘burnt’ by the liquidation of the former Anglo Irish Bank. Fermoy credit union had €1.68million invested in a deposit product with the former bank which it is unlikely to recoup. The board of Fermoy Credit Union moved swiftly after the news broke to also reassure members that their deposits were safe and that the credit union could withstand the loss.