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'Credit Union only sector not affected by ECB interest rate increase'

Jun 10, 2022 13:06 By News Northern Sound
'Credit Union only sector not affected by ECB interest rate increase' 'Credit Union only sector not affected by ECB interest rate increase'
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Minister of State at the Department of Finance, Sean Fleming, says Credit Unions are immune from the ECB move.

The Credit Union is the only sector that is not affected by the increase in interest rates by the European Central Bank.

That's according to Minister of State at the Department of Finance, Sean Fleming, who spoke at the official launch of a new ATM at Link Credit Union in Bailieborough, alongside local TD Niamh Smyth.

A new ATM has also been installed at the Link Credit Union in Kingscourt.

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Yesterday, the ECB announced that it's upping its key interest rates by 0.25 per cent in July, with the possibility of a larger hike again in September.

Minister Fleming, who deals with Credit Unions, explained to Northern Sound why Credit Unions are immune from the ECB move:

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