This may be of interest – two

This may be of interest – two Glasgow credit unions censured for breaching financial rules.http://www.bbc.co.uk/news/uk-scotland-scotland-business-17513873 Pollok Credit Union put its own solvency at risk by issuing a large loan to a non-member. Shettleston and Tollcross Credit Union made loans to its directors on better terms than those available to members. The Pollok Credit Union made a series of loans to a trust that it had set up to manage a local post office and day-care centre. The watchdog said the loans breached its rules because the trust was not a member of the credit union, and that 88% of its capital was tied up in those loans. The FSA’s rules state that individual large exposures must not exceed 25% of a credit union’s capital.