"The Government could give incentives to people to spend savings, which would help provide jobs for people who are struggling." Core Credit Union imposed a €40,000 cap on individual savings accounts last year, but the cap is being reduced to €20,000 in January. Mr Byrne said negative interest on reserves costs Core Credit Union €100,000 a year. During the first lockdown Mr Byrne introduced a scheme to deliver cash to the homes of credit union customers who were cocooning. His credit union worked with gardaí on the security aspect and a saver could ring up to withdraw a limited amount of cash for home delivery.

Source: Irish Independent November 15, 2020 02:39 UTC