And 16 credit unions suffered losses of €15m following the Government's decision to liquidate the Irish Bank Resolution Corporation (IBRC), the former Anglo Irish Bank. Credit unions are also expected to be big losers when the new Insolvency Service of Ireland begins next month. The Government has put aside €250m this year to capitalise credit unions as mass mergers are due to take place, as each credit union tends to be an individually owned and operated entity.