Yeah, see this Irish Times article: [broken link removed]
Manager Ultan Ryan said the credit union owned subordinated Anglo bonds worth €2.99 million, an investment which has now been written down by 80 per cent.
The spin coming from the CU is tryin to pin the dividend non-payment on Anglo subbie losses (haircut of 80%) but there is also reference to "bad debt reserves" being used to bolster provisions for this year. Can't see what's going on here as the credit union dosen't make its accounts available online. Which is quite something given its size @157m and membership of c30,000.