I was reading the accounts thing for the agm from my own credit union last night.
They appear to have made a loss for the year, but a large figure in that loss is a write down on a bond from an Irish bank. Which I assume is as a result of 'burning the bondholders ' .
Also their overall value hasn't decreased that much, but the amount of money out on loan has decreased a huge amount. With a small write off for 2010 and no write offs for 2011 it looks like people are paying back their loans nearly too quick, or else the loans being given out has drastically reduced.
The reducing loan book may be as much of a problem in the future as too big a loan book, in my opinion.
In my opinion credit unions may be getting over regulated and regulated to death at the moment.