Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
EU clears state aid to Irish CUs
DUBLIN, Ireland (12/21/11)--The Irish government can bail out distressed credit unions in the country, said the European Commission Tuesday.

The commission said the resolution plan for distressed Irish credit unions was in compliance with European Union rules that provide aid to help remedy a serious economic disturbance in a member state (aibcorporate.com Dec. 20).

However, the actions taken must provide safeguards to avoid harming competition, ensure proper burden-sharing, and be limited in time--the authorization is granted until June 2012--and scope.

The Irish plan fulfills those conditions, Joaquin Almunia, commission vice president in charge of competition policy, said in a statement.

The plan ensures that a failing credit union sufficiently contributes to its exit costs while all its assets and liabilities are transferred to the buyer, and that the aid provided the credit union is the minimum necessary to facilitate the process, Almunia said.

Also, the process will prevent a buyer from gaining an unfair economic advantage through acquisition of underpriced assets, Almunia added.


RSS





print
News Now LiveWire
Through the snow, be on the lookout for a @CU4Kids @CMNHospitals @COOPFS billboard in @TimesSquareNYC this week
10 hours ago
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
13 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
13 hours ago
.@HUDgov tweets: Be sure to tune in tonight to watch @SecretaryCastro on @TheDailyShow with Jon Stewart http://t.co/B1L23NQaoJ
13 hours ago
.@NJCUL Southern Chapter meeting canceled due to the impending snowstorm
14 hours ago