DUBLIN, Ireland (7/28/10)--Ireland’s Central Bank and Financial Regulator have announced plans for an independent review of the credit union sector. Finance Minister Brian Lenihan requested the review, which will be conducted by Grant Thornton. The first phase will look at the financial position of credit unions and what types of risk they have (rte.ie July 27). The rules for supervising credit unions had to be adapted to ensure that they remained viable in a new financial environment, according to a statement from the bank and regulator. Grant Thornton will consult with credit unions directly, conducting surveys, interviews and site reviews to collect information. The review will assess how credit unions are run, how they operate and whether the rules and legislation governing them are appropriate. Ireland’s Central Bank had proposed conducting stress tests on some credit unions with loans in arrears and revising the Irish League of Credit Unions’ Credit Unions Savings Protection Fund, which the registrar of credit unions said is inadequate for a widespread economic downturn. The league opposes the stress tests and recent legislative measures related to the condition of credit unions (News Now June 25).