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Ireland CU shakeup is now vital
DUBLIN, Ireland (9/10/10)--Ireland’s credit unions have been warned that paying generous dividends, or interest, on savings is no longer sustainable, according to James O’Brien, the country’s registrar of credit unions. A major shake-up in the way in which credit unions are governed is needed, and that regulation will become more intrusive, O’Brien told Irish credit unions (Belfast Telegraph Sept. 8). Rapidly falling investment incomes and higher loan losses for credit unions will put the brakes on dividends, O’Brien said in a major speech to the county’s representative body for credit union managers. “It is becoming clear that the high dividend-driven business model of many credit unions in no longer sustainable,” he added. In a related matter, Ireland’s Minister for Finance, Brian Lenihan, announced last week the membership for the country’s re-established Credit Union Advisory Committee (finance.gov.ie Sept. 3). The seven committee members will hold office for three years. The committee’s statutory function is to advise Lenihan about credit unions regarding the improvement of their management, protection of members’ and creditors’ interests, and other matters relating to credit unions.


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