Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Ireland finance minister extends CUs long-term lending
DUBLIN (4/1/10)--Ireland's Minister of Finance Brian Lenihan announced that the government will extend longer-term limits for credit unions, which would allow credit unions to reschedule loans to help members with financial difficulties. Currently credit unions in Ireland are restricted from having more than 20% of their loan portfolio outstanding for more than five years and only 10% of their portfolios may be for more than 10 years. Under the new measures, the limits would increase to 30% and 15%, respectively (Irish Independent and Evening Herald March 31). Also, the Registrar of Credit Unions would have the authority to impose requirements on credit unions related to lending practices and require credit unions to have procedures in place to monitor compliance with the lending act. The Irish League of Credit Unions President Mark Bailey said the league welcomed the changes, which will allow credit unions to ease the position of members while safeguarding credit unions' financial position "accompanied by honest, prudent and transparent accounting practices" (Evening Herald).


RSS





print
News Now LiveWire
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
15 minutes ago
Pennies, nickels cost more to make than they are worth @usmint report http://t.co/FOT51DF8v2
34 minutes ago
Strong biz lending leads 3Q loan growth at Minn. #creditunions http://t.co/DKYjyj6iC3
1 hours ago
.@FAACreditUnion named a top Okla workplace by @TheOklahoman via @Cornerstone_CUL http://t.co/qQP1zpxJrO
2 hours ago
NY @NYGovCuomo signs historic FOM law @NYCUAtweets http://t.co/NMTlgkpYqs
3 hours ago