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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).


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