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CU System
Ireland league withdraws support on easing lending limits
DUBLIN (5/13/10)--The Irish League of Credit Unions board met last weekend to discuss possibly reversing the league's position on changes to rules that aim to ease lending limits. The rules have been criticized by some credit unions as containing too many burdensome conditions (Sunday Tribune May 9). The league initially welcomed the government's proposed changes to Section 35, which would allow credit unions to lend up to 30% of their loan portfolios in loans with terms longer than five years. The change aimed to reduce each loan payment--by spreading the payments over a longer period--for members with financial problems. However, the changes proposed also include tough rules on impairments that would hurt borrowers, said some credit unions. They said one missed payment on a rescheduled loan would require an immediate impairment for 100% of the loan's value, making it too risky for credit unions to help borrowers in trouble. That would be the opposite of what Finance Minister Brian Lenihan said was the goal behind the changes, the publication said..


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