Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Ireland to recapitalize CUs with bank funds
DUBLIN, Ireland (10/11/11)--Ireland will provide up to one billion euros (about $1.376 billion) to recapitalize the country’s credit unions and save some from collapsing. Although some Irish credit unions are not having any difficulties, “others are on the brink of falling down a hole,” said Michael Noonan, Ireland’s finance minister (irish.examiner.com Oct. 7). The money is available in funds that were set aside for banks, but were not used, Noonan added. Therefore, the government would have to ask Ireland’s Exchequer for more recapitalization money for credit unions, the newspaper said. The recapitalizations would be done in phases, Noonan told the paper. Many of Ireland’s credit unions are expecting to be negatively impacted this year because the country’s financial regulator is pressing community lenders to value all of their assets-- including property--at market levels, credit union sources told the paper. Credit unions heavily invested in property during the country’s economic boom, the paper said.


RSS print
News Now LiveWire
If you got a tax refund, put some aside, #VisionsFCU financial specialist tells @WBNGActionNews http://t.co/TuHsbeNdzb
1 hours ago
.@CUNA staff bring back "Pressing Issues" quarterly conference calls http://t.co/7XQMpcIqD1 #CUNAComply
4 hours ago
Wis. @GovScottWalker signs #creditunion regulatory relief act, @WICULeague announces http://t.co/ELcxB0Xm71
4 hours ago
.@ChartwayFCU making kids' wishes come true at Toby's Dream Foundation. See #NewsNow Thursday.
4 hours ago
Heartbleed security threat is no match for @CUNA IT team http://t.co/YUxETsfoWh
5 hours ago