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News Now

CU System
Irelands Treasury committee backs expanded CU services
BELFAST, Northern Ireland (1/28/10)--Ireland’s House of Commons Treasury select committee has supported calls for Northern Ireland credit union regulations to be managed in the same manner as other credit unions in the United Kingdom. John McFall, committee chairman, wrote to the Treasury, urging it to treat credit unions in Northern Ireland as the British government treats those in Great Britain. British credit unions are backed by financial guarantees for the Financial Services Compensation Scheme and regulated by the Financial Services Authority (Belfast Telegraph Jan. 26). Currently, credit unions in Northern Ireland operate under their own compensation arrangements, which are not backed by the government, the newspaper said. The Assembly’s enterprise committee also has supported an amendment to a financial services bill, which would extend the services that Northern Ireland credit unions could offer. “It is essential in tackling financial exclusion that credit unions are allowed to offer all the services that their members need,” Mark Durkan, a government official, told the paper. “We have an exceptionally strong credit union movement here in [Northern Ireland] with over 400,000 members,” he added. “This is a much stronger base than in Britain, but perversely, credit unions here are much more restricted in the services they can offer.”


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